Walgreens | Rare Prime S. FL Covered Land Play
Trophy Real Estate
Marketing description
CBRE is pleased to present the exclusive listing for the Walgreens located at 2050 45th Street in West Palm Beach, Florida. This offering represents an extremely rare opportunity in the single tenant net lease sector. The lease is secured by Walgreens who has been operating at this location for over 27+ years.
The underlying real estate is the key here though – the oversized parcel at one of the markets busiest intersections and below market rent – this opportunity allows for future redevelopment and INCREASE VALUE SIGNIFICANTLY. The property is strategically located less than 1,000 feet from the Interstate 95 on-ramp, with exposure to over 192,000± vehicles-per-day. Additionally, the property benefits from Commercial Planned Development (CPD) zoning, unlocking maximum flexibility for a wide range of future uses, including grocery, medical, retail, service, and multi-tenant commercial development.
This opportunity is ideal for a savvy real estate investor who not only desires a hands-off investment but also understands the tremendous future upside potential.
Investment highlights
- Tremendous South Florida real estate with massive long term upside redevelopment potential
- Long standing lease with Walgreens — 27 Year Operating History
- Significantly below market rent
- Minimal landlord obligations providing for hands off ownership while tenant is in place
- High-traffic corridor (combined traffic count 81,500± cars-per-day) with regional connectivity, sitting directly on 45th Street near I-95, Congress Ave, and Palm Beach Lakes Blvd, capturing commuter and destination traffic
- Hard-corner signalized intersection – less than 1,000’ from the I-95 on-ramp | I-95 at this location carries over 192,000+ cars daily
- Zoned CPD allowing grocery, medical, retail, service, and multi-tenant commercial
- Florida has NO STATE INCOME TAX
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