Limestone Purchases Two South Florida Walgreens for $15.6M

Limestone Asset Management, a Miami-based real estate investment firm, has acquired two Walgreens buildings in Miami and Hialeah for $15.6 million. The off-market transaction was an all-cash purchase.

Whereabouts: The properties, located at 2700 W. Flagler Street in Miami and 780 E. 9th Street in Hialeah, are both fully leased to Walgreens. The Miami property is 17,909 square feet and the Hialeah property is 14,490 square feet.

The team behind: Limestone Asset Management is led by Ibrahim Al-Rashid. The firm invests in and acquires real estate properties over all asset classes throughout North America.

Kevin Sanz of Orion Real Estate Group led the buyer group, Limestone Wells. Brian Pfohl of CBRE represented the seller, Walgreens Co.

“We are pleased to acquire these two properties, continuing our expansion of South Florida assets,” said Al-Rashid. “We strongly believe in the South Florida market, and these are two irreplaceable sites that we see long-term value in.”

A good choice: The acquisition is a sign of confidence in the South Florida market. The region is home to a growing population and a strong economy. Walgreens is a well-established tenant with a long-term lease, which makes the investment a safe bet for Limestone Asset Management.

What the future holds: The acquisition is also a strategic move for Limestone Asset Management. The firm is expanding its presence in South Florida, which is a desirable market for investors. The two Walgreens properties are located in prime locations and are fully leased, which makes them attractive assets.