Record-Setting Sale Of Walgreens Building In Miami Closes
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
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The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
Construction on the new warehouse is expected to start towards the end of 2022 and take about a year to a year and a half to complete.
The 80,361-square-foot property includes two freestanding outparcel buildings.
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The properties include 16 warehouses, spanning 23 acres in total.
The building was originally built in the mid-seventies.
The complex is 90 percent leased to 40 tenants from a variety of industries including healthcare, law, finance and engineering.
This acquisition expands Seagis’ South Florida regional foothold to 112 logistics properties, totaling more than 6 million square feet of investment-grade industrial space.
The firm will occupy the 24,000 square foot ground floor retail space which was formerly occupied by a grocery tenant and more recently used as a furniture showroom.
Due to the efforts of Berger Commercial Realty’s leasing team, more than 28,000 square feet of new lease deals and renewals have recently been executed, bringing this prime industrial center to reach 100% occupancy.
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