The Boulder Group Completes Sale of Newly Constructed Walgreens in Chicago Metro Area
- Apr 17, 2015
The Boulder Group recently brokered the sale of a newly constructed, single tenant net leased Walgreens property in Oak Lawn, Ill. According to a news release, the 61,909-square-foot building sold for $10.7 million to a Northeast-based family office. Both the buyer and the seller – a Midwest-based developer – were represented in the transaction by Randy Blankstein and Jimmy Goodman of The Boulder Group.
Located at the southwest corner of W. 95th St. and Southwest Highway, the new Walgreens replaces a previously successful Walgreens store that did not incorporate a drive-thru. The new store is conveniently located in close proximity to the Chicago Ridge Mall and just five miles south of the Chicago Midway International Airport. Approximately 400,000 people reside within a five mile radius of the property and more than 71,000 vehicles circulate the area each day.
The Walgreens lease is for a period of two decades and features eleven five-year renewal option periods, according to a news release.
“The market for Walgreens properties remains active as investors are attracted to investment grade rated companies with long term leases,” said Randy Blankstein, president of The Boulder Group. Jimmy Goodman, partner of The Boulder Group, added that markets such as Chicago are particularly attractive to investors when it comes to single tenant properties.
Walgreens Boots Alliance is in the midst of a massive restructuring effort meant to close down unprofitable retail stores. The Chicago Tribune reports that the company plans to close 200 stores across the country and open 200 new ones in more profitable locations.
Image courtesy of The Boulder Group
Click here for further data on Chicago’s retail market