Monday, December 10, 2012

$30 Million Walgreens Closes in Miami Beach, FL


  
Sean Shahar Ziv
 MIAMI BEACH, FL – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a 22,857-square foot Walgreens drugstore on Collins Avenue in Miami Beach.

The $30 million sales price equates to $1,312 per square foot. The overall price is the second highest paid for a drugstore in the United States this year and the highest price attained by a net-leased asset in Miami Beach so far this year.

The two-story Miami Beach Walgreens is located at 501 Collins Ave. where it intersects Fifth Avenue in the center of Miami Beach’s Art Deco District.

Kirk Felici
Sean Shahar Ziv, an associate in Marcus & Millichap’s San Diego office, represented the seller, Trans World Entertainment Corp. This is the second high-profile Walgreens transaction for Ziv this year. In May, he represented the buyer of a Walgreens drugstore located on the Las Vegas Strip that sold for $27.8 million.

Bruce Eisenberg is Trans World’s executive vice president of stores and real estate. Ziv also procured the buyer, an international investor, who paid all cash.

Kirk Felici, vice president and regional manager of Marcus & Millichap’s Miami office, is the firm’s broker of record in Florida.

 For a complete copy of the company's news release, please contact:

Public Relations
(925) 953-1716


           



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