Trophy South Beach Walgreens Asset Hits the Market at $78.8 Million
MIAMI, Feb. 22, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the exclusive listing of a 19,000-square-foot trophy Walgreens on the ground floor of the famous Ritz-Carlton Hotel in Miami Beach, Florida. The listing price is $78,889,000.
“This flagship Walgreens is one of the retailer’s top-performing Southeast locations,” said Simon Jonna, senior managing director investments in Marcus & Millichap’s Detroit office. “The offering is a long-term leasehold interest with over 100 years remaining on the ground lease. There is a rare, attractive option to purchase the asset fee-simple.”
Simon Jonna and Raymond Jonna are representing the seller, a private Miami-based developer.
“Walgreens is committed to an absolute net lease that has over 21 years remaining on the base term and includes 10 five-year options with rare 10 percent rent increases every 10 years, including option periods,” added Raymond Jonna. “The current rent is well below market-rate. The property’s irreplaceable urban-core location puts it in an excellent position to grow with rents and inflation for generations to come.”
The property is situated at the intersection of Lincoln Road and Collins Avenue at One Lincoln Road, adjacent to the Lincoln Road Mall, South Florida’s premier outdoor shopping, dining, and entertainment destination. Nearby high-end luxury hotels include Lowes Miami Beach, Delano South Beach, SLS South Beach, and Hyatt Centric. Downtown Miami is seven miles away.
Ryan Nee, first vice president and regional manager of Marcus & Millichap’s Fort Lauderdale office, is the firm’s broker of record in Florida.
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About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.