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Florida & Gulf Coast  + South Florida  + Retail  | 
SRS Real Estate Partners has completed the $14.4-million sale of a single-tenant retail property occupied by Walgreens located at 3595 Coral Way in Miami, FL.

SRS Real Estate Partners Closes $14M Sale-Leaseback for Miami Walgreens

SRS Real Estate Partners has completed the $14.4-million sale of a 16,285-square-foot single-tenant retail property occupied by Walgreens located at 3595 Coral Way in Miami, FL.

The transaction was a sale-leaseback where the seller and tenant, Walgreens has signed a new 15-year corporate guaranteed triple-net lease. The closing cap rate was 4.85%.

Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of retail-oriented commercial real estate agency SRS Real Estate Partners represented the buyer, a NV-based private investor who was in a 1031 and paid in all cash.

“This offering garnered a number of strong offers and ultimately secured a low cap rate and high price point of close to $900 per square foot,” said Lutz.

The 2001-constructed Walgreens store has a drive-thru and is open 24/7. The property is located a dense retail corridor and is within 5.4 miles of downtown Miami and has more than 522,000 residents and 381,000 employees within a five-mile radius.

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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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