Starbucks (Peoria, IL)
20+ Years of Operational History | Investment-Grade Credit
Marketing description
ParaSell Inc., as exclusive advisor to Seller, is pleased to present the opportunity to acquire a trophy-quality single-tenant net leased Starbucks drive-thru located in Peoria, Illinois. The property is secured by a corporate lease from investment grade rated Starbucks Corporation (S&P: BBB+), the world's largest coffeehouse chain and one of the most recognizable consumer brands globally.
Starbucks has operated continuously at this location since 2005, initially executing a 10-year lease and subsequently exercising three 5-year renewal options, demonstrating the Tenant's long term historical occupancy to the site for over 20 years. Notably, Starbucks recently exercised a 5-year renewal option through 2031, in addition to adding another 4, 5-year renewal options, highlighting the Tenant's strategic commitment to the site, offering investors the opportunity for long-term stable income backed by one of the of the strongest credit profiles in the quick-service restaurant sector.
The Property is strategically located as a prominent outparcel to a Schnucks grocery anchored retail center at the signalized intersection of University Street and Glen Avenue, one of Peoria's most heavily trafficked intersections, carrying a combined ±41,000 vehicles per day. The intersection serves as a critical node, connecting two major Peoria thoroughfares, providing exceptional visibility, direct ingress and egress, and superior daily consumer and commuter traffic to the property.
The property further benefits from its immediate proximity to a strong lineup of nationally recognized retailers at the intersection, including Chili's, Qdoba, McAlister's Deli, Noodles & Company, T-Mobile, Culver's, and Wingstop in addition to a diverse mix of national and regional tenants at the adjacent 193,000 SF Metro Centre regional shopping center. This exceptional mix of complementary retail drives consistent consumer traffic throughout the day, making it a primary retail node within the surrounding area.
Investment highlights
- Positioned at the entrance to a Schnucks grocery anchored shopping center, the property benefits from strong co-tenancy within a primary retail node featuring nationally recognized retailers
- Starbucks has successfully operated at the site since 2005, demonstrating the tenant's strategic commitment to the site
- Starbucks recently exercised a 5-year renewal through 2031 and added four additional 5-year options, reinforcing the potential for continued, long-term occupancy
- The asset is backed by a corporate lease from investment grade rated Starbucks Corporation (S&P: BBB+) with term remaining through 2031
- Strategically situated at a heavily trafficked intersection with over 41,000 vehicles per day, providing exceptional exposure and access
- Net lease structure with minimal landlord responsibilities, backed by a corporate tenant with a long-standing operational history at the property
- Offered at approximately $2.2 million, the pricing presents an attractive basis compared to the broader market
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