The Real Deal Miami

Yeung family pays $9.5M for Wellington Walgreens

Family started Kelly's Cajun Grill and Yeung's Lotus Express restaurant concepts
By Sean Stewart-Muniz | March 28, 2016 10:30AM

The Walgreens at 10420 Forest Hill Boulevard

The Walgreens at 10420 Forest Hill Boulevard

Miami’s Yeung family of restaurateurs and investors just paid $9.5 million for a Walgreens in Wellington.

The deal, financed with a $6 million loan from BB&T, includes a Walgreens and pharmacy at 10420 Forest Hill Boulevard, which sits at the entrance to the Mall at Wellington Green.

The store measures 15,101 square feet and was built in 2006 by Mark Sager and Jonas Nordel of Fort Lauderdale, according to county records. Walgreen’s triple-net lease still has 16 years left. Sager and Nordel sold their Walgreens for $7.7 million, or $509 per square foot, to an affiliate of Georgia-based Tempo Properties, a commercial and residential real estate investment group, in 2007.

Now after nearly nine years, Tempo has sold its only commercial property in South Florida for $629 a foot.

The buyer is Yeung Property Holdings, managed by the Yeung family of Coral Gables. The family also heads the International Restaurant Management Group, which started a handful of eateries like Kelly’s Cajun Grill, Yeung’s Lotus Express, Suki Hana and Chicken Connection.

Richard Niewiadomski, Douglas Mandel and Benjamin Silver of Marcus & Millichap represented the Yeung family for its purchase, while Russell Malayery of the brokerage’s Atlanta office represented Tempo.

In December, the family sold an office building in the Gables for $8.15 million, which was about $500,000 less than what they paid for it in 2006.