October 28, 2022 – Michael Talbert of Horvath & Tremblay has successfully completed the sale of Walgreens in Rockledge, Florida. Horvath & Tremblay represented the buyer to complete this transaction at a sale price of $5,324,770.
Walgreens is located at 3799 Murrell Road in Rockledge, Florida. The stand-alone building contains 14,414 square feet, including a drive through on a 1.82-acre lot. Walgreens has been at this location since its construction in 2002 and recently restructured their lease demonstrating their commitment to the site and the market. Walgreens has 12+ years remaining on an Absolute NNN Lease, as well twelve (12) 5-year renewal options. The lease features rare rent increases throughout the base term and at the start of each renewal option. The Property is situated on a highly visible corner parcel at the signalized intersection of Murrell Road and Barnes Boulevard, the area’s primary commercial corridor. The Property benefits from outstanding visibility and frontage with outstanding daily traffic counts. The Property shares the intersection with a Publix anchored shopping center, Starbucks, 7-Eleven, and Aldi, driving traffic to the area. Additionally, the Property is surrounded by planned residential communities providing a built-in customer base. Rockledge is located just south of Cocoa along Florida’s east coast.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.