Bloomington IL

Price: $ 5,552,920
CAP Rate: 5.65%
NOI: $ 313,740
Lease Term Remaining Before Options: 15 Years
Investment Highlights
  • New 15 year lease with 5% rental increases every 5 years in the initial term and in the options.
  • 20+ year operating history.
  • Recent third-party reports will be provided to buyer.
  • Absolute net lease with zero landlord responsibilities.
  • Across from State Farm Insurance Headquarters with 2.96 Million SF and 15,000 Employees
  • OSF St. Joseph Medical Center 1 Mile North with 149 Beds and 1,000 Employees
  • Retail Corridor with National Tenants and ± 8.7 Million SF of Retail Space in 5-Mi Radius
Offering Summary

Pharma Property Group is pleased to market for sale the Walgreens property located in Bloomington, Illinois. Walgreens has agreed to a new 15-year absolute net lease with no landlord responsibilities whatsoever. The lease includes 5% rental increases every 5 years in the initial term and in each of the 12 (5-year) options.

This particular Walgreens location has exceptional sales volumes benefiting from its location at the signalized corner of Route 66 and East Oakland Avenue (VPD 40,000+) which sits at the heart of Bloomington’s main employment and retail corridors. Directly across the street to the north from the Property is the State Farm Insurance Headquarters North (1,968,000 square feet) which employees 15,000 people. State Farm’s HQ South Campus (510,000 square feet) and Operation Center 485,000 square feet) to the south are within 1.5 miles of the Property and these three campuses account for 2,960,000 square feet of office space.

After the State Farm HQ campus to north and less than a mile from the Property, sits the OFS St. Joseph Medical Center employing 1,000 medical professionals and one of the largest retail corridors in Bloomington. The Property is a outparcel to a 66,000 square foot retail center anchored by Kroger and the retail corridor to the north is anchored by Eastland Mall (732,651 square feet) and other retail centers anchored by Lowe’s, Kohl’s and Dick’s Sporting Goods.

Besides the immediate State Farm Insurance HQ, St. Joseph Medical and retail corridor support all within a mile and a half of the Property, Bloomington has a vast employment base near the Property with Rivian having two manufacturing plants totaling 3,600,000 square feet and Illinois State University with 20,000 students enrolled and 3,500 faculty.

Price: $ 5,552,920
CAP Rate: 5.65%
NOI: $ 313,740
Lease Term Remaining Before Options: 15 Years