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Shopping Strip

New 10-Year Starbucks Anchored Center | Ultra Affluent Submarket

1833 Deerfield Rd, Highland Park, IL 60035

Listing Price: $8,450,000

Cap Rate
6.50%
Gross SF
19,962
Rentable SF
19,962
Price/Gross SF
$423.30
Lot Size
1.58 acres
Year Built
1988

Investment Overview

Marcus & Millichap is pleased to present this Starbucks anchored center in the ultra-affluent submarket of Highland Park, Illinois. The free-standing drive-thru Starbucks has a new 10-year lease extension which accounts for 25% of base rent. Starbucks exercised both option periods early with no modifications to rent. Starbucks has a 20-year operating history at this location. There are 10% rental increases every five years. Situated in a highly affluent surrounding community. The average household income exceeds $226,000 within a one-mile radius. Highland Park is placed within the top 100 wealthiest cities in the United States. High barrier to entry submarket with limited new construction and located just 2.5 miles from Lake Michigan. Property features strong real estate fundamentals. Full ingress/egress off of Deerfield Road with 23,300 vehicles per day. Excellent mix of tenants which include convenience, medical and food uses. 11 out of 12 tenants operate on net leases with management fee reimbursement. Regularly scheduled rent increases with multiple tenants having annual bumps.

Investment Highlights

  • New 10-Year Lease Extension with Starbucks | Accounts for 25% of Base Rent
  • Starbucks has a 20-Year Operating History at this Location
  • Freestanding Building with Drive Through
  • Highly Affluent Surrounding Community
  • Average Household Income Exceeds $226,000 within a One Mile Radius
  • High Barrier to Entry Submarket with Limited New Construction
  • Property Features Strong Real Estate Fundamentals | Full Ingress/Egress off of Deerfield Road (23,300 Vehicles per Day)
  • Excellent Mix of Tenants which Include Convenience, Medical and Food Uses | Regularly Scheduled Rent Increases with Multiple Tenants Having Annual Bumps

Exclusively Listed By

Shopping Strip

New 10-Year Starbucks Anchored Center | Ultra Affluent Submarket

Listing Price: $8,450,000

Cap Rate
6.50%
Gross SF
19,962
Rentable SF
19,962
Price/Gross SF
$423.30
Lot Size
1.58 acres
Year Built
1988

Investment Highlights

  • New 10-Year Lease Extension with Starbucks | Accounts for 25% of Base Rent
  • Starbucks has a 20-Year Operating History at this Location
  • Freestanding Building with Drive Through
  • Highly Affluent Surrounding Community
  • Average Household Income Exceeds $226,000 within a One Mile Radius
  • High Barrier to Entry Submarket with Limited New Construction
  • Property Features Strong Real Estate Fundamentals | Full Ingress/Egress off of Deerfield Road (23,300 Vehicles per Day)
  • Excellent Mix of Tenants which Include Convenience, Medical and Food Uses | Regularly Scheduled Rent Increases with Multiple Tenants Having Annual Bumps

Investment Overview

Marcus & Millichap is pleased to present this Starbucks anchored center in the ultra-affluent submarket of Highland Park, Illinois. The free-standing drive-thru Starbucks has a new 10-year lease extension which accounts for 25% of base rent. Starbucks exercised both option periods early with no modifications to rent. Starbucks has a 20-year operating history at this location. There are 10% rental increases every five years. Situated in a highly affluent surrounding community. The average household income exceeds $226,000 within a one-mile radius. Highland Park is placed within the top 100 wealthiest cities in the United States. High barrier to entry submarket with limited new construction and located just 2.5 miles from Lake Michigan. Property features strong real estate fundamentals. Full ingress/egress off of Deerfield Road with 23,300 vehicles per day. Excellent mix of tenants which include convenience, medical and food uses. 11 out of 12 tenants operate on net leases with management fee reimbursement. Regularly scheduled rent increases with multiple tenants having annual bumps.

Exclusively Listed By

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