June 4, 2024 – Steven Schiavello and Patrick Gray of Horvath & Tremblay have successfully completed the sale of a Walgreens in Miami, Florida. Horvath & Tremblay represented the buyer to complete the transaction at a sale price of $7,430,400.
The Walgreens is located at 750 NW 119th Street in Miami, Florida. Walgreens has been at this location since its construction in 1998. They extended their Absolute NNN Lease in 2022 demonstrating their commitment to the site and the market. Walgreens has 11 years remaining on their Lease, as well as twelve, 5-year renewal options. The Absolute NNN Lease calls for an attractive 5% rent increase every five years throughout the primary term and at the start of each renewal option period, providing a steady increase in income and an attractive hedge against inflation. Walgreens is located at the signalized intersection of NW 7th Avenue and NW 119th Street, two of the area’s primary commercial and commuter corridors. The Property is seconds from Interstate 95, 1-mile from Barry University, and 2.3-miles from Miami Dade College. The Property is surrounded by national retailers that drive traffic to the area and densely populated residential neighborhoods that provide a built-in customer base.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in 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.