The Boulder Group completed the sale of a single-tenant Starbucks property at 630 Northwest Highway in Cary, Illinois, for $1.65 million.
The new-construction Starbucks property is located along Northwest Highway, the primary thoroughfare in the trade area. The Starbucks serves as an outparcel to a Jewel-Osco grocery-anchored center. The Jewel Osco center features a Dunkin Donuts that does not have a drive-thru. Additional retailers located in the immediate trade area include Walgreens, ALDI, US Bank, Chase Bank, Fifth Third Bank, AutoZone, O’Reilly Auto Parts, McDonald’s and Taco Bell.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a Midwest-based private partnership. The purchaser was a private West Coast-based real estate partnership.
The new Starbucks lease is for 10 years, and rent commenced in October of 2016. The Starbucks lease features four five-year renewal option periods with 10 percent rental escalations in each.
