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Starbucks, Ottawa, IL

Starbucks

Ottawa, IL 61350

Price $2,120,000
Cap Rate 5.00%
NOI $106,000
Lease Term 10 Years
Lease Type Net, with Tenant Responsible for All Taxes, Insurance, and Maintenance, Excluding Roof and Structure
Rental Increases 5% Rental Increases Every Five (5) Years
Year Built 2021
Building Size 2,200 SF
Lot Size 0.58 Acres (25,265 SF)
Status Available
Lead Broker Information Vincent Aicale
Executive Director
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Executive Director
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Michael T. Yuras, CCIM
Executive Managing Director
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Executive Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Investment Highlights

CORPORATE NET LEASE TO HIGH-QUALITY, INVESTMENT GRADE, SINGLE-TENANT ASSET WITH MINIMAL LANDLORD RESPONSIBILITIES
» Net lease with corporate guarantee to Starbucks Corporation for 10 years, plus four (4) five-year options
» 5% fixed rental increases every five years in initial term and extension terms, providing a hedge against inflation
» Investment grade tenant, rated “BBB+” by Standard & Poor’s
» Starbucks Corporation (NASDAQ: “SBUX”) is the world’s premier coffee company, with over 29,000 locations and $26.51 billion in annual revenue
» 2021 construction featuring upgraded construction and dedicated drive-thru, boosting sales revenue and catering to traffic

HIGH-TRAFFIC LOCATION WITH EXCELLENT PROXIMITY TO CHICAGO
» Highway location with excellent freeway access and visibility
» 80 miles from Chicago, the most populous city in the Midwestern U.S.
» 24,900 AADT at the signalized hard corner of East Etna Road and Columbus Street
» 30,800 AADT on Interstate 80
» 22,241 residents within five miles of the property
» Average household income of $87,409 within a one-mile radius of the site

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Gateway to the Starved Rock State Park, the most popular state park in Illinois, with approximately two million visitors per year
» Surrounded by a strong mix of well-established local and national retailers, including Walmart, ALDI, Kroger, Culver’s, Verizon, Thorntons, BP, Kroger, Long John Silver’s, UPS Store, Hardee’s, Dairy Queen, Taco Bell, Subway, Cracker Barrel, Sears, and many more
» Ottawa is the county seat of LaSalle County (population 108,600)
» Close proximity to many of the area’s major employers, including Kohl’s Distribution Center, PetSmart Distribution Center, Tyson Fresh Meats Distribution Center, and many others
» Gateway to numerous nearby tourist attractions, including Matthiessen, Buffalo Rock, and Illini State Park

NEW 2021 CONSTRUCTION
» 2021 construction completed April 21 and built to Starbucks’ latest prototype
» The nearest Starbucks is located 14 miles from the subject property



Property Description

The property is situated on State Highway 23, with an easily accessible location along East Etna Road and Columbus Street, one of the main thoroughfares in Ottawa. The intersection of East Etna Road and Columbus Street features access to a combined 24,900 vehicles per day. The site also benefits from its location right off Interstate 80, with 28,100 vehicles per day. The site benefits from its central location in the area, with 22,855 residents within a five-mile radius of the property. The surrounding area is very affluent with an average household income for the surrounding mile radius surpassing $86,000. The property also greatly benefits from its proximity 80 miles from Chicago, the most populous city in the Midwestern U.S.

The subject property is centrally located in Ottawa’s primary retail area with many national retailers in the surrounding area including Culver’s, Verizon, Thorntons, BP, Kroger, Long John Silver’s, Walmart, Kroger, ALDI, the UPS Store, Hardee’s, Dairy Queen, Taco Bell, Subway, Cracker Barrel, Sears, and many more. Many of the area’s major employers are also located nearby, including a Kohl’s Distribution Center, PetSmart Distribution Center, Tyson Fresh Meats Distribution Center, and many others.

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