The Real Deal Miami

Walgreen Co. sells 1-acre site in Brickell for $15.5M

Two-parcel site last sold for $10M
By Katherine Kallergis | April 07, 2015 11:15AM

Brickell development site

Walgreens sold the Brickell development site on April 2.

Drug store giant Walgreen Co. sold a 1-acre site in Brickell for $15.5 million, county records show.

The development site at 250 and 296 Southwest Seventh Street sold to Marathon Lodging, a Miami-based LLC, on April 2. Walgreen bought the two parcels for $10 million in February of last year, and had submitted plans for an ultra-modern Walgreens two blocks west of Brickell City Centre.

Florida Community Bank granted the buyer a $7.5 million mortgage, according to Miami-Dade County records.

The properties are zoned for multifamily and automotive/marine development. Amit N. Patel and Chirag B. Desai are listed on the buyer’s corporate records.

Architects Robert Brown and Frank Demandt of Demandt Architecture were designing the planned drug store, the Next Miami reported in March 2014. Paradise Ventures was the developer.

Richard Steiner of Walgreens signed the deed. A Walgreens spokesperson could not be immediately reached.