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Retail Anchored by Drive-Thru Starbucks Draws Widespread Interest
Marcus & Millichap closed the sale of a new construction, drive-thru Starbucks-anchored retail center in the Southwest Side’s Gage Park neighborhood. The asset sold for $7,075,000 at $477 per square foot, for a cap rate below 7%.
Nicholas Kanich and Mitchell Kiven, investment specialists in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, a prominent Chicago-based developer. The sale closed 45 days after contract signing in an all-cash transaction.
The retail center at 5505 S. Kedzie Ave. features one of the few standalone drive-thru Starbucks in the city of Chicago. The balance of the space is fully occupied by a mix of “Med-Tail” tenants.
Kanich and Kiven procured 10 written offers within the first 30 days. The asset drew interest from a national buyer pool, with offers coming from New York, San Diego, Washington D.C., and Atlanta, as well as from local investors.
- ◦Sale/Acquisition

