Springfield, IL - Starbucks

Description:

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a freestanding, NNN leased, Starbucks investment property located in Springfield, Illinois. The tenant, Starbucks Corporation (NASDAQ: SBUX | S&P: BBB+), has occupied the site since 2004 and recently executed an early 10-year lease extension with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases every 5 years throughout the initial term and option periods, growing NOI and hedging against inflation. The lease is signed by the corporate entity, Starbucks Corporation, and is NNN with minimal landlord responsibilities making it an ideal investment opportunity for a passive investor.

Starbucks is strategically located at the signalized, hard corner intersection of E. Clear Lake Ave. and S. Dirksen Pkwy., averaging a combined 37,800 vehicles passing by daily. The property benefits from seamless on/off ramp access to U.S. Highway 36 (58,500 VPD). The building is equipped with a drive-thru, providing ease and convenience for customers. On average, stores with drive-thrus experience higher sales than those without. The property benefits from excellent visibility and access via significant street frontage, multiple points of ingress/egress, and a large pylon sign. The investment is in a dense retail corridor with nearby national/credit tenants including Chase Bank, Walgreens, McDonald’s, Subway, and Freddy’s Frozen Custard & Steakburgers. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by a dense population of over 97,800 residents and 111,900 daytime employees, with an average household income of $72,493.