Press Releases
Marcus & Millichap Brokers $6.95 Million Sale of Retro MiMo-Style Walgreens in Miami Beach
December 19, 2024
MIAMI BEACH, Dec. 19, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a net-leased Walgreens in Miami Beach, Florida, for $6,947,368.
"This Walgreens has impeccable intrinsic value at the mouth of Miami Beach,” said Ronnie Issenberg, senior managing director. “The cities of Miami and Miami Beach are attracting the wealthiest investors in the world right now, and as a result, local assets are flying off the shelf,” added Gabriel Britti, senior managing director.
Issenberg, Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, represented the buyer, Group Santa Fe LLC, in the transaction.
"The buyer recognized this site's immense value, not only for its prime location at the gateway to Miami Beach but also for the significant development and growth happening in the surrounding area," said Ricardo Esteves, first vice president. "With its future redevelopment potential and proximity to key retail and residential hubs, the property is ideally positioned to benefit from the region's long-term economic momentum."
Built in 2011, the property is located at 2000 Normandy Drive, situated in a prime retail corridor near Normandy Isle in Miami Beach, spanning 16,533 square feet. The building, featuring retro MiMo architecture, is one of only three Walgreens properties nationwide designed in this distinctive style.
"This Walgreens has impeccable intrinsic value at the mouth of Miami Beach,” said Ronnie Issenberg, senior managing director. “The cities of Miami and Miami Beach are attracting the wealthiest investors in the world right now, and as a result, local assets are flying off the shelf,” added Gabriel Britti, senior managing director.
Issenberg, Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, represented the buyer, Group Santa Fe LLC, in the transaction.
"The buyer recognized this site's immense value, not only for its prime location at the gateway to Miami Beach but also for the significant development and growth happening in the surrounding area," said Ricardo Esteves, first vice president. "With its future redevelopment potential and proximity to key retail and residential hubs, the property is ideally positioned to benefit from the region's long-term economic momentum."
Built in 2011, the property is located at 2000 Normandy Drive, situated in a prime retail corridor near Normandy Isle in Miami Beach, spanning 16,533 square feet. The building, featuring retro MiMo architecture, is one of only three Walgreens properties nationwide designed in this distinctive style.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
