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COCONUT CREEK, FL-Walgreen Co. has signed a 75-year lease for 14,490 sf in this Broward County submarket, where asking rents average from $15 per sf to $20 per sf.

Not including any discounts, the value of a 75-year lease payable at $15 per sf would total about $16.3 million.

Officials at Fort Lauderdale-based Stiles Corp., which owns the development site at Lyons and Sample roads in Coconut Creek, would not discuss terms of the contract and referred all questions to the Deerfield, IL-based retail pharmacy chain.

In a prepared statement, Carol Hively, a Walgreen corporate communications representative says the location was selected because it is in “strong trade area.”

When the building is completed in October 2002, Walgreen expects to employ about 25 to 30 workers.Such a long-term commitment is another indicator of Walgreen’s strategic focus on South Florida.

The company is building a 650,000-sf distribution plant in the Palm Beach Park of Commerce in northern Palm Beach County to serve its growing retail portfolio in the counties of Broward, Miami-Dade and Palm Beach.

The company had 505 stores in Florida at year end 2000 and plans to have 700 operating units by 2004, the statement says. In an interview earlier this year with GlobeSt.com, Hively said Walgreen is opening a new store every 17 hours. That’s the reason for the distribution center.”

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