BARRINGTON, IL-Two pharmacies in the Chicagoland area have soldin net lease deals totaling $15.1 million. A San Francisco-basedindividual doing business under the name Walgreen’s Barrington 1LLC acquired a Walgreen’s property for $9.28 million, while AgreeRealty Corp. purchased a CVS property for $5.8 million.

The trades illustrate the cap rate differential between apreferred tenant in an infill location and a lesser quality tenantin an emerging location, according to Randy Blankstein, presidentwith The Boulder Group, a Northbrook, IL-based net lease brokerageand investment firm. Blankstein and Jimmy Goodman, also of TheBoulder Group, brokered the Walgreen’s sale.

Both properties have 24-year leases with their respectivetenants. The Walgreen’s property, located at 189 Northwest Hwy. inthe affluent city of Barrington, IL, traded at a 7.3% cap rate. TheCVS asset, located at the intersection of West Algonquin andLakewood Roads in the emerging market of Lake in the Hills, IL,sold at a 7.76% cap rate – a difference of nearly 40 basis pointscompared to the Walgreen’s property, Blankstein pointed out.