Marcus & Millichap has completed the sale and financing of a newly built, net-leased Starbucks in Joliet, Illinois, highlighting ongoing investor interest in credit-tenanted retail assets. The single-tenant property, located at 550 Houbolt Road, traded for $2.9 million, with Marcus & Millichap Capital Corporation arranging the debt for the buyer.
According to the firm, demand for new construction Starbucks locations remains strong. Austin Weisenbeck, senior managing director of investments, noted that the marketing process generated multiple offers before the asset ultimately sold to an out-of-state private investor at 97% of the list price. The seller was described as a local developer, underscoring the role of regional developers in bringing new net-lease product to market.
Weisenbeck and fellow investment specialist Sean Sharko, based in Marcus & Millichap's Chicago Oak Brook office, held the exclusive listing to market the property on behalf of the seller. Their team led the sale process, while colleagues from the firm's Milwaukee office focused on the buy-side. Jeff Rowlett, Mark Peltin and Blake Hanlon, all from the Milwaukee office, procured the out-of-state private investor who acquired the asset.
On the financing side, Michael Hughes, managing director in Marcus & Millichap's Milwaukee office, arranged a five-year loan for the acquisition. The debt features a fixed interest rate of 5.65% and a 25-year amortization schedule, providing the buyer with long-term, fixed-rate financing that aligns with the length of the property's lease structure. The lender was not disclosed.
The Starbucks, completed in 2025, is secured by a 15-year ground lease, offering the buyer a long remaining lease term backed by a national coffee retailer. The property sits on 1.65 acres along Joliet's primary retail corridor, an area anchored by national and regional brands including Walmart Supercenter, Menards, ALDI, Chipotle and Panera Bread. This concentration of traffic-driving retailers supports the site's positioning as a daily-needs destination.
The combination of new construction, a long-term ground lease and a nationally recognized tenant helped position the Joliet Starbucks as a sought-after net-lease investment. The strong response from buyers and the ability to pair the sale with fixed-rate financing reflects continued capital allocation into well-located, single-tenant retail assets in established retail corridors.
