Jan
21

Walgreens Sale Sets Cap Rate Record

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The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant triple net leased Walgreens property located at 6121 North Broadway Street in Chicago, Illinois for $13,025,000. The property was sold at a 4.87% cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics.

Walgreens is the sole occupant of the 14,820 square foot retail building which was developed by Crossroads Development Partners in 2013. This brand new build-to-suit Walgreens replaces an older in-line store which was previously located on the site under a 35 year lease that was expiring in August 2015. Walgreens desired to stay at this location and benefit from a new prototype store. In the immediate vicinity, Crossroads Development Partners is currently developing a single tenant LA Fitness and a single tenant Physicians Immediate Care.

The property is located in a dense infill area of Chicago on the northeast corner of North Broadway Street and West Glenlake Avenue. There are two CTA (Chicago Transit Authority) ā€œLā€ Train stops in close proximity to the property. Additionally, Loyola University is located within a few blocks of the property and there are over 358,000 people living within three miles.

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