(For more retail coverage, click GlobeSt.com/RETAIL.)
SCHAUMBURG, IL-A Walgreens pharmacy here has been sold for a capitalization rate below 6%. The 14,820-sf store being built at 770 E. Schaumburg Rd., triple-net leased to the Deerfield-based pharmacy giant, was sold for $5.8 million.
Public records indicate the Walgreens was sold by the Park Ridge-based owners of the neighboring Market Square retail center at the corner of Schaumburg and Plum Grove roads. Besides selling at $390 per sf, the Walgreens deal was at a 5.9% capitalization rate.
Marcus & Millichap Real Estate Investment Brokerage Co. retail property specialists Michael Marks and George Ghattas represented the sellers while Paul Takacs of the firm handled negotiations for the buyer.
In an unrelated retail deal in the northwest suburbs, a ground lease on a 1.5-acre site at northeast corner of Irving Park Road and Route 59 in neighboring Streamwood sold for $3.3 million. A Bank of America branch has a long-term lease on a building there, says Baum Realty Group's Chad Firsel, who represented the buyer and seller. "It is across from a new Target and neighbors a site with a multi-tenant retail center and freestanding restaurant building," he adds.
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