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

Miami /
Apr.April 07, 2015 11:15 AM

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.


Related Articles

arrow_forward_ios
1201 Brickell Bay Drive, Citadel's Ken Griffin and 830 Brickell office tower in Miami (Google Maps, OKO Group and Cain International, Illustration by Priyanka Modi for The Real Deal with Getty)
Mapping out Ken Griffin’s Miami shopping spree
Mapping out Ken Griffin’s Miami shopping spree
Ken Griffin and 1250 Brickell Bay Drive in Miami (Getty Images, Google Maps)
Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
Ken Griffin’s Brickell takeover: Citadel adds to its properties with $20M purchase
Rendering of 830 Brickell office tower; Cushman & Wakefield's Brian Gale, JLL's Manny De Zárraga, Avison Young's Donna Abood, Dwntwn Realty Advisors' Tony Arellano and Stephen Rutchik. (Credit: OKO Group and Cain International, JLL, CW, Dwntwn Realty Advisors, Cushman & Wakefield, Avison Young, Getty, 830 Brickell)
Meet the commercial brokers making bank in Miami
Meet the commercial brokers making bank in Miami
Ken Griffin in the center, with Brickell (right) and Palm Beach (below)
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin’s Citadel comes to Brickell — and supercharges the market
Ken Griffin with 830 Brickell (Getty, OKO Group and Cain International)
Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami
Ken Griffin’s Citadel leases at 830 Brickell office tower in Miami
From left: MHCommercial Real Estate Fund II's Jordan Paul, Dung Lam and Neil Merin along with the Yamato Office Center in Boca Raton and the Bridge Point Powerline Road in Pompano Beach (NAI Global, LoopNet, Getty Images)
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
Lease roundup: FirstService leases in Boca, PlantLab in Pompano Beach
From left: Jorge Mas, Swire’s Kieran Bowers, David Beckham, and Stephen Ross
Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
Beckham’s soccer stadium; Swire, Ross’ Brickell City Centre tower rezonings get preliminary commission OK
From left: One Flagler in West Palm Beach, 830 Brickell in Brickell, and Eighteen Sunset in Miami Beach (Getty, Related Southeast, LoopNet, Koniver Stern Group)
Spurred by new-to-market firms, South Florida office rents hit record highs
Spurred by new-to-market firms, South Florida office rents hit record highs
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...