The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Walgreens property located at 9150 Skokie Boulevard in Skokie, Illinois for $3,919,354.
The 11,837 square foot 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’s. 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)
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.
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.
“Walgreens properties with proven operating histories continue to garner significant investor interest” said Randy Blankstein, President of The Boulder Group. John Feeney, Senior Vice President of The Boulder Group, added, “Walgreens properties in top MSA’s like Chicago are some of the most sought-after net lease products.”
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 2012-2020, 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