The Boulder Group is pleased to exclusively market for sale a brand new construction Walgreens property located within a densely populated area of the Chicago MSA. The property replaces a previously successful Walgreens store with strong sales that lacked a drive-thru. The surrounding area is densely concentrated providing high barriers to entry. The Walgreens lease is for twenty years and is estimated to commence in February 2015. Walgreens is an investment grade tenant (S&P: BBB) and is publicly traded on the New York Stock Exchange (WAG) with a market capitalization in excess of $61 billion.
The 61,909 square foot Walgreens property is located along West 95th Street approximately 15 miles southwest from downtown Chicago. The property is benefitted by its location just off of the prime signalized intersection of West 95th Street and Southwest Highway, which experiences traffic counts in excess of 71,000 vehicles per day. Interstate 294 is located less than two miles west of the Walgreens property and experiences traffic counts in excess of 131,000 vehicles per day. The surrounding area is densely populated with over 18,000 people living within a one mile radius earning average household incomes in excess of $75,000 annually. Approximately 400,000 people live within a five mile radius of the property. The Walgreens is located approximately five miles south of Chicago Midway International Airport. Chicago Ridge Mall, an 833,000 square foot shopping mall that is anchored by Carson Pirie Scott, Kohl’s, AMC Theatres, and Sears is located approximately three-quarters of a mile to the west of the Walgreens property. Additional retailers located in the immediate vicinity include Home Depot, Bed Bath & Beyond, Michael’s, Office Depot, Pier 1 Imports, First Midwest Bank, and McDonalds.
The Walgreens lease is for twenty years and is an absolute triple net. Rent is expected to commence in February 2015. The brand new construction Walgreens property is a relocation of a previously successful Walgreens store that did not have a drive thru. Walgreens is an investment grade rated tenant (S&P: BBB) and is publicly traded (NYSE: WAG) with a market capitalization in excess of $61 billion.