Retail

Walgreens - Bird Ave, Miami, FL

3490 Bird Rd, Miami, FL, 33133, US

Walgreens - Bird Ave, Miami, FL_Property for Sale

Gallery

Walgreens - Bird Ave, Miami, FL 2_Property for Sale

Asset Description

Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to offer for sale the opportunity to acquire the fee-simple interest in a Walgreens located at 3490 Bird Rd in Miami, FL (the “Property” or “Asset”). The Asset is strategically situated at the intersection of S Dixie Hwy and Bird Rd with clear exposure to over 139,000 VPD. This location serves as a primary pharmaceutical provider for patients of Coral Cables Hospital, a 250-bed nationally renowned medical facility located 1-mile from the Property. In addition to the hospital, the Asset is surrounded by numerous medical practices, retail corridors, and residential communities with exceptional demographics. 178,000 people reside within 3-miles of the Property, boasting average household incomes of $118,000.


The Asset’s positioning and surrounding demographics has resulted in exceptional reported sales, $7.3 million in annual revenues (RX excluded). Additionally, this location ranks in the 72nd percentile of Walgreens stores in the US by annual visits, per Placer.ai.


 As a result of this location’s success, Walgreens will execute a brand-new absolute NNN 15-year lease at closing of escrow. The lease will feature 5.0% rent bumps every 5-years in the base term and options. Following the 15-year in-place lease term, there are twelve (12) 5-year extension options. 

Attributes

Asking Price
HK$101,422,000
Building area Gross
12,920 sf
Occupancy
100.00%
Year built
2009
Land area Gross
0.94 acres (41,099 sf)
Cap Rate
5.00%
NOI
HK$5,072,000

Investment Highlights

  • Trophy Asset – Corner Site in the Bustling, International Hub of Miami, FL
  • One-Mile Drive from University of Miami, A Sprawling the 240-Acre Campus With Over 17,000 Students Enrolled Annually, $375 Million in Annual Research Expenditures & Over $3.4 Billion in 2021 Net Assets
  • Located Between the Communities of Northeast Coconut Grove & Southeast [Coral] Gables With a Median Home Value of $1.5M & $1.3M, Respectively – Both More Expensive Than Over 96% of US Communities
  • Located in Strong Lifestyle Corridor Containing 3.5M+ SF of Retail Space & 11,000-Units of Residential Inventory
  • Direct Exposure to Over 139,000 VPD via the intersection of South Dixie Highway and Bird Road
Walgreens - Bird Ave, Miami, FL 4_Property for Sale
Walgreens - Bird Ave, Miami, FL 4_Property for Sale

Contact brokers

Similar properties

View moreChevron Right
Do you have any questions? visit our FAQ page
View FAQ PageArrow Right
JLL can help you finance and manage your portfolio. Email us today to see how we can help achieve your ambitions.
Last updated
11 Jan 2023