JLL completes sale of Starbucks retail location near Chicago
The property is part of Hammond Marina District’s retail development project
CHICAGO, February 10, 2020 – JLL Capital Markets announced today that is has 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, Indiana.
JLL 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 world’s leading coffee provider with over 30,000 retail locations and $24.7
billion in annual revenue. The property is at 906 Indianapolis Boulevard within a dense, Chicago-area market that features more than 168,000 residents within a five-mile radius. The building is visible to more than 30,000 vehicles per day and is the outparcel to the recently developed Marina District retail center, which is home to Walmart, Ross Dress for Less and Dollar Tree.
The JLL Net Lease Capital Markets team representing the seller was led by Senior Directors Alex Sharrin and Nicholas Kanich.
“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.”
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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Luke Land, LLC
Luke Land is an affiliate of Luke Brands based in Hobart, Indiana. Luke Family of Brands is a third-generation, family-owned company that is diversified into numerous commercial divisions including commercial real estate, gas stations, distribution, car washes, construction, beverage distribution and other entities. The Luke Companies are active in the local communities they serve and strive to be committed corporate citizens.