West Coast Real Estate Fund Acquires Retail Property In Wilmette For $3.9M

The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property in Skokie, Illinois. The property is located at 9150 Skokie Boulevard and was sold for $3,919,354. The Walgreens property covers an area of 11,837 square feet and has a price per square foot of $331. The sale took place on February 19, 2021, in the market of Wilmette.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $3,919,354
• Address: 9150 Skokie Boulevard, Skokie, Illinois
• Market: Wilmette

The single tenant Walgreens property benefits from its strategic location at a signalized hard corner on Skokie Boulevard, which has a traffic count of 21,080 vehicles per day. It is situated in a dominant retail corridor known as Westfield Old Orchard, anchored by popular brands like Nordstrom, Bloomingdales, Apple, and Macy’s. The area also features a wide range of high-end retailers, including Coach, Crate & Barrel, J. Crew, Kate Spade, Lululemon, Michael Kors, Rolex, and Tiffany & Co. With over 147,000 people residing within a three-mile radius and an average household income of $138,033, the property benefits from a densely populated and affluent demographic. Additionally, the property enjoys easy access to I-94, with a traffic count exceeding 172,000 vehicles per day.

The net lease for the Walgreens property expires on July 31, 2024, and includes eight 5-year renewal option periods. Walgreens is an investment grade rated tenant, with a presence of 9,277 stores in the United States as of August 31, 2019. Founded in Chicago, Illinois in 1901, Walgreens has its headquarters in the suburb of Deerfield.

In the transaction, Randy Blankstein and John Feeney of The Boulder Group represented the seller, who was a Midwest based individual. On the other side, the buyer was a West Coast based real estate fund. The involvement of experienced brokers from The Boulder Group highlights the continued investor interest in Walgreens properties with established operating histories. Especially in prime metropolitan areas like Chicago, Walgreens properties are highly sought-after in the net lease market.