CHICAGO—Developers have transformed the look of many Walgreens stores in the nation’s top markets, introducing a sleeker, more modern design. And with single tenant triple net leased properties attracting historic levels of investor interest, it’s perhaps no surprise these properties can sell at historically low cap rates.

The Boulder Group, a net leased investment brokerage firm based in suburban Chicago, for example, has just completed the sale of a single tenant triple net leased Walgreens at 6121 N. Broadway St. in Chicago, Illinois for $13,025,000. The property was sold at a 4.87% cap rate, the lowest cap rate ever recorded for a Walgreens property according to Real Capital Analytics, a New York City-based research firm.

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