Another drugstore sells: Lauderdale Lakes Walgreens flips for $8M

Buyer is real estate investor and developer Ricardo Carozzi

Miami /
Aug.August 19, 2020 03:30 PM
3099 N State Rd 7, Lauderdale Lakes (Credit: Google Maps)

3099 N State Rd 7, Lauderdale Lakes (Credit: Google Maps)

A Walgreens in Lauderdale Lakes, last purchased in April, changed hands again.

Real estate investor and developer Ricardo Carozzi bought the Walgreens-leased property at 3099 North State Road 7 for $8.1 million, according to records. He made the purchase through an entity he co-manages along with Daniela and Nara Carozzi.

The seller was a company tied to SunTrust Equity Funding. SunTrust bought the store from Walgreens in April for $7 million, records show. The 15,568-square-foot store is on 2.3 acres near the Florida Turnpike. It was built in 2004.

With stable, recurring cash flow and a single tenant, Walgreens-leased properties are often seen as a safe bet for investors, experts say.

However, earlier this month credit rating agency Moody’s changed its outlook on Walgreens Boots Alliance and its Walgreen Co. subsidiary, to negative. It cited “lower customer traffic, a shift in sales mix to lower margin consumables, store closures in the UK, an increase in lower margin e-commerce sales and lower prescription growth due to deferrals in routine physician visits,” according to a press release. Moody’s said the negative events are due to Covid-19.

Since the pandemic began, at least three Walgreens have sold in South Florida.

Last week, a company tied to SunTrust Equity Funding flipped a Pembroke Pines Walgreens for $9 million.

In June, a Chicago private equity firm sold a Walgreens-leased store in Delray Beach for $8.1 million. And in May, Walgreen Co. sold one of its locations in North Palm Beach for $6.9 million.


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