DAYTONA BEACH, FL-A Florida LLC has purchased a Walgreen’s froma Florida-based private investor for $2.39 million. The13,841-square-foot Walgreen’s is the latest in a string of drugstore sales in Florida.

Leon Brockmeier and Patrick O'Halloran, retail investmentspecialists in Marcus & Millichap's Tampa and Atlanta officerespectively, represented the seller, a Florida-based privateinvestor. James Defalco of Orlando-based James Defalco Inc.,represented the buyer, a limited liability company based out ofFlorida.

Despite cap rates on Walgreens as low as 6.9 in Florida marketslike Miami, Brockmeier tells GlobeSt.com that the Daytona Beachstore sold at a 9.4 cap rate. “We got over 20 offers on theproperty,” Brockmeier says. “There is still plenty of appetite forstrong credits tenants like Walgreen’s, CVS and 7-11 and this wasan attractive cap rate.”