Tongue-wagging price

The 19,000-square-foot Walgreens store on the ground floor of the Ritz-Carlton Hotel on Lincoln Road and Collins Avenue is being listed for $78.89 million by Marcus & Millichap. Walgreens has a 21-year lease and then 10 five-year options with 10 percent rate increase every 10 years. Jeremy Larkin, co-chairman of NAI Miami Commercial Real Estate Services Worldwide, said the likely buyer is a high net worth investor looking for preservation of capital.

Kevin Gale
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