SOUTH FLORIDA WALGREENS TRADES HANDS FOR $10.15 MILLION
MIAMI, July 18, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a 14,820-square-foot Walgreens drugstore in Miami. The $10,150,000 sales price equates to $685 per square foot.
Scott Sandelin, senior associate and Marcos Puente, associate, both in Marcus & Millichap’s Miami office, represented the seller, a private investor from Miami. Alex Zylberglait, first vice president investments, also in the firm’s Miami office, represented the buyer.
“Investor demand for Miami retail assets, especially those in prime, close-in locations, has intensified in recent quarters, thanks in part to an influx of foreign and out-of-state capital,” says Sandelin.
“With a lot size of 1.66 acres, a drive-thru pharmacy, ample parking and ease of access, this Walgreens is an especially attractive asset,” adds Zylberglait. “The area surrounding the store is a suburban area of Miami composed of mostly single-family homes.”
The property is located at the signalized intersection of SW 127th Avenue and SW 200th Street (Quail Roost Drive) at 12711 SW 200th St. in Miami. The drugstore is directly in front of a Publix-anchored shopping center that includes tenants such as Payless and Bank of America. More than 19,000 people live within a one-mile radius of the property.
Walgreens signed a 25-year, triple-net lease on the property in 2009.