A 12,863 square-foot net-leased Walgreens in Plantation, FL has sold for just over $6.2 million, or $482 a square foot with a cap rate of 6.45%.

Ronnie Issenberg and Scott Sandelin, investment specialists in the Miami office of Marcus & Millichap, represented the seller, a private developer.

Located at 10181 W. Broward Blvd. , this newly constructed, 1.36-acre Walgreens is located at the corner of Nob Hill Road and Broward Boulevard, two South Florida retail and transportation corridors. Developed in 2008, the property includes a drive-through pharmacy window. There are currently 21 years remaining on the 25-year, absolute triple-net lease with 10 five-year options.

“This sale sets a new cap-rate benchmark for drugstores with long-term leases in the tri-county South Florida region,” said Sandelin.

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