For Sale —
Size +/- 2,000 SF
Cap Rate 4.7% (as of March 2023)
LOGIC Commercial Real Estate is pleased to exclusively offer for sale a single-tenant net leased Starbucks with drive-thru located in Mount Vernon, Illinois. This is the only freestanding drive-thru Starbucks within a 60-mile radius and has plans to expand their drive-thru stacking to accommodate the extra demand. The property was built in 2018 and features below market rents and fixed 10% base rent increases every 5 years. The asset is situated on Broadway St. and S. 44th St. (+/- 20,700 CPD) and is less than a mile from Hwy 64 Freeway (+/- 35,400 CPD) – a primary east-west thoroughfare connecting the subject property to nearby Jefferson County metros.
Mount Vernon is home to a major employment hub consisting of Continental Tire (3,600 employees), Walgreens Distribution Center (1,500 employees), Good Samaritan Hospital, AT&T, and FedEx. The asset benefits from excellent access and visibility and is strategically located within walking distance from five hotels and both the Crossroads Community hospital (47 beds) and Good Samaritan Hospital (134 beds) – all driving additional daily traffic into the area. Located along Mount Vernon’s primary retail corridor, the subject property benefits from national co-tenants within the area, including a Kroger-anchored shopping center, Times Square Mall, Ross, Hobby Lobby, Big Lots, and Walmart.
Starbucks – Mt. Vernon
This Offering Memorandum contains select information pertaining to the business and affairs of 4323 Broadway St., Mt. Vernon, Illinois 62864. This Memorandum was prepared based on information supplied by Seller and Broker. It contains selected information about the Property and the real estate market, but does not contain all the information necessary to evaluate the acquisition of the Property. The financial projections contained herein (or in any other Confidential Information) are for general reference only. The projections are based on assumptions relating to the general economy and local competition, among other factors. Accordingly, actual results may vary materially from such projections. Various documents have been summarized herein to facilitate your review; these summaries are not intended to be a comprehensive statement of the terms or legal analysis of such documents.
The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Logic Commercial Real Estate (LCRE). The material is based in part upon information supplied by the Seller and in part upon financial information obtained from sources it deems reliable. Seller, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. While the information contained in the Memorandum and any other Confidential Information is believed to be reliable, neither Broker nor Seller guarantees its accuracy or completeness. Due to the foregoing and since the Property will be sold on an “As Is, Where Is” basis, a prospective purchaser must make its own independent investigations, projections, and conclusions regarding the acquisition of the Property without reliance on this Memorandum or any other Confidential Information. Although additional confidential information which may include engineering, environmental or other reports may be provided to qualified parties as marketing proceeds, prospective purchasers should seek advice from their own attorneys, accountants, engineers, environmental and other experts.
By acknowledging your receipt of this Offering Memorandum from LCRE, you agree:
- 1) The Offering Memorandum and its contents are confidential;
- 2) You will hold it and treat it in the strictest of confidence; and
- 3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Seller and LCRE expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and/or until a written agreement for the purchase and sale of the Property has been fully executed and delivered. A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against the Seller or LCRE or any of their affiliates or any of their respective officers, directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date of this Offering Memorandum. LCRE has a policy of proactive broker cooperation with the investment brokerage community. If applicable, a cooperating broker fee of the sales price shall be paid at closing to the cooperating broker that procures and represents the buyer that acquires this property. If applicable, cooperation does not include brokers that represent themselves as Principals or broker’s whose member of his immediate family is participating in the purchase of the property. No broker will be recognized on a prospect that has previously contacted or been contacted by the Seller or the Seller’s representatives.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT A LCRE AGENT FOR MORE DETAILS.