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
Hard Rock Cafe at Bayside Marketplace (Hard Rock)

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants

Bayside Marketplace sues to evict Bubba Gump, Hard Rock Cafe and three other tenants
Commissioner Ricky Arriola and an aerial of Sunset Harbour in Miami Beach (Compass)

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour

Miami Beach moves toward banning chain restaurants and stores in Sunset Harbour
Diane Von Furstenberg, Brookfield Properties Bruce Flatt, and the DVF store in the Shops at Merrick Park (Getty, Google Maps)

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park

Brookfield seeks to evict Diane Von Furstenberg at Merrick Park
3200 South Federal Drive Delray Beach, Oak Street Real Estate Capital’s Jim Hennessy (Credit: Google Maps and LinkedIn)

Private equity firm sells Walgreens in Delray Beach for $8M

Private equity firm sells Walgreens in Delray Beach for $8M
Rendering of American Dream Miami, Triple Five Group chairman Nader Ghermezian

Triple Five “inching closer” to construction on American Dream Miami

Triple Five “inching closer” to construction on American Dream Miami
4402-4678 North University Drive, Todd Nepola

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M

Miami Beach parking lot mogul sells retail center in Lauderhill for $13M
Mitchell Kaplan and Books & Books at 927 Lincoln Road (Google Maps) 

Books & Books closes its chapter on Lincoln Road

Books & Books closes its chapter on Lincoln Road
Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit

Diesel USA and Original Penguin Lincoln Road stores skipped April and May rent payments: lawsuit
arrow_forward_ios

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

Loading...