Investment Overview

Marcus & Millichap is pleased to present for sale this Absolute Net Leased Walgreens located at 2800 NE 8th Street in Homestead, Florida, just 20 miles South of Downtown Miami. The subject property consists of a 14,820 SF freestanding building with a drive-thru and is situated on a large 1.81-acre parcel of land. Strategically located along the entrance and exit ramps of the Ronald Reagan Turnpike, which sees vehicle counts in excess of 75,600 per day, the property benefits from great visibility and tremendous vehicle traffic. The Walgreens sits as an outparcel to a Publix anchored center which includes other outparcels such as McDonald’s, Truist Bank, and Space Coast Credit Union. The property is also adjacent to newly proposed 20-acre mixed used development comprised of 350 Apartments and several commercial lots with +/-30,000 SF of retail space. Walgreens is conveniently located across Baptist Health Homestead Hospital, a full service 147+ bed hospital which services that include an Emergency Center with 44 treatment rooms and a trauma room, a separate Children’s Emergency Center, a critical care unit, and birthing suites. Homestead Hospital is also home to Baptist Health Rehabilitation, a hospital-based, acute inpatient rehabilitation unit featuring individualized programs for the care of adult and pediatric patients who are facing a critical or disabling injury or illness. Additionally, the property benefits from its location on the Hard-Signalized Intersection of Campbell Drive and SW 152nd Avenue with over 43,400 vehicles per day. The immediate trade area is also home to Starbucks, Outback Steakhouse, Regions Bank, Wendy’s, KFC, Kohl’s, Olive Garden, and numerous other National and Regional Tenants. Walgreens recently executed a brand new 13 Year Absolute Net-Lease with increases in both the initial term and option periods. The initial term runs through August 26th, 2035 and has twelve five-year options to extend. Walgreens (NYSE: WBA) is a publicly traded company with an S&P Credit Rating of BBB and is ranked #17 in the Fortune 500 (2019). Some financial highlights include 2018 Revenues of $131.537 billion and 2018 Net Profits of $5.024 billion. Walgreen Co. operates over 8,200 stores in all 50 states, the District of Columbia, Puerto Rico and Guam. The company also operates worksite health centers, home care facilities, and specialty and mail service pharmacies.