Record-Setting Sale Of Walgreens Building In Miami Closes

JLL Capital Markets has closed the $8.24 million, record-setting sale of a 15,206-square-foot single-tenant retail store triple net leased to Walgreens in the Miami-area community of Miami Shores.

JLL marketed the property on behalf of the private seller. The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.

Walgreens is a leader in the pharmacy, health and beauty sector and a subsidiary of Walgreens Boots Alliance, Inc., which has a BBB (S&P) credit rating. As one of the top-performing Walgreens stores in the country, the tenant, which has operated at the property since it was constructed in 1996, recently demonstrated its ongoing commitment to this location with a long-term lease extension.

The property sits on 1.07 acres in the heart of Miami Shores at 9020 Biscayne Blvd. from where it is visible to the 53,000 vehicles per day that pass by the location at the intersection of Biscayne Boulevard and NE 6th Avenue. The store, which is in a fast-growing retail corridor blocks from some of Florida’s most expensive homes, is adjacent to the top-performing Publix by annual visits and serves a dense trade area that includes 176,412 residents within a three-mile radius.

The JLL Retail Capital Markets team representing the seller was led by Senior Managing Director Alex Sharrin, Director Alex Geanakos and Associate Jeffrey Cicurel, along with Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle and Senior Director Eric Williams.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.