14,409 Sq. Ft.
First Vice President Investments
(201) 742-6119 | Email
- Zero Cashflow Structure with Assumable Self Amortizing Debt
- Absolute NNN Corporately Guaranteed Lease
- Investment Grade Tenant | BBB (S&P)
- Out-Parcel to a Publix Anchored Shopping Center
- Excellent Visibility | 87,000 Vehicles Per Day
- Attractive Paydown Re-Advance Feature on Debt
- Strong Demographics | Over 447,000 People in Five Miles
- Affluent Area | Average Household Income Exceeds $101,000
- Located 0.8 Miles to Miami Date College Kendall Campus | 66,500 Students
The Iacono Team at Marcus and Millichap is pleased to present a Walgreens leasehold interest in Miami, FL. The property is subject to an absolute NNN lease with a firm term of 19 years remaining. There are no rent holidays, and the debt is fully self-amortizing. The existing zero cashflow loan must be assumed and includes the attractive pay down re-advance feature. It is priced at 15.5% equity over the debt balance.
Walgreens is the second largest pharmacy chain in the US. It specializes in filling prescriptions, health and wellness products, health information, and photo services. The company operates more than 9,277 locations across all 50 states and US territories. Walgreens was founded in Chicago, IL in 1901 and went public in 1927. It is headquartered in the Chicago suburb of Deerfield, IL.
The subject property is ideally positioned on a hard corner signalized intersection with more than 87,000 combined vehicles per day. Walgreens is an out-parcel to a Publix-anchored shopping center. There are many other national tenants in the center including Chase Bank, Subway, Hair Cuttery, and more. The property is uniquely positioned less than one-mile away from Miami Dade College Kendall Campus which has more than 66,500 students. Other traffic drivers in the immediate area include numerous schools grades K-12, Killian Palms Country Club, numerous religious worship facilities, and more. The area is very affluent with the average household income exceeding $101,000 within one-mile of the subject property.
The Miami real estate market is nothing short of impressive. Located on the Southeast tip of the Florida peninsula, The Magic City has developed a reputation for pristine white-sand beaches, great weather, even better food, and an eclectic culture that can’t be found anywhere else. Miami-Dade county alone has more than 2.7 million residents and has the 6th fastest growing population nationwide. Commercial real estate in Florida and South Florida have been strong, consistently performing investments for both domestic and global investors.