Marcus & Millichap closed the sale of a 14,490-square-foot net-leased Walgreens property located in Machesney Park, IL. The sale price was $4.2 million.

Joe J. Sparano, Dan Yozwiak and Darpan Patel, investment specialists in Marcus & Millichap’s Columbus and Tampa offices, marketed the property on behalf of the seller, a limited liability company. Steven Weinstock, Illinois broker of record, assisted in closing this transaction.

“We secured a local 1031 buyer approximately seven days after listing,” said Sparano, the lead agent on the transaction. “It’s not often a deal goes under contract and closes 30 days later but utilizing our team and Marcus & Millichap’s platform allowed for a seamless transaction with a swift close.”

Walgreens is located at 1680 West Lane Rd. in Machesney Park. The asset was built in 2008 and is located on a hard, signalized corner of two multi-lane roads.

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Walgreens‘ Village MD, free-standing clinics that offer virtual, home and office visits, will exit the Illinois market in April. VillageMD is majority owned by Walgreens Boots Alliance, and it has six clinics in the state. The clinics, five standalone and one co-located with a Walgreens store, are slated to close by April 19.

The Illinois closures follow market exits in Indiana and Florida this year and are part of Northbrook, Illinois-based Walgreens’ plan to cut at least $1 billion in costs, in part by pulling VillageMD from several markets and closing nearly 60 clinics.

The move to cut administrative costs comes as Walgreens has struggled with a revolving door of senior leadership. VillageMD operates 680 clinics in 26 markets, many of which are located alongside Walgreens stores. Walgreens bought a major stake in VillageMD for $5.2 billion in 2021.