PLANTATION, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 12,863 square-foot net-leased Walgreens in Plantation (top left photo). The sales price was $6,201,550, or $482 a square foot with a cap rate of 6.45%. Ronnie Issenberg (middle right photo) and Scott Sandelin (bottom left photo), investment specialists in the Miami office of Marcus & Millichap, represented the seller, a private developer.
“This sale sets a new cap-rate benchmark for drugstores with long-term leases in the tri-county South Florida region,” explains Sandelin. “Net-leased drugstores remain in high demand among investors nationwide,” explains Issenberg. “Risk-averse buyers continue to favor the predictable income streams and ease of management offered by drugstore assets such as this well-located Walgreens.
“Due to its prime location with more than 292,000 people with an average income of nearly $100,000 within a one-mile radius, this corporate-guaranteed Standard & Poor’s A+-rated asset is an excellent addition to the new owner’s portfolio,” adds Issenberg.
Located at 10181 W. Broward Blvd., this newly constructed, 1.36-acre Walgreens is located at the corner of Nob Hill Road and Broward Boulevard, two major South Florida retail and transportation corridors. Developed in 2008, the property includes a drive-through pharmacy window. There are currently 21 years remaining on the 25-year, absolute tripe-net lease with 10 five-year options.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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