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CHICAGO WALGREENS PROPERTY SELLS FOR $13M

CHICAGO — The Boulder Group has completed the $13 million sale of a single-tenant, triple-net leased Walgreens property at 6121 N. Broadway St. in Chicago. The property was sold at a 4.87 percent 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. The new build-to-suit Walgreens replaces an older store, which was previously located on the site under a 35-year lease that was expiring in August 2015. Walgreens’ new lease has more than 24 years remaining with 50 years of renewal options. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, Crossroads Development Partners, in the transaction. The buyer was a Massachusetts-based limited partnership in a 1031 tax-deferred exchange.

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