Walgreens Sells For $33 Million

Sep 05, 2019 No Comments by

Marcus & Millichap announced the sale of Walgreens, Miami Beach, a 22,875-square foot net-leased property located in Miami Beach, according to Scott Lunine, Regional Manager of the firm’s Miami office.

The asset sold for $33,050,000.

Gabriel Britti, Ricardo Esteves and Ronnie Issenberg, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was secured and represented by the same team.

Walgreens, Miami Beach is located at 509 Collins Ave. The free standing, two-story 22,875 square-foot drug store is occupied by Walgreens under a 14+ year, triple -net lease with rare rental increases.

The property sits on a .35 acre parcel a city block away from world famous Ocean Drive and its renowned world class beaches. This iconic corner of South Beach serves as one of the main points of entrance to the area’s humming and vibrant scenery. South Beach has experienced years of booming regional economy, development, and is the go-to destination to millions of visitors yearly who come to enjoy the beaches and glamorous scene around the happening nightspots and celebrity-chef eateries.

 

“This Walgreens is located on 5th Street which is The Gateway to Miami Beach. The majority of tourists that visit Ocean Drive will end up passing by this property,” said Britti. “Also, just a few blocks to the west, Crescent Heights is building a brand-new luxury tower with a three acre park which will drastically improve the living conditions for residents as well as contribute to an increase in property values.”

 

“The current equity market volatility, the lingering impact of potential trade wars, and today’s low interest rate environment have reiterated the stability of commercial real estate. As a result, we’ve seen an influx of additional capital enter into the sector allowing current investors to take advantage of the opportune time to maximize their returns via dispositions,” added Esteves.

 

“With the low interest rate environment, we are gearing up for a busy 4th quarter! We are bringing quite a few properties to market in the near future which include several high price generational assets just like this Walgreens,” stated Issenberg.

Issenberg is co-founder of the Issenberg Britti Group. Since its inception in 2008, the group has sold more than 1,600 net leased properties in 46 states.

 

 

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Industry News, Miami-Dade County Retail, NA, Retail
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