NEW YORK, July 20, 2021 – JLL Capital Markets today announced the exclusive marketing of a retail co-op occupied by Duane Reade at 1235 Lexington Ave. on New York’s Upper East Side for $ 23.25 million. The 12,225 square foot space includes 6,875 square feet at ground level and an additional 5,350 square feet on the lower level of New York’s Upper East Side.
Located on the southeast corner of two busy streets, the offering includes 102 feet of frontage on Lexington Avenue and 87 feet of frontage along East 84th Street. The space is currently leased to Duane Reade (BBB credit) until February 2029 with an option to further extend 10 years until 2039. The lease is guaranteed by Walgreens Boots Alliance (WBA), which is the parent company of Duane Reade. 1235 Lexington Ave. is now the only Duane Reade located on Lexington between 77th and 125th Street, positioning the store to benefit from the company’s recent consolidation of its footprint in New York City.
The property is in the heart of the bustling Lexington Avenue commercial corridor of the Upper East Side, surrounded by many neighborhood restaurants, shops and amenities, including the Metropolitan Museum of Art, which is two blocks west . The property also offers easy access to Central Park and is just a two-minute walk from Lexington and 86th Street station for subway lines 4 and 5 and a five-minute walk from 86th Street station for the subway line. Q.
The JLL Capital Markets team that markets the property on behalf of the seller is led by Managing Director Hall Oster and Chairman Bob Knakal, as well as Managing Directors Jonathan Hageman and Paul Smadbeck. The Senior Managing Director, Kellogg Gaines, is the fundraiser.
“1235 Lexington represents an opportunity to acquire a stable, high cash flow trophy asset backed by a credit lease on a long term lease,” said Oster. “The property will appeal to passive investors and 1,031 exchange buyers looking for a fully leased, investment grade asset with limited owner obligations and 189 feet of wraparound frontage on a prime Upper East Side commercial corridor.”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sale advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
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Jones Lang LaSalle inc. published this content on July 20, 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on July 20, 2021 07:13:07 PM UTC.