509 Collins Ave
Miami Beach, FL 33139
Walgreens Flagship Store with Rent Increases · Retail Property For Sale

Marcus & Millichap is pleased to present for sale this Trophy Net Leased Fee Simple Walgreens located in the heart of world famous South Beach, Florida. The subject property consists of a rare two-story standalone building comprised of 22,857 square feet of retail space. Strategically located on the hard-signalized intersection of Collins Avenue and 5th Street, one of South Beach’s busiest north/south and east/west corridors, Walgreens benefits from great visibility in an iconic South Beach location. The Mac Arthur Causeway (A1A) which sees an excess of 91,500 vehicles per day serves as the main point of entrance to South Beach’s humming and vibrant scenery eventually turning into 5th Street where the property is located. The two-story trophy property sits just one block away from Ocean Drive and it’s world class beaches, minutes from the newly renovated State of the Art Miami Beach Convention Center, Lincoln Road and some of South Beach’s most iconic resorts, such as; The W South Beach, The Faena, Fontainebleau, The Ritz-Carlton, Loews, and The Delano. South Beach, also nicknamed SoBe, has experienced years of a booming regional economy, development, and is the go-to destination to millions of visitors yearly who come to enjoy its beaches and the glamorous scene around its happening nightspots and celebrity-chef eateries. In 2017, Miami was host to a record breaking 16 million overnight visitors who spent an estimated $25.9 billion. The 200+ hotels, pedestrian shopping, deco architecture, and incredible year-round weather make it an ideal destination to visit. The Miami Beach Convention Center, which is at the tail-end of a $620 million renovation and expansion, will attract new national and international events and conventions. The center hosts the annual South Florida Auto Show, Art Basel, Florida Supercon, Forgiato Fest, Sporting events, and many other popular conventions. The Walgreens lease is an absolute NNN lease with zero landlord responsibility. There are over 15 years remaining on a 25-year initial lease term with six options to extend for five years each. The lease has incredibly rare rental increases in both the initial term and during option periods. This is a rare opportunity for an investor to acquire a fee-simple Walgreens in the heart of South Beach.