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Shop 'til You Drop

Shop 'til You Drop
Selling a Walgreens isn't a unique transaction (though easier than selling a green wall), but selling one with a lease that includes rent increases in an up-and-coming neighborhood in Chicago is still a pretty good deal. That's what Marcus & Millichap's Sean Sharko and Austin Weisenbeck have been up to.
Austin Weisenbeck and Sean Sharko
Yesterday, we snapped Austin and Sean at the ICSC Deal Making conference at Navy Pier. They tell us the multi-tenant retail space at the base of a condo tower at 757 N Orleans is 100% occupied by the Walgreens, a Bank of America kiosk, and a Verizon franchise. They sold the property to a private east coast investor for $10.8M. A typical Walgreen's lease is 75 years with no rent increases and options to terminate after 25 years. This one includes regular rent increases. Sean and Austin are also set to close on another Walgreen's sale at 5440 N Clark in Andersonville later this week.
Mark Hunter, Ashely Wagoner and Donn Fuller
Jones Lang LaSalle's retail team tell us that here in Chicago, they've just picked up a leasing and management assignment for Kendall marketplace in Yorkville, signed a lease and started a build-out for hhgregg in Ford City. They're also set to sign another management and leasing assignment for a grocery-anchored center in the northern 'burbs. We snapped Mark Hunter, Ashley Wagoner, and Donn Fuller.