Walgreens Shutters Three Milwaukee Stores In One Year
Store at Capitol and Teutonia is latest to close, with final day coming Jan. 15.
File photo of Walgreens at 620 W. Oklahoma Ave. Photo by Jeramey Jannene.
One of the most ubiquitous American retailers continues to withdraw from Milwaukee.
In January, Walgreens is closing its pharmacy and retail store at 2222 W. Capitol Dr. on the edge of the Garden Homes neighborhood. It follows fall store closures on the far northwest side and south side.
“When faced with the difficult decision to close a location, several factors are taken into account, including our existing footprint of stores, dynamics of the local market, and changes in the buying habits of our patients and customers, among other reasons,” said the company in a statement about the latest closure.
As part of a cost-cutting move announced in June, the company is closing 150 stores from its roster of approximately 9,000 stores. It has also eliminated approximately 500 jobs from its office workforce.
Following the three Milwaukee closings, the company will still operate 25 stores and pharmacies in the city and several more in surrounding suburbs. The other Milwaukee closures were at 6707 W. Hampton Ave., near W. Fond du Lac Avenue, in November and 2410 W. Forest Home Ave., near W. Lincoln Avenue, in October.
Walgreens does not own any of the now-vacant properties.
The Capitol Drive property, located near W. Teutonia Avenue, is owned by a limited liability company registered to a single-family home in Union, NJ. It is assessed for $2.75 million and last sold in 2019 for $3.93 million. City records indicate the 14,390-square-foot building was constructed in 1998.
The Hampton Avenue property is owned by Pharmacy Portfolio V DST, affiliated with Deerfield, Illinois-based Inland Private Capital Corporation. Founders 3 principal Ross Koepsel is marketing the property for lease through 2029, with a note that any offer is subject to review by Walgreens. It is assessed for $2.23 million and last sold in 2012 for $3.03 million. City records indicate the 13,855-square-foot building was constructed in 1998.
An affiliate of Pittsburgh-based Kamin Realty owns the Forest Home Avenue property. It is assessed for $2.23 million and last sold in 2011 for $4.2 million. City records indicate the 14,467-square-foot building was constructed in 2003.
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Pharmacy desert on the northside is inequitable.