The deal also includes a distribution center, but does not include Kerr Drug's long-term care pharmacy business.
Financial terms were not disclosed.
Kerr Drug's is a privately held regional pharmacy chain in North Carolina. Its retail drugstores and specialty pharmacy business had fiscal 2012 sales of $381 million.
Walgreen Co. had fiscal 2012 sales of $72 billion. The Deerfield, Ill.-based company has 8,117 drugstores in all 50 states, the District of Columbia and Puerto Rico.
The acquisition is expected to close this year. Once complete, Kerr Drug's retail drugstores will continue to run under their current brand in the near term.
Walgreen shares rose 13 cents to $50.35 in morning trading.