The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net lease suburban Chicago Walgreens property located at 9150 Skokie Boulevard in Skokie, Illinois for $3,919,354.<\/p>\n
The 11,837 square foot net lease suburban Chicago Walgreens benefits from its signalized hard corner location along Skokie Boulevard (21,080 VPD) which is a north-south thoroughfare. The property is well positioned in a dominant retail corridor known as Westfield Old Orchard which is anchored by Nordstrom, Bloomingdales, Apple, and Macy\u2019s. Other retailers in the corridor include Coach, Crate & Barrel, J. Crew, Kate Spade, Lululemon, Michael Kors, Rolex, and Tiffany & Co. There are over 147,000 people living within three miles of the property with an average household income of $138,033. The location is within close proximity to I-94 (172,00+VPD)<\/p>\n
The Walgreens lease expires July 31, 2024 and features eight 5-year renewal option periods. Walgreens is an investment grade rated tenant (S&P: BBB). As of August 31, 2019, the company operated 9,277 stores in the United States. It was founded in Chicago, Illinois, in 1901. The Walgreens headquarters office is in the Chicago suburb of Deerfield, Illinois.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented the seller in the transaction who was a Midwest based individual. The buyer was a west coast-based real estate fund.<\/p>\n
\u201cWalgreens properties with proven operating histories continue to garner significant investor interest\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 John Feeney, Senior Vice President of The Boulder Group, added, \u201cWalgreens properties in top MSA\u2019s like Chicago are some of the most sought-after net lease products.\u201d<\/p>\n