JACKSONVILLE, FL—Madison Hawk is holding a real estate auction for a freestanding Walgreens building in east of Downtown Jacksonville, FL. The retail asset is in a Chapter 11 bankruptcy proceeding.

Located at 1220 University Avenue, the 1.72-acre property is home to a 15,070-square-foot Walgreens that generates $302,000 in yearly net operating income. The Walgreens Co. lease is double net (NN). The initial term runs through 2019.

“This is a unique opportunity for a commercial property owner/investor to purchase a retail asset that's already occupied by one of the nation's most sought-after tenants,” says Jeffrey Hubbard, president of Madison. “It's a value-added acquisition that will strengthen the portfolio of any company or individual investor by enabling them to quickly gain control of a prime retail property that will provide an immediate positive cash flow.”