A trio of Walgreens stores in South Florida sold for a combined $34M

In a one week span, a trio of South Florida Walgreens stores traded for a combined $33.7 million, with a seller flipping one of the properties for a nearly $2 million gain.

Walgreens will continue to operate the stores, after signing long-term leases.

Jupiter and Miami stores

The national retailer sold a store at 1800 West Indiantown Road in Jupiter for $11.2 million, and a store at 3595 Southwest 22nd Street in Miami for $14.2 million, according to Vizzda and records.

Both are sale-leaseback deals with Walgreens signing 15-year contracts for the two stores this month, records and Vizzda show. The leases also have 12 five-year renewal options.

An entity managed by Joel Katz in Tucson, Ariz., and George Marlin in King Point, N.Y., bought the 17,700-square-foot store in Jupiter completed in 1998, records show. The deal breaks down to $635 a square foot.

An entity managed by James Borba in Irvine, Calif., acquired the 17,800-square-foot Walgreens in Miami built in 2001, records show. Borba’s entity paid $812 per square foot.

Boca Raton store

Yuval Jacob in Forest Hills, N.Y., paid $8.1 million for the Walgreens at 9921 Okeechobee Boulevard in Boca Raton, records show. The deal breaks down to $560 a square foot for the 14,600-square-foot store built in 2008.

The seller, an affiliate of Los Angeles-based Corporate Partners Capital Group, sold the store for a $1.8 million profit three months after buying it. In September, Corporate Partners bought the property from Walgreens for $6.3 million, records show.

The retail chain also signed a 15-year lease with 12 five-year renewal options.

Walgreens is wheeling and dealing in South Florida. Last month, Aventura-based MG3 Group paid $78 million for Walgreens Distribution Center, an industrial facility spanning 98 acres near Jupiter. The company continues to fully occupy the 683,000-square-foot complex that services 460 stores from central Florida to the Keys.

Also in November, an affiliate managed by a member of New York’s Kalimian family paid $35 million for a Walgreens store in South Beach. New York-based Allied Partners sold the two-story building at 509 Collins Avenue.