Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer the opportunity to acquire the fee-simple interest in a freestanding single-tenant Walgreens store located at 2345 West 103rd Street in Chicago, IL.
This Asset features an investment grade corporate guaranty from Walgreen Co. (S&P: ‘BBB’) and is operating on a 25-year absolute triple net lease with zero landlord responsibilities and ten, five-year renewal options.
The store benefits considerably from being along a major retail corridor and performs well, grossing $3.71M annually in store sales (excluding RX sales).
Located just 15 miles south of downtown Chicago, this retail corridor is incredibly supply-constrained and performs exceptionally well with 3.0% vacancy and 7.0% rent growth since 2019. The Western Avenue retail corridor is anchored by Evergreen Plaza Shopping Center and Evergreen Marketplace Shopping Center and is home to leading national brands including Whole Foods, Sam’s Club, Meijer, Menards, Michael’s, Burlington, Ulta Beauty, and T.J. Maxx, among many others.
This unique opportunity allows investors the ability to acquire an essential retail asset located in an infill, fundamentally strong, and highly affluent Chicago market. The asset offers secure, long-term cash flow backed by an investment grade tenant with global brand name recognition.
- Initially constructed as a build-to-suit for the Tenant in 2002, Walgreens has a proven commitment to the site with 20+ years of operating history.
- 4.2 years of absolute NNN lease term, zero landlord responsibilities, and ten, five-year renewal options offer secure long-term cash flow.
- 100% corporate guaranteed by Walgreens Co., which operates 13,800+ stores and boasts an outstanding investment grade credit rating (S&P: BBB).
- Ideally positioned on a hard corner along a high trafficked intersection of 50,000+ VPD with access to 503,000 residents in a 5-mile radius.
- Highly affluent resident-base that earns $149,000 in average household income in a 1-mile radius.