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Marcus & Millichap Brokers the Sale of Walgreens in Miami Beach for $35.25 Million

Marcus & Millichap (NYSE: MMI) recently negotiated the sale of a Miami Beach Walgreens for $35.25 million. The two-story, 22,875-square-foot property at 509 Collins Avenue is located on the corner of Collins Avenue and 5th Street.

“We held an incredibly competitive sales process to this trophy asset in the heart of South Beach,” Ronnie Issenberg says, senior managing director of investments for Marcus & Millichap. “With over 12 years remaining on a 25-year initial lease term and with seven options to extend for five years each, our new buyer now possesses this unique rental opportunity that increases growth in both the initial term and during option periods. Additionally, Miami’s annual yearly visitors sits around 24 million, providing a constant demand for a renowned retail giant such as Walgreens to provide for the millions who visit South Beach.” 

Issenberg, Gabriel Britti and Ricardo Esteves, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, 509 Collins Realty, a limited liability company.

“Our competitive sales process created a multiple offer scenario, thus allowing us the opportunity to vet for the best buyer the market would bear, in this case, a large exchange buyer based in NYC,” Esteves says. “The sales price and cap rate are indicative of the flight to quality we are seeing today’s market environment and speaks to the overall demand for high quality and marquee assets such as this Walgreens, especially in Florida.”

Located one block away from Ocean Drive, the property benefits from being on the last vehicular intersection before entering the beach, providing enhanced visibility on South Beach and high foot traffic.

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.