Marcus & Millichap Capital Corp. Arranges $5.5 Million Walgreens Acquisition Loan in Venice, FL

 VENICE, FL – Marcus & Millichap Capital Corporation (MMCC) has arranged a $5,571,000 loan for the acquisition of a Walgreens drugstore located in Venice, which is located in the Bradenton-Sarasota-Venice metropolitan statistical area.

Danny Abergel (middle right photo), a director in MMCC’s Encino, Calif. office, arranged the financing.

“The borrowers were in a 1031 exchange and needed to close,” says Abergel. “However, many lenders were reluctant to get involved because of the property’s high rent per square foot or because they had already filled their quota of Walgreens loans.

“Some banks have so many Walgreens loans in their portfolios that they can’t acquire any more due to risk concentration,” adds Abergel.

 “Our clients wanted a long-term fixed-rate loan but had cash flow requirements as well,” continues Abergel.

 “MMCC found a lender with an appetite for Walgreens and we negotiated a 22-year fixed-rate loan on a 25-year amortization schedule at an extremely competitive rate that gave the borrowers exactly what they wanted: long-term stability and a high cash flow.”

“We were able to meet the client’s deadlines and structure the transaction so that the borrower didn’t have to come up with any extra cash,” Abergel concludes.

The loan has a fixed 4.75 percent interest rate. The LTV is 60 percent.

The property was built in 2009.

Contact: Stacey Corso, Marcus & Millichap Capital Corporation, (925) 953-1716

 http://www.mmcapcorp.com/

North Miami Walgreens Offered at $10.9 Million

  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