MIAMI—A Miami Walgreens has traded hands, one of the first in a while after a rash of drugstore sales in 2013. The 14,820-square-foot retail asset sold for $10.15 million, or $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. Walgreens signed a 25-year, triple-net lease on the property in 2009.
The retail property is located at the signalized intersection of Southwest 127th Avenue and Southwest 200th Street at 12711 Southwest 200th Street in Miami. The drugstore is directly in front of a Publix-anchored shopping center with tenants like Payless and Bank of America. More than 19,000 people live within a one-mile radius of the property.
“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,” says Zylberglait. “The area surrounding the store is a suburban area of Miami composed of mostly single-family homes.”