A Florida-based commercial real estate firm is doubling down on Kenosha, scooping up a Walgreens on Green Bay Road and pushing its local retail corridor holdings to roughly $56 million. The move plants another national tenant along one of the city's busiest commercial strips and keeps out-of-state money flowing into Kenosha's retail scene.
The acquisition was first reported on March 19. As reported by Milwaukee Business Journal, reporter Juan Lasso noted that the Walgreens purchase brings the firm's Green Bay Road corridor investment total to about $56 million.
Inside the Deal
The newly acquired Walgreens is marketed as a freestanding drugstore on Green Bay Road with roughly 13,900 square feet and a long-term net lease. Marketing materials show the tenant recently exercised a 10-year extension that runs through 2036, and the listing indicates the property was under contract earlier this year, according to Crexi.
Florida Buyer Bulks Up in Kenosha
State property records and local reporting show this is not a one-off play. The same Florida affiliate has been assembling a Kenosha retail portfolio for more than a year, quietly picking up pieces along Green Bay Road. An earlier purchase, a portion of Southport Plaza on Green Bay Road, sold for $10.25 million in December 2024, according to BizTimes Milwaukee.
Why Kenosha Is on the Map
Kenosha's geography does a lot of the talking for brokers. Wedged between Milwaukee and Chicago with fast access to I-94 and other highways, the city has become a convenient landing spot for national retailers that want both markets in their orbit. Property marketing for the Green Bay Road Walgreens highlights rising household incomes and heavy traffic counts that make the corner especially attractive to pharmacy chains, per Crexi.
The timing is notable. The deal hits as Walgreens reshapes its national footprint, and the chain announced plans last year to close many stores. Yet this Green Bay Road site has a fresh lease extension and an investor willing to pay for it, a combination that signals confidence in this particular corner even as weaker locations fall off the map. Reporting from USC Center for Health Journalism underscores Walgreens' nationwide closure plans and notes that investors are zeroing in on high-traffic, higher-income outposts like this one while the chain trims stores in other communities.
