Shopping center outparcel sold by AMCO to Pines Group

CBRE Group, Inc. arranged the sale of a single-tenant retail property leased to Walgreens. Pines Group, Inc. purchased the property at 6591 Forest Hill Boulevard for $5.9 million from AMCO Properties, who hired CBRE to market the asset for sale and negotiate the transaction.

The sale included a 1.19-acre outparcel to Woodbridge Plaza, located at the northwest corner of Forest Hill Boulevard and Jog Road, a prime intersection in central Palm Beach County. The parcel is subject to a long-term absolute net ground lease to Walgreens, which recently relocated from its 30-year inline operation at a shopping center across the street from Woodbridge. The recently constructed 14,550-square-foot pharmacy with drive-thru lanes opened for business in March 2014.

“Demand for long-term, investment-grade, single-tenant investment properties remains very strong, especially in primary markets such as Southeast Florida,” said David J. Donnellan, Senior Vice President with CBRE. “This particular Walgreens had rental escalations during the lease term, somewhat unique as compared to most other Walgreens leases where rent is generally fixed with no escalations. This further enhanced investor demand and drove strong pricing for our client.”

David Donnellan and Patricia Friend of CBRE’s Investment Properties group managed the sale, in collaboration with Mark Drazek of CBRE’s Florida Net Lease Property group. Based in Fort Lauderdale, Donnellan and Friend focus on the disposition of multi-tenant shopping centers and single-tenant net leased investments in South Florida. They also represented AMCO Properties in the recent sale of Woodbridge Plaza in September 2016.