Drugstores in demand: Pembroke Pines Walgreens flips for $9M
Store sold in April for $7.7M
The owner of a Pembroke Pines store leased to Walgreens flipped it for $9 million, just a few months after purchasing it.
DS Pembroke Pines Florida Landlord, tied to SunTrust Funding, sold the 15,458-square-foot property at 18410 West Pines Boulevard for $582 per square foot, records show. West Pines EDN RE LLC, led by Enzo Dalmazzo, the CEO of the telecommunications company 3Z Telecom, bought the store.
The property sold in April for $7.7 million. The Walgreens store was initially built in 2017.
Commercial real estate deals have slowed during the pandemic, which has caused uncertainty about pricing and future demand for brick and mortar retail. Drugstores and pharmacies such as Walgreens and CVS remain an exception, as a number of deals have closed in recent months.
Since the pandemic began, at least three Walgreens have sold in South Florida. A Chicago private equity firm sold a Walgreens-leased store in Delray Beach for $8.1 million in June. In May, Walgreen Co. sold one of its locations in North Palm Beach for $6.9 million. And in April, Walgreen Co. sold one of its stores in Lauderdale Lakes for $7 million.