The Boulder Group is pleased to exclusively market for
sale a single tenant Walgreens property located in the Bucktown neighborhood of
Chicago. This Walgreens location has exceptional reported store sales and
operates as a 24-hour location. The property is strategically positioned at the
notable signalized intersection of Milwaukee Avenue and Armitage Avenue and
benefits from its close proximity to a CTA Blue Line “L” station. There are
over 16 years remaining on the Walgreens lease which expires on December 31,
2031. The absolute triple net lease features no landlord responsibilities and ten
5-year renewal option periods. Walgreens Company is the largest drug retailing
chain in the United States and is an investment grade rated company (S&P:
BBB). Walgreens Company is a subsidiary of Walgreens Boots Alliance, Inc. Walgreens
Boots Alliance, Inc. is an investment grade rated company (S&P: BBB) and is
publicly traded (NASDAQ: WBA) with a market capitalization in excess of $100
billion.
The approximately one acre property is positioned at the
heavily trafficked signalized intersection of Milwaukee Avenue and Armitage
Avenue which experiences traffic counts in excess of 30,000 vehicles per day.
The property is located just west of Western Avenue which is the primary
north-south thoroughfare in the immediate trade area. The property is
benefitted by its proximity to Interstate 90/94 which is located less than one
mile east from the Walgreens and experiences traffic counts in excess of
300,000 vehicles per day. The Western CTA Blue Line “L” Station is located one
block south of the Walgreens and experiences over 1,500,000 rail entries per
year. The CTA Blue “L” Line connects the city of Chicago to Chicago O’Hare
International Airport. Additionally, the Bloomingdale Trail, also known as “The
606”, substantially enhanced the property and the surrounding area. The
Bloomingdale Trail is an elevated multi-use recreational trail and park that
was completed in 2015 and is a popular attraction for walkers, runners, and
bikers. The trail is located just south of the Walgreens property.
The surrounding area is densely concentrated providing
significant barriers to entry. The Walgreens vastly out positions the nearby older
midblock CVS that does not have a drive thru providing for a significant
competitive advantage. The surrounding retail area features many local and
national tenants including Aldi, Starbucks, McDonald’s, Physicians Immediate
Care and 7-Eleven. The Bucktown neighborhood features many upscale shops and
restaurants such as Lululemon, BCBG, Club Monaco, Nike and Marc by Marc Jacobs.
The surrounding area is densely populated with approximately 60,000 people
living within a one mile radius and over 135,000 people living within a one and
one-half mile radius.
There are over 16 years remaining on the absolute triple
net Walgreens lease. The lease expires on December 31, 2031. This Walgreens
locations has exceptional reported store sales. Walgreens is a wholly owned
subsidiary of Walgreens Boots Alliance, Inc. which is an investment grade rated
company (S&P: BBB) with a market capitalization in excess of $100 billion.
http://www.bouldergroup.com/NNN-Properties-For-Sale.html
