Jones Lang LaSalle has been retained to market for sale a six-building, 574,605-square-foot, 38-acre Lake Cook Corporate Campus located in Deerfield on behalf of Walgreen Co. The property is being offered as a sale-leaseback with Walgreens remaining as a long-term tenant in the complex.
The asking price for the six buildings is $85 million, according to Jones Lang LaSalle.
“By selling and leasing back the six buildings south of Lake Cook Road, we can generate capital for reinvestment in our core business, including improvements and innovations in our retail drugstores,” said Walgreen Spokesman Jim Graham. “We believe that is a more productive and beneficial use of our capital. We intend to sign a long-term lease with a new owner of those buildings and we remain committed to keeping our employees in those and our other Deerfield locations.”
Managing Directors Guy Ponticiello and Bruce Westwood-Booth are leading the Jones Lang LaSalle team on this assignment.
“This offering represents an exceptional opportunity to acquire a high-performing, real estate complex in a desirable location, leased back to one of the world’s most recognized companies,” Ponticiello said. “Walgreens has maintained the buildings to high standards and plans a multi-million dollar investment for capital improvements within the first two years of the leaseback term.”
“This offering will allow Walgreens to access operating capital that can be put to work serving the company’s core business interests,” added Westwood-Booth. “We believe this is a tremendous opportunity. The strength of the asset, its prime location and long-term outlook will certainly draw serious attention from the international investment community.”
Walgreens has no plans to relocate employees as a part this transaction. Situated directly along the south side of Lake Cook Road, the immediate area is characterized by corporate office campuses, high-end shopping centers, movie theaters and numerous restaurants, hotels and recreational facilities. The campus is near the Edens Expressway, Tri-State Tollway and Chicago Executive Airport. Corporate neighbors include: Baxter International, Discover Financial Services, Siemens, United Stationers and Takeda Pharmaceuticals.
The campus is located at 1411, 1415, 1417, 1419, 1425 and 1435 Lake Cook Road and was constructed between 1976 and 1989.