Walgreens has bought an office building next to the Ke'eaumoku Street site on which it plans to open its first Hawai'i store, but the company said it has no immediate plans for the property.

The nation's largest drugstore chain bought the five-story complex at 1500 Kapi'olani Blvd. for an undisclosed price estimated at more than $13.5 million, which is the city's assessed value for property tax purposes.

The building, on one acre of land, houses about a half dozen tenants, the largest of which is Heald College.

Walgreens spokesman Michael Polzin said the company won't do anything with the property for at least several years. He did not discuss potential uses.

"As far as what we're going to do with it, that is really open-ended at this point," he said. "We don't have definitive plans for it right now. It gives us options down the road."

According to property records, the previous owner of the Kapi'olani site was Kourin Hong Kong Ltd.

A Heald College representative referred questions about the school's status at the property or role in the transaction to CB Richard Ellis broker Roger Lyons, who represented Walgreens in the purchase. Lyons declined comment.

Polzin said Walgreens is proceeding with plans to open its first Hawai'i store in November next to the Heald College building in a former Tower Records store.

The Tower site is owned by Morita Co. and is being leased by Walgreens, which acquired multiple Tower leases as the music retailer was going out of business.

Walgreens said its Ke'eau-moku store will lack features common for most new stores — drive-through pharmacy service and plentiful parking. The store also will be 13,000 square feet, compared with 14,500 square feet on average for new stores.

In June, the Deerfield, Ill.-based company said it would like to open as many as 40 stores in the state.

To date, Walgreens has announced locations for two other Hawai'i stores — one at the former Star Market site in Kane'ohe, and one at the former Kam Bowl in Kalihi. Both will be about 14,500 square feet, feature drive-through pharmacy windows and should open early next year. A fourth store is also expected to open on O'ahu early next year, though a specific location has not been disclosed.

Reach Andrew Gomes at agomes@honoluluadvertiser.com.