Earlier this year, a real estate transaction took place between Mathieu Rosinsky, the owner of a Walgreens in St. Petersburg, FL, and 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 to the LLC 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 that draws in many customers in need of goods and supplies from a larger retailer such as Walgreens. 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 MSA, 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.
Broker Barry Wolf from Marcus & Millichap brokered the deal, representing both St. Petersburg 34 LLC and the 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. The seller, Mathieu Rosinsky, is principal of West Palm Beach-based Belmont Associates and has long maintained relationships with industry-leading brokers in the area.
“Barry is an exceptional Broker and handled the transaction with patience and professionalism, making the entire experience easy and painless on both sides,” says Mathieu Rosinsky. “In the past 15 years, we have maintained a great relationship. In the net leased world, he is the best broker around, and I look forward to working on future deals together with him.”
The subject property consists of a 15,525-square foot free-standing building, which is situated on a 2.00-acre parcel. Walgreen offers a corporate tenant with a corporate guarantee. 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.