JACKSONVILLE, FL—Madison Hawk is holding a real estate auction for a freestanding Walgreens building in east of Downtown Jacksonville, FL. The retail asset is in a Chapter 11 bankruptcy proceeding.

Located at 1220 University Avenue, the 1.72-acre property is home to a 15,070-square-foot Walgreens that generates $302,000 in yearly net operating income. The Walgreens Co. lease is double net (NN). The initial term runs through 2019.

“This is a unique opportunity for a commercial property owner/investor to purchase a retail asset that's already occupied by one of the nation's most sought-after tenants,” says Jeffrey Hubbard, president of Madison. “It's a value-added acquisition that will strengthen the portfolio of any company or individual investor by enabling them to quickly gain control of a prime retail property that will provide an immediate positive cash flow.”

The Walgreens will be sold absolute, regardless of price, with a suggested opening bid of $1.5 million, The sale of the property is subject to final approval from the United States Bankruptcy Court, Southern District of New York.

The net leased property sits heavily-traveled intersection of University Boulevard and Arlington Road. The building is also close to the Arlington Expressway exchange, which handles more than 60,000 cars daily, two miles west of Everbank Field, and one mile from the 3,000-student Jacksonville University.

The auction begins at noon on Sept. 18. at the Hyatt Regency Jacksonville. Buyers will be required to present a $150,000 cashier's check to bid.