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Florida & Gulf Coast  + South Florida  + Retail  | 

Trophy South Beach Walgreens Asset Hits Market at $79M

A 19,000-square-foot trophy Walgreens, on the ground-floor of the famed Ritz-Carlton Hotel in Miami Beach, FL, has been listed by Marcus & Millichap for $78.9 million. Simon Jonna and Raymond Jonna are representing the seller, an unnamed private Miami-based developer.

Simon Jonna says, “This flagship Walgreens is one of the retailer’s top-performing Southeast locations. The offering is a long-term leasehold interest with over 100 years remaining on the ground lease. There is a rare, attractive option to purchase the asset fee-simple.”

The property is situated at Lincoln Road and Collins Avenue at One Lincoln Road, adjacent to the Lincoln Road Mall, near numerous luxury hotels and seven miles from Downtown Miami.

Raymond Jonna says, “Walgreens is committed to an absolute net lease that has over 21 years remaining on the base term, and includes 10 five-year options with rare 10% rent increases every 10 years, including option periods. The current rent is well below market-rate.”

For comments, questions or concerns, please contact Dennis Kaiser

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

  • ◦Sale/Acquisition
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