Chicago-area retail building with pharmacy tenant trades
JLL Capital Markets closed the $5.1M sale of building ground leased to CVS Pharmacy in Schaumburg
CHICAGO, November 24, 2020 – JLL Capital Markets announced today that it has closed the $5.1 million sale of a 13,180-square-foot, single-tenant retail building ground leased to CVS Pharmacy in the Chicago-area community of Schaumburg, Illinois.
JLL marketed the property on behalf of the seller, a New York-based private high-net worth individual. A California-based DST provider purchased the asset.
Founded in 1963, CVS Health Corporation is the largest U.S. pharmacy by total prescription revenue. The company is headquartered in Rhode Island and employs more than 300,000 workers. This Schaumberg location is one of about 9,900 CVS retail locations and is situated on 1.80 acres at 1855 W. Irving Park Rd. Completed in 2005, this property is just 30 miles outside of Chicago in an area surrounded by 132,270 residents within a three-mile radius. As an essential tenant, all CVS retail locations have continued to operate throughout the COVID-19 pandemic and has seen an increase in demand for prescriptions and product.
The JLL Capital Markets team representing the seller was led by Managing Director Alex Sharrin and Director Alex Geanakos.
“Pharmacy investment sales have reached a three-year high in terms of pricing premium and volume,” says Sharrin. “Tenants such as CVS and Walgreens have been an incredibly defensive investment within the 1031 Exchange market, private capital market and even institutional capital market in 2020.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.