Marcus & Millichap Facilitates Sale of Chicago Walgreens Location

Marcus & Millichap has completed the sale of a net-leased Walgreens location in Chicago, Illinois, for $2.1 million. The 13,000-square-foot property is located at 4704 S. Halsted St.

“Walgreens has been very public that about 25% of their retail locations are underperforming, and they will be evaluating their locations over the next couple of years.” said Sean Sharko, senior managing director “Walgreen’s overall leases desirable, hard corner real estate; which is why the purchaser is confident in the real estate and his ability to release, should Walgreens not renew in the future.”

Sharko and Austin Weisenbeck represented the seller, a limited liability company, and procured a local 1031 buyer that paid all cash with post-closing financing lined up. Built in 1993, the property is less than a mile from Interstate 90 and sits adjacent to a Dunkin’ and a heavily visited grocery-anchored shopping center. Walgreens has operated at this location since its construction and has 4.7 years remaining on its lease with a corporate guarantee.