Walgreens Sells Retail Property Near Coral Gables For $12.7M

The retail property located at 3490 Bird Avenue in Miami has been sold for $12.7 million. The property spans 12,900 square feet and is situated on a 1-acre lot. The sale price equates to a price per square foot of $984. The transaction involved Walgreens, who sold the property, and Steve Creekmore, the buyer.

Summary of transation details

• Property Type: Retail
• Transaction Amount: $12,700,000
• Address: 3490 Bird Avenue
• Market: Miami
• Acreage: 1
• Square Footage: 12,900
• Price per Square Foot: $984
• Buyer: Steve Creekmore
• Seller: Walgreens

Walgreens continues its South Florida property sales with the recent sale of this retail building near Coral Gables. This transaction marks the tenth sale made by Walgreens in the past 10 months. Additionally, as part of the deal, Walgreens has signed a new 15-year lease with 5 percent rental rate increases every five years.