1 Lincoln Rd
Miami Beach, FL 33139

The Jonna Group of Marcus & Millichap has been selected to exclusively represent the sale of the famed corporate-backed Walgreens located at One Lincoln Road, in the epicenter of Miami’s iconic urban core. This landmark Walgreens is 19,000-square feet and located on the ground floor of the famous Ritz-Carlton Hotel in Miami Beach. The offering is a long-term leasehold interest with over 109 years remaining on the ground lease. The ground rent is one dollar per year and has been fully paid in advance. Interested investors are able to inquire as to the possibility of also acquiring the highly intrinsic fee-simple underlying land component. See agent for details. The subject property is located at the intersection of Lincoln Road and Collins Avenue, adjacent to the Lincoln Road Mall, South Florida’s premier outdoor shopping, dining, and entertainment destination. Walgreens is committed to an Absolute Net lease with over 21 years remaining on the base term that includes ten five-year options with rare 10 percent rent increases every 10 years, including in the option periods. The aggregate rental stream over the course of 21 years, with built-in rent increases, presents a very attractive recoup on investment capital for an incoming investor. This flagship Walgreens store is one of the top performing locations in Florida and features a well below-market rent of only $189/SF. Notably, the typical average in the immediate area hovers around $300/SF. The subject site is located within Miami Beach, a barrier island surrounded by the Atlantic Ocean to the east and Bis-cayne Bay to the west, and is just seven miles from Miami. Miami Beach, along with downtown Miami and the Port of Miami, collectively form the commercial center of South Florida. Miami Beach is located in Miami-Dade County and is a part of the Miami-Fort Lauderdale-West Palm Beach, FL metropolitan statistical area, or Greater Miami, home to more than six million residents. Tourism is the largest sector of the city’s economy with over $4 billion in direct tourist spending. In recent years, the city has diversified beyond its traditional tourism-based economy to become a leading multi-industry business center with entertainment, health care, culture, and professional services industries.