Drug Store

Walgreens | Recent Lease Extension

1 E Golf Rd, Arlington Heights, IL 60005

Listing Price: $5,677,000

Cap Rate
6.50%
Tenant Name
Walgreens Co.
Years Remaining On Lease
5.30
Gross SF
14,725
Guarantor
Corporate Guarantee
Rentable SF
14,725
Price/Gross SF
$385.53
Lease Type
Double Net
Rent Per Square Feet
$25.06

Investment Overview

Marcus & Millichap is proud to exclusively present a 14,725-square foot Walgreens located in the Chicagos northwest suburb of Arlington Heights. Walgreens has been operating at this location since 2000 and recently waived their first option-to-terminate resulting in 5 plus years remaining of lease term. The Property is located at a signalized intersection across from a 90,000-square foot shopping center and kitty corner from Jewel-Osco, providing great visibility from the 68,000 vehicles that pass by the intersection every day. Walgreens operates under a double-net lease at this location and with limited landlord responsibilities given the recent brand-new roof with a 20-year transferable warranty and completely repaved parking lot. Walgreens lease has no rent increases and the ability to terminate every five years after June 30th, 2025 through July 31st, 2060.

The Property is located at the signalized intersection of Golf Road and Arlington Heights Road, two heavily traveled thoroughfares. The Property is highly visible from both of these major roads and has access points from both Golf and Arlington Heights Road. There is an impressive traffic count of nearly 68,000 vehicles driving through the intersection daily. Interstate 90 interchange is approximately a half mile south from the property and provides easy access to downtown Chicago, as well as the surrounding northwest suburbs. Jewel-Osco, Chicagolands leading grocery chain, is directly across Golf Road and Arlington Towne Square, a 90,000-square foot shopping center, is directly across Arlington Heights Road. Valli Produce grocery store, ALDI, Lowes, Meijer and Wal-Mart are all within a mile of the Property, as well as a plethora of small national retailers, fast food and fast casual restaurants. The dense retail presence makes this area a main destination for local residents.

A new investor has the opportunity to acquire an investment grade credit tenant (BBB) operating in a bustling retail pocket of town with a recent lease extension; further showing their commitment and success to this location. Given Walgreens long-term tenancy at this location, well-located asset within the retail trade area, and Advocates recent integration of its clinic facility at this location, an investor can feel confident in acquiring this unique opportunity with great real estate fundamentals in-place and benefiting from the tax-benefit of asset depreciation; providing favorable after-tax savings.

Investment Highlights

  • Recent 5-Year Lease Extension With No Rent Reduction
  • Built-to-Suit Store and only Walgreens Within a 3-Mile Radius
  • Above Average Traffic Count of 68,000 Vehicles Per Day
  • Brand New Parking Lot & Roof With 20-Year Transferable Warranty
  • Advocate Medical Group Operates One of Their Clinics at This Location
  • Proven Tenant Base During Economic Downturn

Exclusively Listed By

Drug Store

Walgreens | Recent Lease Extension

Listing Price: $5,677,000

Cap Rate
6.50%
Tenant Name
Walgreens Co.
Years Remaining On Lease
5.30
Gross SF
14,725
Guarantor
Corporate Guarantee
Rentable SF
14,725
Price/Gross SF
$385.53
Lease Type
Double Net
Rent Per Square Feet
$25.06

Investment Highlights

  • Recent 5-Year Lease Extension With No Rent Reduction
  • Built-to-Suit Store and only Walgreens Within a 3-Mile Radius
  • Above Average Traffic Count of 68,000 Vehicles Per Day
  • Brand New Parking Lot & Roof With 20-Year Transferable Warranty
  • Advocate Medical Group Operates One of Their Clinics at This Location
  • Proven Tenant Base During Economic Downturn

Investment Overview

Marcus & Millichap is proud to exclusively present a 14,725-square foot Walgreens located in the Chicagos northwest suburb of Arlington Heights. Walgreens has been operating at this location since 2000 and recently waived their first option-to-terminate resulting in 5 plus years remaining of lease term. The Property is located at a signalized intersection across from a 90,000-square foot shopping center and kitty corner from Jewel-Osco, providing great visibility from the 68,000 vehicles that pass by the intersection every day. Walgreens operates under a double-net lease at this location and with limited landlord responsibilities given the recent brand-new roof with a 20-year transferable warranty and completely repaved parking lot. Walgreens lease has no rent increases and the ability to terminate every five years after June 30th, 2025 through July 31st, 2060.

The Property is located at the signalized intersection of Golf Road and Arlington Heights Road, two heavily traveled thoroughfares. The Property is highly visible from both of these major roads and has access points from both Golf and Arlington Heights Road. There is an impressive traffic count of nearly 68,000 vehicles driving through the intersection daily. Interstate 90 interchange is approximately a half mile south from the property and provides easy access to downtown Chicago, as well as the surrounding northwest suburbs. Jewel-Osco, Chicagolands leading grocery chain, is directly across Golf Road and Arlington Towne Square, a 90,000-square foot shopping center, is directly across Arlington Heights Road. Valli Produce grocery store, ALDI, Lowes, Meijer and Wal-Mart are all within a mile of the Property, as well as a plethora of small national retailers, fast food and fast casual restaurants. The dense retail presence makes this area a main destination for local residents.

A new investor has the opportunity to acquire an investment grade credit tenant (BBB) operating in a bustling retail pocket of town with a recent lease extension; further showing their commitment and success to this location. Given Walgreens long-term tenancy at this location, well-located asset within the retail trade area, and Advocates recent integration of its clinic facility at this location, an investor can feel confident in acquiring this unique opportunity with great real estate fundamentals in-place and benefiting from the tax-benefit of asset depreciation; providing favorable after-tax savings.

Exclusively Listed By

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