Sold! $4.3M – NNN Walgreens in South Florida

Sebastian Faerman (left), Fabio Faerman (right) and the Walgreens

The FA Commercial Team is currently working from home, helping our clients to solve the problems of this unexpected crisis. We hope you are safe and follow the practices recommended by health experts to overcome this situation.

Fabio Faerman and Sebastian Faerman of FA Commercial just sold a NNN Walgreens for $4,325,000, roughly $265 per square foot. The Faerman’s represented the buyer in the transaction.

Investment Highlights

The property is located in South Florida, on a signalized corner facing a busy street that sees an average of 63,697 vehicles per day.

Built in 1998, the 16,320 square foot retail building sits on a 2.3-acre lot, which has potential for future development. The tenant, Walgreens, has a history of impressive sales at this location, with a net operating income of $248,687 and a cap rate of 5.75%.

This Walgreens is on a triple-net corporate guaranteed lease with nine years remaining on the base term, and seven five-year renewal options.

A rare South Florida offering, this Walgreens is the only drugstore open till midnight in a 3-mile radius. As a full-service drugstore, this is a strategic investment in the commercial real estate market in the midst of this global health crisis.

About FA Commercial

FA Commercial is a specialized team led by Fabio Faerman. The team focuses on investment sales, landlord representation and tenant representation. With a distinctive approach, we capitalize on opportunities and provide clients with strategies for their real estate properties. Fabio Faerman is the director of the commercial division at Fortune International Realty. He has been the top producer for Fortune 6 years in a row. Since 2002, FA Commercial has sold and leased over $1 billion in assets across South Florida.