Cohen and Co. Inc. Real Estate was the only broker on the deal, which equated to about $384.75 per sf. CCIRE's senior executive director Richard Kaiser represented Mark Investments, a local Walgreens developer, and managing director and general counsel Henry I. Feuerstein procured the purchaser. LaSalle Bank provided the financing.
The free-standing property, which includes a drive-thru and a dedicated parking lot, will continue to operate as a Walgreens under a 20-year license agreement, Feuerstein tells GlobeSt.com. "Because of the high land costs and the inability to assemble a piece of land large enough to accommodate a Walgreens, such sites are very rare," he states.
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