Walgreens

CENTRALIA, IL | 5.75% Return | 9 years remaining on base lease | (10) – 5 year options

Founded in 1901, Walgreens Boots Alliance, Incorporated is the nation’s largest drugstore chain. Charles R. Walgreen built the chain from a single drugstore where he created his own drug products. By 1919 there were 20 stores, and in 1927 the Company went public. Three years later, the store count was well over 500. Today, Walgreen operates over 8,200 stores in all 50 states, DC, Puerto Rico and the United States Virgin Islands and VisionDirect.com.

Property Information

  • Tenant:  Walgreens
  • Location: 225 N Elm St. Centralia, IL, 62801
  • Property Type:  Freestanding, Medical
  • Building Size: 13,650 Square Feet
  • Purchase Price: $5,766,847.83
  • Cap Rate:  5.75%

Centralia, IL

 

The City of Centralia is located in south central Illinois. Centralia was formed in 1853 by the Illinois Central Railroad (from which it derives its name as the center of the rail system in Illinois). The City was incorporated in 1859. The community was built on agriculture, railroad, coal and oil and is uniquely located within four counties – Clinton, Marion, Jefferson and Washington.

About Tenant In Common

Tenant in common or TIC ownership allows two or more people to hold an ownership interest in a property. Each property owner or business
entity holds its own separate stake in the property and receives a deed.Their interests do not have to be equal.

This Millcreek Commercial property has the following characteristics:

 

  • Property is offered debt-free
  • Long-term, corporate-guaranteed lease
  • Satisfies IRS requirements for 1031 exchanges
Millcreek Commercial pleasant grove office building

Office | 801.899.1943

Lease Information

  • Lease Guarantor: Corporate
  • Initial Lease Term:  20 years with 9 years remaining
  • Rent Increases: None
  • Renewal Options:  Ten (10) 5-year options