Saturday, January 21, 2012

Chicago Walgreens Trades for $13 Million

  

 CHICAGO, IL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of a 16,047-square foot Walgreens drugstore (top left photo) in Chicago. The sales price of $13 million represents $810 per square foot.

Sean Sharko (middle right photo) and Austin Weisenbeck (middle left photo), senior associates in Marcus & Millichap’s Oak Brook office, represented the seller, Clark Street Development LLC, an affiliate of Mega Realty.

Sharko and Weisenbeck also represented the buyer, an overseas-based private capital investor. Loukas Kozonis provided general counsel services for Clark Street Development.

“Single-tenant net-leased assets continue to trade briskly in Chicago,” says Sharko. “This property is a very infill, difficult-to-replace piece of real estate.”

“Walgreens signed an absolute-net, 75-year lease with zero landlord responsibilities,” adds Weisenbeck. “The building was renovated from the ground up.”

The property is located on Chicago’s North Side in the historic Andersonville neighborhood at 5440 North Clark St. Jewel-Osco, Chicago’s No. 1 grocer, is across the street.

Other retailers in the area include 7-Eleven, Fifth-Third Bank, Chase Bank, Subway and McDonald’s. The location is bordered by three streets: Catalpa Avenue, Clark Street and Ashland Avenue.

Walgreens Co. is one of the fastest-growing retailers in the United States and is a leader in the chain drugstore industry in sales and profits.

Contact: Stacey Corso Public Relations Manager, (925) 953-1716

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