West Coast Investor Pays $7.5M for Chicago Walgreens Property

CHICAGO—An undisclosed, West Coast-based institution has purchased a triple net leased Walgreens property located at 2345 West 103rd Street in Chicago for $7.5 million. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based partnership, in the transaction. The buyer was self-represented.

Constructed in 2004, the 13,650-sq.-ft. Walgreens building is located in a primary retail trade area, which includes Wal-Mart, Sam’s Clubs, Carson Pirie Scott and Aldi. The building is leased to Walgreens on a net lease basis with 17 years of lease term remaining.

“The market for net leased Walgreens remains strong as investors are attracted to investment grade tenanted properties with long term leases,” said Blankstein, president of The Boulder Group.

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