The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant Starbucks located at 3103 Woodlawn Road in Lincoln, Illinois for $2,153,191.
The Starbucks property is strategically located along Woodlawn Road (12,000 VPD), a primary east-west thoroughfare. The property is also within close proximity to Interstate 55 which experiences over 27,000 vehicles per day. There are a number of retailers crowded along Woodlawn Road near the Interstate 55 entrance/exit including Walmart Supercenter, ALDI, Goodwill, Dunkin’, Thorntons, Cracker Barrel, Culver’s, Wendy’s, Comfort Inn and Hampton Inn. Other tenants in the area include FedEx Freight, Dodge, Jeep, RAM, Ford and Lincoln. Starbucks is also less than two miles west of the Abraham Lincoln Memorial. The average annual household income within five miles of the property is $68,910. The Starbucks property has a large highway sign visible from Interstate 55 and is the only Starbucks within a 35-mile radius.
Randy Blankstein and John Feeney of The Boulder Group represented the seller who was a West Coast-based investment group. The buyer was based in Illinois and in a 1031 exchange.
