Walgreens | 10 YR | NNN | MT Retail Strip Center
500 Northwest Hwy Cary, IL 60013
Marcus & Millichap is pleased to present a Walgreens anchored retail strip located on a hard corner, signalized intersection at 500 Northwest Highway, Cary, Illinois. It consists of two centers located on the same parcel with a total gross leasable area of 25,258 square feet on a large 3.45-acre lot with abundant parking.
Walgreens occupies approximately 55 percent of the subject with a two-lane drive-thru. The property also features a strong mix of five other local and national tenants, which include Lou Malnati's Pizza, Anytime Fitness, WG Salon, Papa John's, and Plaza Cleaners. There is an available 1,100-square foot space that can be leased-up to provide an even stronger net-operating income. Four of the tenants have scheduled rent increases, which provides a new investor with a strong hedge against inflation.
Walgreens is a long-standing tenant at this center on a 70-year NNN lease which commenced in December of 1996. There are approximately 50 years remaining on the lease. The tenant has options to terminate every five years after the 20th year. Walgreens submitted an amendment to extend their lease until 2026 which will be executed before close of escrow.
The property sits at the signalized intersection of Northwest Highway (Route 14) and Cary Algonquin Road. The property benefits from frontage to Northwest Highway, with a right in and right out with full access on Cary Algonquin Road. Great visibility and exposure with over 31,000 vehicles per day at this intersection. Cary is a village located in Algonquin Township, McHenry County, Illinois. Metra's Union Pacific/Northwest Line has a station in Cary, and operates daily services to Olgilvie Transportation Center in downtown Chicago. The population is 109,820 within a five-mile radius with an average household income of $110,034.
Net Operating Income $296,910
Pro Forma NOI $303,621
Gross Square Feet 25,258
Price/Square Foot $173
CAP Rate 6.79%
Pro Forma CAP Rate 6.94%
Parcel Size 3.45 acres
Year Built 2003