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Net-Leased IN Starbucks Sells in 1031 Deal
JLL Capital Markets closed the $1.7-million sale of a 2,100-square-foot, newly constructed, single-tenant retail building net-leased to Starbucks in the Chicago-area community of Hammond, IN.
A JLL team of Alex Sharrin and Nicholas Kanich marketed the property on behalf of the seller, Luke Land, LLC. A private 1031 buyer out of Maryland purchased the property.
Constructed in 2019, the building features brand new drive-through construction and an investment-grade tenant in Starbucks. The property is at 906 Indianapolis Blvd. in Hammond, within a dense, Chicago-area market that features more than 168,000 residents within a five-mile radius.
“New-construction prototype assets with the added feature of a drive through attracted both local and out-of-state purchasers,” Kanich said. “While there is significant supply in the market of net-leased assets, properties that are priced competitively and have strong fundamentals continue to close at very consistent values.”
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