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|Current / Passing Rent||
|Remaining Term||10 years, 5 months|
JLL is pleased to offer for sale the fee simple interest in a newly-built Starbucks property located in Cicero, Illinois (Chicago MSA). The property will be leased to Starbucks, the largest specialty coffee retailer in the world with over 32,000 locations and annual revenues of $26.5 billion. Starbucks will on a double-net lease structure that features ten years of primary lease term, ten percent rental increases every five years, minimal landlord responsibilities, and four, five-year renewal options.
Upon completion of construction, the property will be ideally located as an outparcel to a Walmart Supercenter along Cicero Avenue, a major retail thoroughfare with traffic counts of 45,000 VPD and nationally recognized retailers such as Walmart, Sam’s Club, Home Depot and Target. This offering presents the opportunity to acquire a newly-built drive-thru property leased to an investment grade and industry leading tenant on a long-term net lease with minimal landlord obligations.
- Newly-built Starbucks drive-thru scheduled to be completed in August 2020
- Double-net lease with 10-years of primary lease term, 10% rental increases every 5 years, and minimal landlord responsibilities
- Corporate guaranty from Starbucks Corporation provides investment grade (S&P: BBB+) credit from the world's largest specialty coffee retailer
- Outparcel to a Walmart Supercenter along Cicero Avenue (45,000 VPD), a retail thoroughfare that features national retailers such as Sam's Club, Home Depot and Target