A chunk of Walgreens' Deerfield campus up for sale

  • Buildings sit unused at the 1411-1419 portion of the Walgreens property located between 1411-1435 Lake Cook Rd. in Deerfield.

      Buildings sit unused at the 1411-1419 portion of the Walgreens property located between 1411-1435 Lake Cook Rd. in Deerfield. Joe Lewnard | Staff Photographer

  • Buildings sit unused at the 1411-1419 portion of the Walgreens property located between 1411-1435 Lake Cook Rd. in Deerfield.

      Buildings sit unused at the 1411-1419 portion of the Walgreens property located between 1411-1435 Lake Cook Rd. in Deerfield. Joe Lewnard | Staff Photographer

 
 
Updated 7/21/2022 11:30 AM

A now-vacant office campus that Walgreens Boots Alliance has leased for almost a decade near its Deerfield headquarters is on the market, setting up another potential large-scale redevelopment of an outmoded suburban office property.

Phoenix, Ariz.-based real estate investment trust Orion Office REIT has hired brokerage CBRE to sell the Walgreens office campus along the south side of Lake-Cook Road, according to a marketing flyer for the property. The 37.5-acre site at 1411-1435 Lake-Cook Road includes five empty office buildings totaling 575,000 square feet and surrounding surface parking lots just north of the Edens Spur Tollway. The property is separate from the company's main headquarters buildings north of Lake Cook.

 

There is no asking price listed for the property, which Walgreens leases through August 2023 but no longer occupies, according to the flyer. The drugstore giant sold it to San Diego-based Realty Income -- which spun off Orion last year -- for $85 million in a 2013 sale-leaseback deal.

• Get the full report at Crain's Chicago Business.

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