Northmarq’s Chicago office brokers 1031 exchange of freestanding net lease Walgreens
CHICAGO (Oct. 10, 2023) — Northmarq’s BJ Feller, senior vice president and managing director in Chicago, has completed the sale of a single-tenant triple net lease Walgreens located at 3222 S. Main St. in Joplin, Missouri. The 27,610-sq.-ft. freestanding retail property sold for approximately $4.463 million.
Feller represented the 1031 exchange seller, a Tulsa-based private investor. The buyer was pooled individuals based in Chicago.
“We are incredibly pleased to complete this transaction for our long-standing client,” said Feller. “2023 has brought a host of challenges with capital markets conditions that are far more challenging than what we’ve seen over the last decade, however strong partnerships focused on execution are still delivering great results and conditions in the marketplace!”
The property is situated in between two major hospitals, Mercy Hospital and Freeman Hospital-West, and one-mile southeast of Kansas City University of Medicine and Bioscience – Joplin Farber-McIntire Campus, boasting a continual customer base for Walgreens. Located near the corner of S. Main Street and 32nd Street, the property benefits from the intersection’s access and visibility (36,120 VPD).
The best-in-class, investment grade tenant has occupied the site since 1967 and operates on a long-term triple net lease.
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