Hialeah CVS sells for $11M

The building sold for $824 psf

101 Hialeah Drive with Marcus & Millichap’s Drew Kristol and Kirk Olson (Google Maps)
101 Hialeah Drive with Marcus & Millichap’s Drew Kristol and Kirk Olson (Google Maps)

Eastern Industrial Development Corp. snagged a Hialeah CVS building for $10.5 million, as drugstore properties continue to sell during the coronavirus pandemic.

The Bronx, New York-based real estate investment group, led by Scott and Mandy Milchman, bought the 12,735-square-foot building at 101 Hialeah Drive, according to sources. It sold for $824 per square foot. RPO Hialeah LLC, led by Arthur Slaven, sold the property, records show. Slaven is the managing partner of Chicago-based Centrum Realty and Development.

It last sold for $10 million in 2017, records show.

The building, leased to CVS, was built in 2002, records show.

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Marcus & Millichap’s Drew Kristol, Kirk Olson, Ronnie Issenberg and Gabriel Britti represented the seller, according to a release.

Investors have largely held off on buying commercial real estate during the pandemic. CVS stores, however, have remained open since the closures began in South Florida in March, since CVS is deemed an “essential business.”

In April, Colombian businessman Carlos Mattos bought an assemblage that included a CVS Pharmacy in Hialeah at 802 East 25th Street for $8 million.

Among the South Florida drugstores that have sold in recent months, Walgreen Co. sold a store in North Palm Beach for $6.9 million in May. In April, Walgreen Co. sold a Lauderdale Lakes store for $7 million. Also in April, a Walgreens-leased property in Weston hit the market for $11 million.