2000 Normandy Dr, Miami Beach, FL 33141
16,533 SF | Retail Building | Miami Beach, FL 33141 | $9,000,000 ($544/SF) | 3.67% Cap Rate
For Sale
Active
Asking Price $9,000,000
- Sale Condition
- 1031 Exchange
- Property Type
-
Retail
- Square Feet
- 16,533 SF
- Price / Square Foot
- $544
Listing Contacts
Ryan Bennett
Drew Olson
- Property Info
Property Overview
Built in 2011, the Property consists of a 16,533-square-foot retail building with a rare rooftop parking structure that sits on an approximately 0.74-acre parcel. The subject property is ground leased to Walgreens Co. (NASDAQ: WBA) on a corporate lease providing an investor with an investment grade credit rating from Standard of Poor’s of “BBB”. The Absolute-NNN Ground lease features 10% rent increases every 10-years through the initial term and (5)- 10-year option periods.
Property Details
- Class
- B
- Year Built
- 2011
- Stories
- 1
- Property Subtype
- Drug Store, Freestanding
- Lot Size (sq. ft)
- 32,234 SF
Highlights
- Trophy Miami Beach Walgreens Property – First Time Ever on the Market – Irreplaceable Location
- High Performing Walgreens Location – Ranked in Top 10% for Customer Visits Nationwide & Top 8% in Florida (Source: Placer.ai)
- "A+" High Density Real Estate Location – Natural High Barriers to Entry – Visibility to Over 42,000 Vehicles Per Day
- Award Winning Retro "MiMo" Architecture Style Building – One of Only 3 for Walgreens Nationwide
- Zero National Pharmacy Competition on Normandy Isles or Adjacent Islands (43,000 Residents)
- Rare Walgreens Ground Lease- 10% Rent Increases in Primary Term and Option Periods
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