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| Chicago-area retail building with pharmacy sold, 1855 West Irving Park Road, Schaumburg, IL |
CHICAGO, IL – JLL Capital Markets announced it has closed the $5.1 million sale of a 13,180-square-foot, single-tenant retail building ground leased to CVS Pharmacy in the Chicago-area community of Schaumburg, Illinois.
JLL
marketed the property on behalf of the seller, a New York-based private
high-net worth individual. A California-based DST provider purchased the asset.
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| Alex Sharrin |
Founded in 1963, CVS Health Corporation is the largest U.S. pharmacy by total prescription revenue. The company is headquartered in Rhode Island and employs more than 300,000 workers.
This
Schaumberg location is one of about 9,900 CVS retail locations and is situated
on 1.80 acres at 1855 W. Irving Park Rd.
Completed
in 2005, this property is just 30 miles outside of Chicago in an area
surrounded by 132,270 residents within a three-mile radius.
As
an essential tenant, all CVS retail locations have continued to operate
throughout the COVID-19 pandemic and has seen an increase in demand for
prescriptions and product.
The
JLL Capital Markets team representing the seller was led by Managing Director Alex
Sharrin and Director Alex Geanakos.
Alex Geanakos
“Pharmacy investment sales have reached a three-year high in terms of pricing premium and volume,” says Sharrin.
“Tenants such as CVS and Walgreens have been an incredibly defensive investment within the 1031 Exchange market, private capital market and even institutional capital market in 2020.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales advisory, debt
placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
CONTACT:
Natalie Passarelli
Public Relations
Jones
Lang LaSalle Americas, Inc.
200
E. Randolph St.
Chicago, IL 60601
M
+1 224 477 7307
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