Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Walgreens, a 13,650-square foot net-leased property located in Miramar, FL, according to Ryan Nee, regional manager of the firm’s Miami office. The asset sold for $6,070,000.
Jonathan De La Rosa and Scott C. Sandelin, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.
“The South Florida Net Leased market continues to remain highly desirable. We had multiple competing offers and we were able to deliver a sale within 3% of list price. We foresee a strong 2021 market with the continued migration of capital and population from the Northeast seeking an income tax shelter in Florida.” says De La Rosa
Walgreens is located at 12400 Pembroke Road in Miramar, FL. The freestanding, triple net-leased pharmacy building with drive-thru will continue to operate under the original lease structure, a 25-year, triple-net lease with no landlord responsibility. There are approximately 11 Years remaining of the original term, which extends through October 2031. There are a series of ten, five-year options that extend through 2081. Walgreens has been at this location since April 2006.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap 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.
