Walgreens-leased property in Weston hits the market

It last sold in 2016 for slightly over its current asking price

TRD MIAMI /
Apr.April 24, 2020 01:30 PM
Walgreens at 4473 Weston Road and Scott Sandelin

Walgreens at 4473 Weston Road and Scott Sandelin

A Walgreens-leased property in Weston hit the market for $11 million.

Property records show an affiliate of Harris Realty & Associates owns the 14,820-square-foot building at 4473 Weston Road. The Boca Raton-based firm is led by Evan Harris.

Walgreens has 11 years left on its triple-net lease, according to the offering memorandum. The 1.58-acre outparcel is listed with Scott Sandelin of the Sandelin Group at Marcus & Millichap.

The pharmacy store is next to The Palace at Weston, a 320-unit luxury senior living facility that’s expected to open this year, and a mile away from the Cleveland Clinic, as well as near Home Depot and Publix, Sandelin said.

Built in 2006, the Walgreens store has a drive-thru pharmacy. The Weston property last sold in 2016 for $11.24 million, slightly more than its current asking price. Sandelin declined to comment on the seller.

With stable, recurring cash flow and a single tenant, Walgreens-leased properties are often seen as a safe bet for investors. The Weston store collects an annual rent of $533,000, according to the marketing materials.

Yet, Walgreens announced last year that it planned to close 200 stores in the U.S. following “a review of the real estate footprint in the United States.”

In September, investor Sam Herzberg sold a Walgreens-leased property on the corner of Collins Avenue and Fifth Street in Miami Beach to Allied Partners for $33 million.

In October, the company sold its Delray Beach store for $6.54 million, and in February, it sold a store in Boca Raton for $9.15 million.


Related Articles

arrow_forward_ios
Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings

Inside South Florida’s mall, retail and restaurant reopenings
Renderings of the projects with Aria Mehrabi

Robert Finvarb, Aria Mehrabi seek approval of mixed-use projects in North Beach

Robert Finvarb, Aria Mehrabi seek approval of mixed-use projects in North Beach
Jeff Berkowitz, developer of Dadeland Station and Aventura Commons

Berkowitz sues to evict PetSmart from Dadeland Station and Aventura Commons

Berkowitz sues to evict PetSmart from Dadeland Station and Aventura Commons
Downtown Doral with Ana-Marie Codina Barlick

Reservations only: Salons, restaurants adapt to new normal in South Florida

Reservations only: Salons, restaurants adapt to new normal in South Florida
Miami Dade County Mayor Carlos Gimenez (Credit: Alexander Tamargo/Getty Images)

Miami-Dade outlines reopening plan to start Monday, but it’s far from a return to normal

Miami-Dade outlines reopening plan to start Monday, but it’s far from a return to normal
Ron DeSantis (Credit: Joe Raedle/Getty Images)

Palm Beach County to reopen retail, restaurants next week

Palm Beach County to reopen retail, restaurants next week
230 US Highway 1 (Credit: Google Maps)

Walgreens sells North Palm Beach store

Walgreens sells North Palm Beach store
Walgreens at 3099 North State Road 7 (Credit: Google Maps)

Walgreens sells a store in Lauderdale Lakes for $7M

Walgreens sells a store in Lauderdale Lakes for $7M
arrow_forward_ios

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

Loading...