CHICAGO—Drug stores are among the properties most desired by investors in the net lease market, especially those of investment-grade companies. And buyers recently snapped up several of these, both in the Chicago metro area and in tertiary markets in the Midwest.
“Drug store production has fallen,” Ralph N. Cram, president of Chicago-based Envoy Net Lease Partners, LLC, tells GlobeSt.com, and investors have turned to picking up restaurants, banks and other product as “a replacement for the drug stores that many used to buy.”
In fiscal 2014, Walgreens, one of the most desirable brands, saw a net decrease of 273 stores after relocations and closings, the company's data show. Therefore, when they do hit the market, the competition can get intense.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
