JLL closes $2.18M sale of single-tenant retail building near Chicago
The building is a newly constructed Starbucks prototype building
CHICAGO, June 10, 2020 – JLL Capital Markets announced today that is has closed the $2.18 million sale of a new, single-tenant, net-leased, 2,400-square-foot retail building occupied by Starbucks in the Chicago suburb of Chicago Ridge, Illinois.
JLL marketed the property on behalf of the seller, Glazier Corporation. An undisclosed investor purchased the asset.
The property is occupied by investment-grade tenant Starbucks Corporation (NASDAQ: SBUX), which is the world’s largest coffee house chain and has more than 30,000 locations in 70 countries. Completed in 2020, the building is a Starbucks prototype with a drive-thru and patio. The property is situated on 9.59 acres at 10259 S. Harlem Ave. in Chicago Ridge, which is about 15 miles southwest of downtown Chicago. The building is at the highly trafficked intersection of South Harlem Avenue and 103rd Street, which makes it visible to more than 53,000 vehicles per day. The property is also within a trade area that welcomes 6.9 million visitors annually and a dense trade population of more than 800,000.
The JLL Net Lease Capital Markets team representing the seller was led by Managing Director Alex Sharrin.
“Net-leased assets with drive-thrus leased to strong credit remain attractive in the marketplace,” Sharrin said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Glazier Corporation
Glazier Corporation is a Chicago-based boutique real estate development company in business since 1989. Glazier has completed many retail and medical related projects throughout Chicago metropolitan area, developing over 300,000 square feet of commercial space since 1998.
Glazier focuses on meeting the needs of specific tenants in “build-to-suit” projects and also working with municipalities as development partners to satisfy the needs of multiple interest-holders in each community. Glazier’s team focuses on personal service, delivery of value and reliability of commitments.