Lee & Associates in conjunction with Bang Realty-Naples, Inc. is pleased to exclusively offer for sale, the fee simple interest (land only) of a Walgreens investment property (Ground Lease) located in Miami Beach, Florida (the “Property”). 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”. Walgreen’s parent company Walgreens Boots Alliance, Inc. is currently the largest retail pharmacy in the US and Europe, with 13,000 stores in over 9 countries and an impressive $28 billion Market Cap. This Miami Beach Walgreens location has over 9.5 years of lease term remaining on the original Absolute-NNN Ground Lease. The Absolute-NNN Ground lease features 10% rent increases every 10-years through the initial term and (5)- 10-year option periods, providing an investor a steady increase in cash flow.

For the first time since construction was completed in 2011, an investor will have a rare opportunity to acquire this “Trophy” Walgreens property located on the historic Normandy Isles, in Miami Beach. This Walgreens location is the only national pharmacy option for over 43,000 residents living on Normandy Isles, Treasure Island, and North Bay Island. According to Co-Star, there is over $19.3M in prescription drug consumer spending within a 3-mile radius of the subject property.