South Beach Walgreens Hits The Market For $36 Million

Marcus & Millichap has been awarded the exclusive listing of Miami Beach Walgreens, a 22,875-square-foot net-leased property located in the heart of South Beach, according to Ryan Nee, regional manager of the firm’s Miami office.

The listing price is $36,000,000.

Gabriel Britti and Ronnie Issenberg, senior managing directors investments, and Ricardo Esteves, senior associate investment specialists in Marcus & Millichap’s Miami office, have the exclusive listing to market the property on behalf of the seller, a limited liability company.

“This is what every major investor is looking for, a credit investment in the heart of South Beach,” said Issenberg.

The unique, two-story Walgreens is one block away from Ocean Drive, less than 2 miles from the newly renovated Miami Beach Convention Center, and within close proximity to South Beach’s most distinguished resorts, including The W South Beach, Fontainebleau, The Ritz-Carlton, and Loews Miami Beach Hotel.

“We have received multiple offers within the first week of marketing,” added Britti.

It is strategically located at 509 Collins Ave in Miami Beach. This trophy, absolute net-leased, fee simple property guarantees high visibility as part of South Beach’s iconic beach scene, nightlife, and world-class restaurants.

“We’re experiencing a supply and demand imbalance and expect this highly desirable asset to be sought-after by a plethora of investors,” said Esteves.

 

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