Peoria Downtown - Starbucks

Highlights:

• New Construction
• Warranties
• Great Visibility
• SBUX newer drive-thru only concept
• Heavy Traffic

Description:

Veritas Realty is pleased to present the sale listing of the newly constructed and state-of-the-art Starbucks Coffee “Drive-Thru Only” location, located just north of Interstate 74 in the center of Peoria, IL. Representing one of the first “Drive-Thru Only” Starbucks stores in the Midwest, this revolutionary concept store represents a new prototype for Starbucks, which will be more prevalent in the future. This particular Starbucks store facilitates sales through the drive-thru window and extensive drive-thru stacking lane, while simultaneously driving additional customer sale transactions through mobile ordering that can be delivered at the exterior pick-up window so that customers can enjoy their favorite Starbucks beverage at the large outdoor patio area or take their beverage “on the go” while they utilize the fifteen (15) convenient and exclusive parking spaces serving the building. From an investment perspective, the “Drive-Thru Only” store allows Starbucks to mitigate labor and building expenses, while maximizing their efficiency in a smaller footprint and focusing their sales efforts on drive-thru transactions and mobile orders, creating a “pandemic-proof” operating facility.

This freestanding Starbucks unit is ideally positioned on the near-northside of downtown Peoria, just seconds from I-74 and located on the morning traffic commuter route for customers heading to their places of employment in downtown Peoria. The property is located on Knoxville Ave. (SR-40), which carries 25,900 cars daily, and is less than a mile from the OSF Saint Francis Medical Center, which employs 12,000 workers locally and sees nearly 900,000 patients annually within its expansive network.

This Starbucks Coffee store opened for business on September 22, 2020 and the primary lease term extends through February 2031, with an additional four (4) option periods of 5- year each in duration thereafter. The new Owner will benefit from the negotiated 10% rental increases every five (5) years as well as the Tenant's required reimbursement for all CAM, Real Estate Taxes, and Insurance expenses. This allows the new Owner to maximize cash flow on this investment, while reducing any potential annual NOI fluctuations. Starbucks Coffee is one of the most recognizable brands in the world with over 30,000 stores. The company employs over 291,000 employees worldwide and is the leader in the coffee industry. The company posted a 2019 Total Revenue of $26.5 Billion and Net Income of $3.60illion. Starbucks is an investment grade tenant with a S&P rating of BBB.

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