NORTH MIAMI, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has exclusively listed a 14,550-square foot Walgreens in North Miami (top left photo). The listing price of $10,915,000 represents $750 per square foot.
Alvin Mansour (middle right photo), a senior vice president investments in San Diego, is representing the seller, a private investor. Greg Matus (lower left photo), regional manager in the Fort Lauderdale office, also provided representation locally.
Mansour has negotiated the sale of 13 single-tenant property transactions in locations across the country during the third quarter, including three separately transacted Walgreens drugstores.
“Walgreens signed a 75-year absolute-net lease on this property that commenced in October 2009,” says Mansour. “There is an 11.11 percent rent increase after the 10th lease-year and 5 percent rent increases every 10 years beginning after year 25. Walgreens commitment to this property is a testament to the tremendous strength of the location,” Mansour adds.
The property is located on North Miami’s dominant retail corridor at 15050 Biscayne Blvd. The Walgreens is adjacent to a Lamborghini and Audi dealership at the entrance to Florida International University’s Biscayne Bay Campus, where more than 7,000 students are currently enrolled.
Biscayne Commons, a 120,000-square foot retail center anchored by Publix and Petco, is directly across from the property. Costco, Target, Lexus, Starbucks, Wells Fargo and many other retailers populate the immediate area. More than 400,000 residents live within a five-mile radius and daily traffic counts exceed 44,500 vehicles per day.
The drugstore was built in 2009 on 1.2 acres.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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