Walgreen paid Cornerstone nearly $20.2million, or $99 per sf, for the four-story buildings that are 20 and 21 years old. They have been known as Lake Cook Office Center I and II.
Walgreen acquired 1417 Lake Cook Rd. in April 2002 for $7.1 million, according to property records, getting a bargain at $68 per sf from Travelers Insurance Co. It then paid $34 million, or $106 per sf, for the former Hyatt Deerfield Office Complex on Wilmot Road north of Lake-Cook Road.
Direct vacancy in the north suburban office submarket is 21.4%, according to US Equities Realty's most recent market report. However, it is 22.8% for class A space. Nonetheless, the north suburbs are the healthiest submarket outside of Downtown.
"It is a positive sign for the north suburban market when a company of this size invests in the area," says CB Richard Ellis senior vice president Sean Kropke, who has now represented Walgreen Co. in three purchases here. "Since Walgreen Co. already owned one building in this complex, it made sense to purchase these two buildings for their growth needs and to keep their operations close."
Paul Lundstedt of Cushman and Wakefield represented Cornerstone.
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