The Real Deal Miami

501 Collins Avenue

A 22,857-square foot Walgreens drugstore in Miami Beach has traded for $30 million — or $1,312 per square foot — making it the second highest price paid for a drugstore in the United States this year and the highest price attained by a net-leased asset in Miami Beach so far this year, Marcus & Millichap Real Estate Investment Services, who handled the deal, announced today.

Sean Shahar Ziv, an associate in Marcus & Millichap’s San Diego office, represented the seller, Trans World Entertainment. The buyer, an international investor, paid all cash for the two-story building, located at 501 Collins Avenue.

“This Walgreens has a 60-year triple-net lease that began in July 2008, with 25 years  firm,” Ziv said. “The lease is guaranteed by the Walgreen Co., which has a Standard & Poor’s credit rating of ‘A.’ The overall strength of the lease, the quality of the tenant and the property’s prime location on one of Miami’s hottest retail corridors all contributed to the outstanding value of this asset.”