Property History
Marcus & Millichap has been selected to exclusively offer for sale a 1,851-square foot Starbucks located in Elgin, Illinois. Starbucks signed a 10.5-year, corporately guaranteed net lease, which opened for business August 2017. The lease features rent increases every five years and a renewal structure that includes four, five-year option periods.
The Starbucks is a newly constructed outparcel to Meijer, a regional retailer with full grocery. The property is ideally located along Randall Road, boasting excellent exposure with a traffic count of over 32,900 vehicles per day. According to the Elgin Development Group’s 2015 Retail Market Analysis, the Randall Road corridor offers the most potential for new retail growth in Elgin today because of the availability of land, leakage of spending to other communities, traffic volume data, and a combination of other factors.
The subject property sits in the center of Elgin’s main retail corridor. Within one mile of the property is an abundance of highly complementary retail space consisting of major national tenants such as Sam’s Club, Walmart, Menard’s, Meijer, Portillo’s, Mattress Firm, WingStop, Noodles & Company, Big Lots, Target, Dollar Tree, Blain’s Farm & Fleet, Burlington Coat Factory, Hobby Lobby, and OfficeMax. One and a half miles south of the Starbucks is an additional mile and a half stretch of retail, with many national tenants and big-box retailers including Kohl’s, Target, TJ Maxx, Pier One, Petco, Best Buy, Petsmart, Staples, the Home Depot, LA Fitness, and Toys”R”Us. Roughly 2.5 miles north of the property is Presence Saint Joseph Hospital with 184 licensed beds and 375 physicians. Northeast of the property is Elgin Community College with a total enrollment of 16,128.Contributing to the property’s success is the highly dense and affluent residential area surrounding it, with over 78,496 people residing within a three-mile radius and generating an average household income of $93,025. The area’s population has continued to grow year-after-year and is anticipated to rise by seven percent by 2019.
Elgin is an ideal location with Interstate 90 to the north, as well as Metra’s Milwaukee District West Service Line station in Elgin that connects area residents to the Chicago Loop. In 2011, the Village was ranked in the CNN/Money’s Top 100 again for economic strength, great job opportunities, top schools and safe streets.
- Best-in Class Tenant | Investment Grade “A” Rating by Standard & Poor’s
- Outlot to Meijer, a Regional Retailer with Full Grocery | Surrounded by Highly Complementary Retail Space Such as Sam’s Club, Walmart, Menard’s, Big Lots, and Target
- New Construction | 10.5-Year Net Lease with Four, Five-Year Renewal Options
- Rent Increases Every Five Years | Strong Hedge Against Inflation
- Excellent Location on Randall Road | Traffic Count Over 32,900 Vehicles per Day
- High-Growth Area | Anticipated Seven Percent Growth in Population by 2019 | 78,496 People Residing Within a Three-Mile Radius
- Annual Average Household Income Exceeds $93,000 Within a One-Mile Radius
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