Marcus & Millichap, a commercial real estate investment services firm, announced the sale of a Walgreens anchored strip center, a 25,258-square foot retail property in Cary.
Walgreens Anchored Strip Center is located at 500 Northwest Hwy. at the signalized intersection of Northwest Highway (Route 14) and Cary Algonquin Road. This property has high traffic counts of more than 31,000 vehicles passing by this property per day, said Steven D. Weinstock, regional manager of the firm's Chicago Oak Brook office.
Tammy A. Saia, an investment specialist in Marcus & Millichap's Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Walgreens occupies 55 percent of the center's space, including a two-lane drive-through. Walgreens was in the process of a full interior remodel at the time of the sale and expressed interest in extending their lease early for a reduced rent. The seller had confidence in their performance at this location and rejected the rent reduction early extension offer from Walgreens.
This property also features other long-standing tenants including, Anytime Fitness, Papa John's, Lou Malnati's Pizza, WG Salon and Plaza Cleaners.