Marcus & Millichap brokered the sale of a net-leased Walgreens property located in the St. Louis MSA in Columbia, Illinois, according to Joe Powers, regional manager of the firm’s Chicago Downtown office. The asset sold for $4,130,000.
Nicholas Kanich, first vice president investments in the net lease property group of Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, an individual/personal trust, was secured and represented by Benedict Gutierrez, Drew A. Kristol and Kirk D. Olson, investment specialists in Marcus & Millichap’s Miami office.
“Single-tenant pharmacy assets have maintained their value throughout the past year, and we continue to see strong demand for predictable cash flow on long term leases in the investment market from both 1031 exchange purchasers and investors looking to diversify. That’s especially the case with household names like Walgreens,” Kanich said.
The Walgreens is located at 100 Admiral Weinel Boulevard in Columbia. The property was constructed in 2003 and had just over 10 years remaining on the firm term of the lease with Walgreens.