Chicago investor flips Miami Shores Walgreens for $8M

Bison Asset Management acquired single-tenant building

Steven Swanson II with the Walgreens at 9020 Biscayne Boulevard (LinkedIn, JLL)
Steven Swanson II with the Walgreens at 9020 Biscayne Boulevard (LinkedIn, JLL)

A Chicago investor rang up an $8.2 million sale of a Miami Shores Walgreens to a Torrance, California-based real estate investment firm.

An entity managed by Steven Swanson II, managing partner at Chicago-based Swanson Development Group, sold the 15,206-square-foot retail store at 9020 Biscayne Boulevard to an affiliate of Bison Asset Management, according to records.

Swanson’s entity flipped the Walgreens property for a $3.3 million gain three months after acquiring it. In November, his 9020 Miami Shores LLC paid $4.9 million for the retail property, records show.

A JLL team led by Alex Sharrin and Alex Geanakos brokered the latest deal.

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Founded in 2006, Swanson Development Group is a real estate development firm that focuses solely on free-standing, net lease properties in the $750,000 to $10 million range, according to Swanson’s LinkedIn profile.

Walgreens has occupied the Miami Shores store since 1996, when the single-tenant building was completed, according to a press release. It is one of the top-performing Walgreens stores in the country, resulting in the national pharmacy retailer recently signing a long-term lease extension, the release states.

Retail investors consistently bet on South Florida Walgreens stores. Single-tenant and net-lease properties are a desired asset for private investment firms because such assets are outperforming the overall retail market, according to a mid-year 2021 Colliers report.

Last month, Miami architect Kobi Karp and his wife Nancy bought a Walgreens store in Delray Beach for $5.7 million. It previously sold for $3.7 million.

Last year, Oak Street Real Estate Capital paid $5.3 million for a Walgreens in Homestead and $6.8 million for another Walgreens in Coconut Creek. The Chicago-based real estate firm regularly buys and sells Walgreens stores. In 2020, Oak Street sold a Delray Beach Walgreens for $8.1 million and paid $7.3 million for Walgreens in Oakland Park.

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