Retail - Sale

Northmarq announces $35.3 million sale of Miami Beach, Florida Walgreens

MIAMI BEACH, FLORIDA (November 14, 2022) – Northmarq’s Jason Maier, previously of Stan Johnson Company, has completed the sale of a single-tenant triple net lease Walgreens located at 509 Collins Avenue in Miami Beach, Florida. The 22,857-square-foot freestanding property sold for $35.3 million reflecting a 4.59 percent cap rate. Maier represented the buyer, a New York-based private investor. The seller was an individual based in New York.

“We are pleased to have been able to acquire this trophy Miami Beach property on behalf of our client, given the long-term lease to Walgreens and the inherent quality, size and intrinsic value of the real estate,” said Maier. “We were very excited to complete this transaction for our client, a generational real estate family that is taking a long-term view and holding period.”

Located in the heart of South Beach, this two-story property is strategically positioned on the hard-signalized intersection of Collins Avenue and 5th Street. The single-tenant retail store was built in 1995 and is situated on a 0.35-acre corner lot. The unique property is just one block away from Ocean Drive and a world class beach and minutes from the newly renovated Miami Beach Convention Center, 4,000 high-luxury condos, and some of South Beach’s iconic resorts and hotels. 

Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales and loan servicing. We combine industry-leading capabilities with a flexible structure, enabling our national team of experienced professionals to create innovative solutions for clients. Our solid foundation and entrepreneurial approach have built an annual transaction volume of more than $37 billion and a loan servicing portfolio of nearly $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq introduces clients to expanded opportunities across all major asset classes.