SRS Real Estate Partners Closes $14M Sale-Leaseback for Miami Walgreens

SRS Real Estate Partners has completed the $14.4-million sale of a 16,285-square-foot single-tenant retail property occupied by Walgreens located at 3595 Coral Way in Miami, FL.

The transaction was a sale-leaseback where the seller and tenant, Walgreens has signed a new 15-year corporate guaranteed triple-net lease. The closing cap rate was 4.85%.

Sean Lutz, Dan Elliot, Matthew Mousavi and Patrick Luther of retail-oriented commercial real estate agency SRS Real Estate Partners represented the buyer, a NV-based private investor who was in a 1031 and paid in all cash.

“This offering garnered a number of strong offers and ultimately secured a low cap rate and high price point of close to $900 per square foot,” said Lutz.

The 2001-constructed Walgreens store has a drive-thru and is open 24/7. The property is located a dense retail corridor and is within 5.4 miles of downtown Miami and has more than 522,000 residents and 381,000 employees within a five-mile radius.