DETROIT, MI – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has negotiated the sale of three Walgreens located throughout the state of Illinois. This portfolio commanded a price of $15,184,137.
John P. Nuzman, a vice president investments in Marcus & Millichap’s Detroit office, represented the seller, a limited liability company. David E. Thurston (top right photo), an associate vice president investments in the firm’s New Jersey office, represented the buyer, a private investor. John Przybyla, first vice president in the Chicago Downtown office, also provided representation in this transaction.
“Drugstores continue to outperform other net-leased retail assets,” says Thurston, “and these Walgreens properties are no exception. These assets will provide the new owner with solid returns over a long-term hold period, thanks to the strength of the Walgreens corporate guarantee.”
In addition, Geoffrey Harris, vice president/capital markets in the Phoenix office of Marcus & Millichap Capital Corporation, arranged the acquisition financing. “Good, low-rate financing is available for these credit-tenant properties throughout the country,” says Harris. “And at these rates, investment returns are enhanced.”
The properties include:
347 E. 95th St., Chicago – This 12,864-square foot Walgreens commanded $5,571,848
35613 State Route 59, Warrenville, Ill. – This 14,589-square foot Walgreens sold for $5,539,296
1080 N. Seventh St., Rochelle, Ill. – This 14,820-square foot Walgreens traded for $4,072,993.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
