Walgreens Store in Pinellas County sells to Tampa Bay developer for $2.9 million

WEST PALM BEACH, FL / ACCESSWIRE / December 23, 2019 / On January, 15th, 2019, 3700 34th Street LLC an affiliate of West Palm Beach Based Belmont Associates sold a Walgreens store to St. Petersburg 34 LLC, a Delaware Limited Liability Company real estate investment and development company of Tampa Bay. The property, which is located in a high-volume area alongside a busy highway in Pinellas County, sold for $2.9 million.

The Walgreens location has an estimated daily traffic count of approximately 40,000 vehicles, making it one of the busiest in the county. The subject property is directly adjacent to a busy Wawa convenience store and gas station. The store is 20 miles from Tampa, Florida, and five miles from the University of South Florida at St. Petersburg, and St. Petersburg College.

Part of the Tampa Metropolitan Statistical Area, which has a population of nearly three million people, St. Petersburg is the fifth most populous city in the entire state and the largest city in Florida that is not a county seat. St. Petersburg and St. Pete Beach are each popular vacation destinations for both American and foreign tourists. The greater St. Petersburg area sees large swells of traffic in both the summers and winters where its beaches offer an escape for snowbirds, spring breakers, families out of school, local travelers, and many other visitors.

Barry Wolfe from Marcus & Millichap brokered the deal, representing both buyer and seller. Marcus & Millichap is a leading firm specializing in commercial real estate investment sales, financing, research and advisory services, with offices across the United States and Canada.

Mathieu Rosinsky, principal of Belmont Associates commented by saying. “Barry is an exceptional Broker and in the Net Leased world is the best broker I have worked with, in the past 15 years, we have maintained a great relationship and look forward to working on future deals with him.

The subject property consists of a 15,525-square foot free-standing building, which is situated on a 2.00-acre parcel. Currently, Walgreens (NYSE: WBA) is the largest drugstore chain in the United States with over 8,000 locations and sales volume of approximately $117.35 billion.

CONTACT:
Caroline Hunter
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SOURCE: Web Presence

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