Marcus & Millichap announced the sale of a 16,047-square-foot Walgreens drugstore in Chicago’s Andersonville neighborhood. The $16,571,400 sales price equates to $1,033 per square foot, one of the highest prices on record for a Walgreens in Chicago.
Sean Sharko and Austin Weisenbeck, vice presidents investments in Marcus & Millichap’s Chicago Oak Brook office, represented the seller, an overseas partnership. Jamie Medress, senior vice president investments, and Mark Ruble, first vice president investments, both in the firm’s Phoenix office, represented the buyer.
“The property underwent an extensive re-build and retrofit to maintain its historic look,” says Sharko, “and the large lot size provides a future development opportunity for the new owner.”
“Walgreens signed an absolute-net 75-year lease on the property in 2011,” adds Ruble.
The drugstore is located across the street from Jewel-Osco, Chicago’s No. 1 grocer, at 5440 North Clark St. Easily accessible from two main thoroughfares, Clark Street and Ashland Avenue, the property features 66 parking spaces. Nearly 850,000 people live within five miles of the property and the average household income within five miles is in excess of $85,000.
