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Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale a retail condo interest, leased to Walgreens and located on the ground floor of an office tower at 79 West Monroe Street in the heart of downtown Chicago (the “Property”). Bond Drug Company of Illinois, LLC dba Walgreens (“the Tenant”) has been at the site since 2000, and recently signed a new 10-year lease extension with options running through 2050. The Property sits on a hard corner benefitting from frontage along West Monroe and South Clark streets with exposure to ±27,000 VPD. The investment offers a rare opportunity to acquire an investment grade (S&P: BBB) retail-pharmacy brand on a long-term lease, featuring great visibility and access in Chicago’s Central Loop. The Property serves the thousands of consumers walking through the loop on their daily commutes and is a convenient amenity to the 166,000 square feet of office space above.
- Minimal landlord responsibilities with contractual increases
- Leading retail-pharmacy brand tenancy from Walgreens
- Over 8 years of term remaining with four, five year extension options
- Premier hard-corner retail condo in downtown Chicago
- Intrinsic Schools (1000+ students) occupies 5 floors directly above the Asset
- Renovated 2020 upon execution of new lease, showing commitment to site