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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
- ◦Sale/Acquisition

