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.
The sale closed at a 3.59 percent capitalization rate, which was a record capitalization for all Walgreens stores nationally.
The Richman Group of Companies acquired the asset with plans to develop 396 multi-housing units within a single mid-rise building including structured parking.
“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.”
JLL marketed the property on behalf of the seller, KDD Enterprises Inc., which has owned the property since it was developed in 1995.
Once completed in the spring of 2022, the project will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors.
The asset consists of 75,406 square feet of upscale retail and 45,068 square feet of office space.
The site is zoned for a variety of uses, including but not limited to, residential, office, retail and seniors housing.
The new, two-building logistics facility totals 317,499 square feet.
The mission-critical facility will soon house approximately 900 employees that facilitate the billing, scheduling and telemedicine services for the healthcare group.
JLL represented the seller, Ivy Realty, in the sale of the property.
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