Marcus & Millichap closed the sale of a 14,631-square-foot property in Olathe, Kansas, in which Walgreens previously executed an early five-year lease renewal on its original 20-year absolute net lease. The asset sold for more than $6.365 million.
Nicholas Kanich, a first vice president of investments in the Net Lease Group at Marcus & Millichap’s Chicago Downtown office, had the exclusive listing to market the property on behalf of the seller, an Iowa-based investment group. Colby Haugness, Kansas Broker of Record, assisted in closing this transaction.
Walgreens is located at 15066 W. 151st St. in Olathe, Kansas, an affluent suburb located 20 miles southwest of downtown Kansas City. Sitting at the signalized corner of West 151st Street and South Black Bob Road, the property receives visibility to more than 34,000 vehicles per day. Neighboring retail tenants include Starbucks, FedEx, McDonald’s, Sonic, Taco Bell, Hy-Vee, and numerous others.
