MIAMI, May 31, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 15,020-square-feet Walgreens situated on a 33,600-square-foot lot. The trophy, net-leased property sold, for $9.4 million.

“The acquisition of this asset sets a new record low in terms of cap rates for net leased assets backed by drug stores,” said Scott Sandelin, senior vice president investments in Marcus & Millichap’s Miami office. “In exchange, the buyers have secured one of the largest parcels of land on South Beach with a secure cash flow stream as the area continues to develop.”

Sandelin and Alejandro D’Alba in the Marcus & Millichap Miami office, along with Douglas Mandel in the Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The property was purchased by 524 Jefferson Avenue LLC.

The Walgreens is located at 524 Jefferson Avenue, directly off State Road A1A (SR-A1A). It is within minutes of South Beach, The Villa Casa Casuarina at the Former Versace Mansion, the Miami Beach Convention Center, and some of South Beach’s most iconic restaurants and resorts.