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

Walgreens

Investment Sales - Multifamily

Multi-Tenant

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.

View Available Shopping Center Listings

About Northmarq

Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.