BOULDER - Walgreen Co. (NYSE:WAG) has purchased an acre lot southeast of 28th Street and Valmont Road in Boulder to build a new store.

The Illinois-based pharmacy chain purchased the property at 2870 28th St. for $3,999,850, according to Boulder County public records. Boulder-based Pedersen Development Co. LLC sold the property to Walgreens after recently acquiring it for $3.1 million.

Walgreens will demolish the existing buildings on site - previously home to Freaky's Gift Shop and other small retailers - and build a 14,820-square-foot store, which will include two drive-through lanes for the pharmacy. 

The company gained approval from city officials to add the drive-through lanes - which are limited by Boulder - earlier this year.

A company spokesman said the new Walgreens is scheduled to open in spring 2010.