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Six-building, 38-acre site located in Chicago’s north suburban office market, expected to draw international investor interest
CHICAGO, April 24, 2013 — Jones Lang LaSalle’s Capital Markets today announced the firm has been retained to market for sale a six-building,574,605-square-foot, 38-acre Lake Cook Corporate Campus located in Deerfield, Ill., 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.
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,” said Ponticiello. “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 convenient to 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.
About Walgreens As the nation's largest drugstore chain with fiscal 2012 sales of $72 billion, Walgreens (www.walgreens.com) vision is to become America’s first choice for health and daily living. Each day, Walgreens provides more than 6 million customers the most convenient, multichannel access to consumer goods and services and trusted, cost-effective pharmacy, health and wellness services and advice in communities across America. Walgreens scope of pharmacy services includes retail, specialty, infusion, medical facility and mail service, along with respiratory services. These services improve health outcomes and lower costs for payers including employers, managed care organizations, health systems, pharmacy benefit managers and the public sector. The company operates 8,077 drugstores in all 50 states, the District of Columbia and Puerto Rico. Take Care Health Systems is a Walgreens subsidiary that is the largest and most comprehensive manager of worksite health and wellness centers and in-store convenient care clinics, with more than 700 locations throughout the country.
About Jones Lang LaSalleJones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet. Its investment management business, LaSalle Investment Management, has $47.0 billion of real estate assets under management. For further information, visit www.jll.com.
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