Miami Beach Building Anchored by Walgreens Sells for $35.2M

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A Miami Beach building net-leased to Walgreens changed hands for a sum of $35.2 million, according to the brokers.

New York-based Allied Partners, led by Eric Hadar, sold the 22,875-square-foot building at 509 Collins Avenue to Debra Kalimian’s A&R Kalimian Realty, another New York firm, according to Marcus & Millichap which brokered the deal.

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Allied Partners acquired the building in 2019 for $21 million, according to property records.

“With over 12 years remaining on a 25-year initial lease term and with seven options to extend for five years each, our new buyer now possesses this unique rental opportunity that increases growth in both the initial term and during option periods,” Ronnie Issenberg, senior managing director investments at the brokerage, said in a statement.

With the sale, Kalimian assumes responsibility for the $21.1 million loan taken out by Allied Partners with Wells Fargo Bank through a commercial mortgage-backed securities (CMBS) trust, according to the South Florida Business Journal. Hadar and Kalimian could not be reached for comment.

“Our competitive sales process created a multiple-offer scenario, thus allowing us the opportunity to vet for the best buyer the market would bear, in this case a large exchange buyer based in NYC,” Marcus & Millichap investment specialist Ricardo Esteves said in a statement.

Gabriel Britti was also part of the brokerage team on the sale.

Mark Hallum can be reached at mhallum@commercialobserver.com.