Walgreens Investment Sale | 22 US Highway 41
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Walgreens Investment Sale 22 US Highway 41
15,120 SF Retail Building Schererville, IN 46375 £3,950,050 (£261/SF) 7.50% Net Initial Yield
Investment Highlights
- Schererville offers outstanding demographics with more than 180,000 residents within a five-mile radius
- Two miles east of the Illinois/Indiana border and part of the Chicago MSA
- Double net lease structure with minimal landlord responsibilities
- Nearly seven (7) years of remaining lease term through 4/30/2031 with seven, 5-year early termination options thereafter
- Recently executed new 10-year lease showing strong commitment to the site
- Outstanding retail trade area - the Walgreens is the northernmost pad site adjacent to the 153,000 SF Town Square Shopping Center
Executive Summary
PRICE REDUCTION! NOW OFFERED AT $5,000,000 / 7.5% CAP!
Transwestern National Net Lease | Sale Leaseback Group is pleased to present a single-tenant net leased Walgreens property at 22 U.S. Highway 41, Schererville, Lake County, Indiana, located two miles east of the Illinois/Indiana border, eleven miles south of the Lake Michigan shoreline, and thirty-two miles south of the City of Chicago.
Indicating a strong commitment to the site, in May 2021, Walgreens extended the lease for a new ten (10) year firm term through April 30, 2031. Every five years after which Walgreens may exercise termination options through the final expiration date of April 30, 2066. At the time of the lease extension, Walgreens converted approximately 3,474 square feet of floor area into a Village Medical health clinic.
Situated at the southwest corner of Main Street and Indianapolis Boulevard (U.S. Highway 41), the 15,120 square foot property which was constructed in 2003, is the northernmost pad site to Town Square Shopping Center. Consisting of 153,000 square feet, the retail center hosts such notable tenants as TJ Maxx, Shoe Carnival, Old Navy, Express, Dollar Tree, Bath & Body Works, Barnes & Noble Booksellers, Victoria’s Secret, Buckle, Lou Malnati’s Pizza, Panera Bread and more. Other retailers in the trade area include Lowe’s PetSmart, Joann, Office Depot, Whole Foods, Dick’s Sporting Goods, HomeGoods, Ross, Nordstrom Rack, Marshall’s, Michael’s Best Buy, Burlington, Kohl’s and Target.
Schererville, Indiana is a town in St. John Township, Lake County with a population of 29,677 but is densely populated from adjacent towns with a five-mile population of more than 180,000 residents. At less than half a marathon run from the Lake Michigan shoreline, Schererville offers all the benefits of a a small town “feel” with access to the Lake and all the world-class amenities of the City of Chicago and the surrounding Chicagoland area.
Walgreens Boots Alliance, Inc. is a publicly traded company (NASDAQ: WBA) (S&P: BBB-). Headquartered in Deerfield, Illinois, WBA’s gross revenue for their fiscal year ending August 2023 exceeded $139 billion with gross profit of $27 billion. Walgreens operates more than 8,700 stores in the U.S. and Puerto Rico. Walgreens filled more than 800 million prescriptions in fiscal 2023, including immunizations.
Transwestern National Net Lease | Sale Leaseback Group is pleased to present a single-tenant net leased Walgreens property at 22 U.S. Highway 41, Schererville, Lake County, Indiana, located two miles east of the Illinois/Indiana border, eleven miles south of the Lake Michigan shoreline, and thirty-two miles south of the City of Chicago.
Indicating a strong commitment to the site, in May 2021, Walgreens extended the lease for a new ten (10) year firm term through April 30, 2031. Every five years after which Walgreens may exercise termination options through the final expiration date of April 30, 2066. At the time of the lease extension, Walgreens converted approximately 3,474 square feet of floor area into a Village Medical health clinic.
Situated at the southwest corner of Main Street and Indianapolis Boulevard (U.S. Highway 41), the 15,120 square foot property which was constructed in 2003, is the northernmost pad site to Town Square Shopping Center. Consisting of 153,000 square feet, the retail center hosts such notable tenants as TJ Maxx, Shoe Carnival, Old Navy, Express, Dollar Tree, Bath & Body Works, Barnes & Noble Booksellers, Victoria’s Secret, Buckle, Lou Malnati’s Pizza, Panera Bread and more. Other retailers in the trade area include Lowe’s PetSmart, Joann, Office Depot, Whole Foods, Dick’s Sporting Goods, HomeGoods, Ross, Nordstrom Rack, Marshall’s, Michael’s Best Buy, Burlington, Kohl’s and Target.
Schererville, Indiana is a town in St. John Township, Lake County with a population of 29,677 but is densely populated from adjacent towns with a five-mile population of more than 180,000 residents. At less than half a marathon run from the Lake Michigan shoreline, Schererville offers all the benefits of a a small town “feel” with access to the Lake and all the world-class amenities of the City of Chicago and the surrounding Chicagoland area.
Walgreens Boots Alliance, Inc. is a publicly traded company (NASDAQ: WBA) (S&P: BBB-). Headquartered in Deerfield, Illinois, WBA’s gross revenue for their fiscal year ending August 2023 exceeded $139 billion with gross profit of $27 billion. Walgreens operates more than 8,700 stores in the U.S. and Puerto Rico. Walgreens filled more than 800 million prescriptions in fiscal 2023, including immunizations.
Property Facts
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Building Size
15,120 SF
Building Class
B
Year Built
2003
Price
£3,950,050
Price Per SF
£261
Net Initial Yield
7.50%
NOI
£296,254
Tenancy
Single
Number of Floors
1
Building FAR
0.20
Land Acres
1.73 AC
Zoning
R33
Parking
114 Spaces (7.54 Spaces per 1,000 SF Leased)
Frontage
MAJOR TENANTS Click Here to Access
- Tenant
- Industry
- SF OCCUPIED
- RENT/SF
- Lease Type
- Lease End
-
- Retailer
-
99,999 SF
-
$9.99
-
Lorem Ipsum
-
Jan 0000
Walgreens is a trusted and convenient local health destination that millions of Americans rely on every day. Their founder, Charles R. Walgreen Sr., was known for finding new ways to connect with customers on a personal level and treating each person like a guest in his own home. For over a century, they have expanded that personal connection through their network of neighborhood pharmacies and their innovative health services and products. The foundation for all of this is their trusted pharmacy expertise, and their team members who provide essential care that helps people achieve better health outcomes at an affordable cost.
| Tenant | Industry | SF OCCUPIED | RENT/SF | Lease Type | Lease End | |
|
|
Retailer | 99,999 SF | $9.99 | Lorem Ipsum | Jan 0000 |
Nearby Major Retailers
PROPERTY TAXES
| Parcel Number | 45-11-05-234-041.000-036 | Improvements Assessment | £1,264,294 |
| Land Assessment | £930,231 | Total Assessment | £2,194,525 |
PROPERTY TAXES
Parcel Number
45-11-05-234-041.000-036
Land Assessment
£930,231
Improvements Assessment
£1,264,294
Total Assessment
£2,194,525
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Bill Behr -
Gavin Behr -
Transwestern Real Estate Services
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Walgreens Investment Sale | 22 US Highway 41
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