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.