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JLL is pleased to offer for sale the fee simple interest in a newly-built Starbucks drive-thru (the “Property” or “Asset”) located in Springfield, Illinois. The Property is leased to Starbucks Corporation (“Starbucks”), the largest specialty coffee retailer in the world with over 32,000 locations and annual revenues of $24 billion. Starbucks operates on a double-net lease structure that features ten years of primary lease term, 3.5-4.0 percent rental increases every five years, and four five-year renewal options. This offering presents the opportunity to acquire a newly constructed, drive-thru asset located in the historic capital of Illinois and leased to an investment-grade, industry-leading tenant with minimal landlord responsibilities.
- Starbucks BTS drive-thru that commenced June 2021
- Located on hard corner off I-55 in a dense hotel corridor with exposure to 84,000 VPD
- Lease features 10 years of primary term and rental escalations every five years, including in each of the four, five-year renewal options
- Leased to Starbucks, the world's largest specialty coffee retailer, with minimal landlord responsibilities