Press Releases
Marcus & Millichap Facilitates $2.1M Sale of Walgreens Location in Chicago
January 23, 2025
CHICAGO, Jan. 23, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Walgreens location in Chicago, Illinois for $2.1 million.
“Walgreen’s 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, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a Limited Liability Company, and procured a local 1031 buyer that paid all cash with post-closing financing lined up. The deal closed on schedule per the original PSA dates.
The 13,000-square-foot Walgreens property, located at 4704 S. Halsted St., is visible to nearly 25,000 vehicles per day. 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. This Walgreens location operates with below-market rents for an urban Chicago hard-corner location.
“Walgreen’s 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, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a Limited Liability Company, and procured a local 1031 buyer that paid all cash with post-closing financing lined up. The deal closed on schedule per the original PSA dates.
The 13,000-square-foot Walgreens property, located at 4704 S. Halsted St., is visible to nearly 25,000 vehicles per day. 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. This Walgreens location operates with below-market rents for an urban Chicago hard-corner location.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
