The retailer continues to sell and lease sites in Miami, Boca Raton and Jupiter. The 3 properties sold and leased were at 1800 West Indiantown Rd., in Jupiter, 3993 S.W. 22nd Street in Miami and 9921 Okeechobee Blvd., in Boca Raton.
The Walgreens stores traded for a combined $33.7 million, with a seller flipping in one of the properties for nearly $2M gain. Walgreens will continue to operate the stores, after signing long-term leases.
The Jupiter property sold for $11.2M and the one located in Miami for $14.2M according to records. Both are sale-leaseback deals with Walgreens signing 15-year contracts. The leases also have 12 five-year renewal contracts.
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, records show. The deal breaks down to $635 a square-foot.
James Borda in Irvine, Calif., acquired the 17,800-square-foot in Miami, according to records. Borda’s entity paid $812 per square-foot.
Yuval Jacob in Forest Hill, N.Y., paid $8.1M for the property in Boca Raton, records show. The deal breaks down to $560 square-foot for the 14,600 square-foot store. The seller, an affiliate of Los Angeles-based Corporate Partners Capital Group, sold the store for $1.8M profit three months after buying it. The retail chain also signed a 15-year lease with five-year renewal options.
A couple of months ago, a Walgreens Distribution Center near Jupiter that services 460 stores from Central Florida to the Keys was purchased by Aventura-based MG3 which paid $78M. Also in November last year, New York’s Kalimian family paid $35M for a store in South Beach.