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Miami Walgreens Closes at $8M and Record 3.59% Cap Rate
JLL has closed the $8.2 million, record-setting sale of a 15,206-square-foot single-tenant retail store triple net leased to Walgreens in the Miami-area community of Miami Shores, FL. The sale closed at a 3.59% capitalization rate, which was a record capitalization for all Walgreens stores nationally.
The JLL team representing the private seller was made up of Alex Sharrin, Alex Geanakos and Jeffrey Cicurel along with Danny Finkle and Eric Williams.
The location is one of the top-performing Walgreens stores in the country, and the tenant recently committed to a long-term lease extension.
The property sits on 1.07 acres on Biscayne Boulevard from where it is visible to 53,000 vehicles per day. It is in a fast-growing retail corridor adjacent to the top-performing Publix by annual visits and serves a dense trade area that includes 176,412 residents within a three-mile radius.
- ◦Sale/Acquisition
