The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a triple net leased Walgreens property located at 15050 Biscayne Boulevard, North Miami Beach, Florida for $11,000,000.
The 14,550 square foot Walgreens was built in 2010.
The lease featured a rare 11% rental escalation in the primary lease term. The building is situated along the heavily trafficked thoroughfare, Biscayne Boulevard, in a dense area of the Miami MSA. The property is located in a primary retail trade area near retailers Target, Costco, Publix and Petco. Additionally, the property is adjacent to Lamborghini Miami and the nation’s top selling Audi dealership. The building is leased to Walgreens on a net lease basis with approximately 22 years of lease term remaining.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a private partnership based in Montreal, Canada. The buyer was a Massachusetts based limited partnership.
Walgreens has approximately twenty-two years of lease term remaining on an original twenty-five year triple net lease with a rare rental escalation in the primary term of the lease. Walgreens is a publicly traded company on the New York Stock Exchange (WAG), with a market capitalization of $35 billion. Walgreens is an investment grade rated company with a Standard & Poor’s rating of BBB and has over 8,200 stores nationwide.
“The market for net leased Walgreens in Miami and other core markets remains robust as these assets are in high demand among private investors.” said Randy Blankstein,President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The property traded above the asking price, despite a difficult loan assumption for this asset.”
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