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Walgreens: West Palm Beach, FL 4509 Summit Blvd 14,971 SF Retail Building West Palm Beach, FL 33415 $5,200,000 ($347.34/SF) 6.82% Cap Rate

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Investment Highlights

6.5 MSF of retail, 1.7 MSF of office, 3.8 MSF of industrial and 19,002 multifamily units within a 3-mile radius

Population of 151,449 and an average annual household income of $90,416 within a 3-mile radius

Executive Summary

CBRE is pleased to present a rare investment opportunity to acquire a Walgreens-occupied net lease retail property located at 963 South Military Trail in West Palm Beach, Florida. This property is positioned with excellent access and visibility at the corner of the signalized intersection of South Military Trail (48,000 VPD) and Summit Boulevard (23,800 VPD), and is 1 mile south from the on-ramp to Southern Boulevard (70,000 VPD).
The 15,034-square-foot building sits on 1.79 acres and is leased to Walgreen Co. through February 2031 with six, 5-year renewal options that are automatically renewed. Walgreens' original 20-year term was set to expire in 2019 but the lease was extended through 2031 and now has approximately 4.8 years of term remaining.
As a leading retailer and one of the largest purchasers of prescription drugs in the world, Walgreens is consistently among the largest U.S. companies by revenue and ranks #26 on the 2025 Fortune 500 list. In September 2025, Walgreens was taken private by Sycamore Partners, a private equity firm specializing in consumer and retail-related investments.

Property Facts

Sale Type

Investment

Property Type

Retail

Property Subtype

Drug Store

Building Size

14,971 SF

Building Class

Year Built

2000

Price

$5,200,000

Price Per SF

$347.34

Cap Rate

6.82%

NOI

$354,640

Tenancy

Single

Building Height

1 Story

Building FAR

0.19

Lot Size

1.79 AC

Zoning

UC - Union Commercial

Parking

68 Spaces (4.54 Spaces per 1,000 SF Leased)

Frontage

358’ on Summit Blvd

Pylon Sign

Signalized Intersection

Drive Thru

Retailer
-
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Jan 0000

Walgreens began in Chicago in 1901, after pharmacist Charles R. Walgreen Sr. purchased the drugstore where a pharmacy career began. The company grew from a neighborhood drugstore into a broad retail health business offering prescription services, health and wellness products, photo services, home delivery, specialty pharmacy, and virtual healthcare. Walgreens serves customers through a wide network of community pharmacies and digital platforms, with a focus on accessible medicine, everyday essentials, and healthcare support.