Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, is pleased to announce that it has retained the exclusive listing for a two-story, 16,705-square-foot Walgreens drugstore on Collins Avenue in Miami Beach. The listing price is $10.75 million.

“Located near South Beach’s Art Deco District, the property is surrounded byhigh-rise condominiums, waterfront homes and restaurants,” says Scott Sandelin, vice president investments in Marcus & Millichap’s Miami office. “The current lease term has eight years remaining and includes rent increases every five years.Walgreens’ final renewal option ends in 2045.”

Sandelin and Alejandro D’Alba, associate, are representing the seller, a private investor.

“This Walgreens is situated in the midst of some of Miami Beach’s premier hotels and is just a few blocks from the newly renovated Miami Beach Convention Center and Lincoln Road Mall,” adds D’Alba.

Built in 1955 on 10,925 square feet of land, the property is located on the northwest corner of 23rd Street and Collins Avenue at 2300 Collins Ave. in Miami Beach, within walking distance of the Fillmore Theater, the New World Center and other landmark points of interest in South Beach.

About Marcus & Millichap (NYSE: MMI)

With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com