JLL is pleased to offer for sale the fee-simple interest in a freestanding, single-tenant Walgreens (the “Property” or “Asset”) located in Chicago, IL. This Asset features an investment grade corporate guaranty from Walgreen Co. (S&P: ‘BBB’) and is operating on a newly-extended absolute NNN lease with 12 years remaining, zero landlord responsibilities, and five percent rental increases every five years throughout the primary term and renewal options. The first rental increase is in 24 months, offering a significant opportunity to capture an attractive average equity yield. Walgreens has a proven commitment to the site with more than 20 years of operating history. This offering presents the opportunity to acquire a Property leased to an industry leading and investment grade tenant in the third largest city in the country.
- Recently executed 12-year lease extension on an Absolute NNN basis, demonstrating Walgreens' commitment to the site
- 5% rent bumps every five years, with the first bump coming in 24 months
- Investment grade tenancy from the global leader in pharmacy-led health
- Walgreens has committed to installing a brand-new roof and parking structure in July 2021
- Strategic location in infill Chicago with exposure to 30,000 VPD
- 330,000 inhabitants within a 3-mile radius of the property