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NEW BEDFORD, MA-Walgreens Pharmacy is leasing a 16,200-sf building on Route 6 near Cornell Street. The new store is part of the drugstore chain’s plan to open 475 new drugstores in 2002 and to operate 6,000 drugstores by 2010.

Mike O’Mara of CB Richard Ellis represented the tenant in the deal. The long-term lease rate is $39.21 per sf. According to a CBRE spokesperson, the high cost of developing the three-acre site was a direct contributor to its high market value. “Significant land acquisition costs ($3 million) added with significant on site and off site improvements resulted in a rental rate with Walgreens that supports the market value of the asset”

Walgreens currently has one existing unit in the city. The company has 3,623 drug stores across the country. Sales last year were at 424.6 billion, making it the third largest retailer in the US.

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