ANN ARBOR, Mich. — Walgreens recently negotiated a 20-year lease agreement here for Walgreens' first university flagship location, said Joey Agree, Agree Realty president and CEO, in a conference call with analysts on Tuesday. The site will serve the University of Michigan, home to the Michigan Wolverines.
Walgreens has not yet confirmed the new site will be a prototypical flagship location, however.
According to a report published Thursday on AnnArbor.com, Walgreens will be refitting its flagship format into an 18,000 square-foot space across three floors that last housed the Michigan Book & Supply store.
Michigan Book & Supply closed a year ago as more and more students source their textbooks from online venues, making the location on South State and North University ideal for an omnichannel retailer like Walgreens.
Construction of the new site is expected to be completed in the first half of 2014, Agree said.