The transaction marks the highest value attributed to a freestanding restaurant property in Florida’s history, showcasing the demand for irreplaceable assets in Miami’s exclusive South of Fifth neighborhood.
The acquisitions total $15.5 million.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
“Having achieved 90 percent lease-up prior to breaking ground, this center shows the continued strength of large format brick-and-mortar retail destinations across multiple use categories.”