Marcus & Millichap Brokers $35.3M Sale of South Beach Store Leased to Walgreens

by John Nelson

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $35.3 million sale of a single-tenant, 22,875-square-foot store in Miami Beach leased to Walgreens. The trophy two-story property is located at 509 Collins Ave. at the intersection of Collins Avenue and 5th Street, which is the closest intersection to South Beach. Walgreens has 12 years left on its 25-year lease, which has seven five-year extension options. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap’s Miami office represented the seller, an entity doing business as 509 Collins Realty LLC, in the transaction. The buyer was not disclosed.

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