JLL Capital Markets has closed the $1.7 million sale of a 2,100-square-foot, newly constructed, single-tenant retail building net-leased to Starbucks in the Chicago-area community of Hammond, Indiana. JLL marketed the property on behalf of the seller, Luke Land, LLC. A private 1031 buyer out of Maryland purchased the property.
Constructed in 2019, the building features brand new drive-through construction and an investment-grade tenant in Starbucks, the world’s leading coffee provider with over 30,000 retail locations and $24.7 billion in annual revenue. The property is at 906 Indianapolis Boulevard within a dense, Chicago-area market that features more than 168,000 residents within a five-mile radius. The building is visible to more than 30,000 vehicles per day and is the outparcel to the recently developed Marina District retail center, which is home to Walmart, Ross Dress for Less and Dollar Tree.
The JLL Net Lease Capital Markets team representing the seller was led by Senior Directors Alex Sharrin and Nicholas Kanich.
“New construction prototype assets with the added feature of a drive through attracted both local and out-of-state purchasers,” Kanich said. “While there is significant supply in the market of net-leased assets, properties that are priced competitively and have strong fundamentals continue to close at very consistent values.”