The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Starbucks located at 3232 Middle Road in Bettendorf, Iowa for $1,675,000.
The 2,100 square foot building benefits from its location along Middle Road (21,200 VPD), which is a primary east-west thoroughfare. Starbucks is placed between two retail centers along Middle Road. Tenants on the east end of Middle Road include Hy-Vee, Walgreens, The UPS store, Arby’s, Taco Bell, and Dunkin’. Cumberland Square is located on the west end of Middle Road with tenants Dollar General, Pizza Hut, Wendy’s, Goodwill, CVS Pharmacy, and Wells Fargo. The property is also located in close proximity to Interstate 74 (51,000 VPD). Bettendorf High School (1,550 students) is also situated less than 1 mile northwest of the Starbucks property. There are 140,189 people living within 5 miles of the property with an average annual income of $82,019.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The buyer was a private Midwest based real estate investor and the seller was a Midwest based individual investor.
Starbucks has over 8 years remaining on their lease with four 5-year renewal options. Starbucks Corporation is an American multinational chain of coffeehouses and roastery reserves headquartered in Seattle, Washington.
“New construction properties with investment grade rated tenants, like Starbucks, are a hot commodity,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “We were able to connect the seller with a buyer just 45 days after listing the property.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States