May 30, 2023 – Charles Moody of Horvath & Tremblay has successfully completed the sale of Walgreens in Vero Beach, Florida. Horvath & Tremblay represented the buyer to complete this transaction at a sale price of $6,657,692.
Walgreens is located at 1705 US Highway 1 in Vero Beach, Florida. Walgreens has been at this location since 1996 and executed a new 15-year Absolute NNN Lease upon the close of Escrow, demonstrating their commitment to the site and the market. The lease also provides twelve (12), 5-year renewal options. The lease features attractive 5% rent increases every 5-years throughout the primary lease term and the at the start of each of the 5-year renewal options. Walgreens is located at the signalized intersection of 17th Street and US Route 1, the area’s primary commercial corridor. The property shares the intersection with a Walmart Neighborhood Market and CVS, a Chevron Gas Station and A Cumberland Farms all driving traffic to the immediate area. Additionally, the Property is close to the Cleveland Clinic Indian River Hospital, a 332-bed state of the art medical campus that has operated at its location for over 88 years and has been recognized as the #18 hospital in Florida by US News & World Report.
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.