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An office space building occupied by CVS Caremark in the town of Northbrook, Illinois, just north of the central Chicago, has been sold for a total of $44.25 million.
The property comprises 195,000 sqft of Illinois office space currently rented by what is the leading pharmacy healthcare business in the United States and one the largest employers of any kind in the country.
Caremark counts the offices at Northbrook as one of its most important regional operating centres, given its location just 25 miles north-west of Chicago’s central business district and within ten miles of O’Hare International Airport, the busiest in the state.
Cole Real Estate Investments has acquired the property, known for obvious reasons as Caremark Tower II, for a price of $44.25 million to add to the 1,500 commercial sites it already owns across the US.
“This acquisition fits squarely with Cole’s investment strategy focused on high-quality commercial properties, long-term leased to creditworthy, industry-leading businesses,” said Robert Micera, Cole’s office space investment chief. “This is a mission-critical office asset for CVS Caremark, well-located in a northern Chicago suburb with strong demographics, and we are pleased to include this in our expanding portfolio,” he added.
Based in Rhode Island, the smallest state in the US, CVS Caremark employs roughly 200,000 people within its pharmacy healthcare operation. It’s annual revenues are worth close to a hundred billion dollars and it was ranked 21st on the Fortune 500 list of America’s biggest companies in 2011.
Chicago is regularly listed among the world’s most important cities for doing business and its metropolitan output is the third largest annually in the US behind New York City and Los Angeles.