Marcus & Millichap Real Estate Investment Services said Friday that it has arranged a $30 million sale of a 22,857-square foot Walgreens drugstore at 5th Street and Collins Avenue in Miami Beach. The price, which equates to $1,312 per square foot, is the second highest paid for a drugstore in the United States this year, the real estate firm said.
Trans World Entertainment Corp. was the seller of the property, which was purchased by an unnamed international investor, who paid all cash, Marcus & Millichap said.
Walgreens will continue to lease the property, thorugh a 60-year triple-net lease that began in July 2008, with 25 years firm, the company said.
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