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Florida & Gulf Coast  + Miami + South Florida  + Net Lease  |  November 22, 2022
The Walgreens-leased building at 509 Collins Avenue in Miami Beach, FL has sold for $35.3 million.
Lisa McDuffie
By: Lisa McDuffie

NNN Leased Walgreens in South Beach Trades for $35M

A triple-net leased Walgreens at 509 Collins Avenue in Miami Beach, FL has sold for $35.3 million, reflecting a 4.59% cap rate.

Jason Maier of Northmarq (previously of Stan Johnson Company) represented the buyer, a private investor. The seller was a private individual.

 “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.”

509 Collins Avenue is in South Beach just minutes from the beach, the Miami Beach Convention Center, 4,000 condos and iconic resorts and hotels.

The single-tenant retail store was built in 1995 and is situated on a 0.35-acre corner lot.

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Inside The Story

Northmarq's Maier

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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