Northbrook, IL – May 20, 2016 – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Walgreens property located at 2001 Milwaukee Avenue in Chicago, IL for $11,275,000.
The Bucktown Walgreens property is positioned at the heavily trafficked signalized intersection of Milwaukee Avenue and Armitage Avenue which experiences traffic counts in excess of 30,000 vehicles per day. The property is located just west of Western Avenue which is the primary north-south thoroughfare in the immediate trade area. The surrounding area is densely concentrated providing significant barriers to entry. The Western CTA Blue Line “L” Station is located one block south of the Walgreens and experiences over 1,500,000 rail entries per year. Additionally, the Bloomingdale Trail, also known as “The 606”, substantially enhanced the property and the surrounding area. The Bloomingdale Trail is an elevated multi-use recreational trail and park that was completed in 2015 and is a popular attraction for walkers, runners, and bikers. The trail is located just south of the Walgreens property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based private real estate investor. The purchaser was a local private investor in a 1031 Exchange.