Walgreens In Miami Shores Sells For $4,900,000

APEX Capital Realty recently closed on a Walgreens asset located at 9020 Biscayne Boulevard in Miami Shores.

This site is composed of a 5,206-square-foot single tenant retail building sitting on a 46,494-square-foot lot.

APEX’s Managing Broker and President Miguel Pinto, and team lead Jamie Rose Maniscalco led the transaction and represented the Sellers, LNDMRK Development and Tricera Capital.

The current seller, Alex Karakhanian, is a big player in Miami’s real estate market as he owns a diverse portfolio of commercial properties in many Miami urban core neighborhoods. He is currently developing a collection of new buildings in Wynwood and the surrounding areas.

The buyers, Walgreens Corporation, chose to purchase this location by exercising their first right of refusal per the contract.

“This Walgreens is centrally located in the bustling Biscayne Boulevard corridor in Miami Shores. The site sees more than 50,000 daily vehicles and will ultimately see more as the Miami Shore community continues to expand due to its proximity to Downtown Miami, Aventura, and North Miami Beach,” said Pinto, President and Managing Broker of APEX Capital Realty.

This is the second transaction involving this specific Walgreens that has been led by APEX Capital Realty. On September 30, 2020, APEX Capital Realty transacted the same Walgreens for $3,925,000 to LNDMRK Development. As a result of this recent closing, this Walgreens site has sold for $1 million more than the last transaction that was made less than a year ago.