4509 Summit Blvd - Drug Store FOR SALE


West Palm Beach, FL 33415
$5,200,000 USD
404-441-3849
4509 Summit Blvd, West Palm Beach, FL for Sale
$5,200,000 USD
Drug Store - FOR SALE
1/6
null | 6.82% Cap Rate

4509 Summit Blvd
West Palm Beach, FL 33415


HIGHLIGHTS

  • 6.5 MSF of retail, 1.7 MSF of office, 3.8 MSF of industrial and 19,002 multifamily units within a 3-mile radius
  • Population of 151,449 and an average annual household income of $90,416 within a 3-mile radius

OVERVIEW

CBRE is pleased to present a rare investment opportunity to acquire a Walgreens-occupied net lease retail property located at 963 South Military Trail in West Palm Beach, Florida. This property is positioned with excellent access and visibility at the corner of the signalized intersection of South Military Trail (48,000 VPD) and Summit Boulevard (23,800 VPD), and is 1 mile south from the on-ramp to Southern Boulevard (70,000 VPD). The 15,034-square-foot building sits on 1.79 acres and is leased to Walgreen Co. through February 2031 with six, 5-year renewal options that are automatically renewed. Walgreens' original 20-year term was set to expire in 2019 but the lease was extended through 2031 and now has approximately 4.8 years of term remaining. As a leading retailer and one of the largest purchasers of prescription drugs in the world, Walgreens is consistently among the largest U.S. companies by revenue and ranks #26 on the 2025 Fortune 500 list. In September 2025, Walgreens was taken private by Sycamore Partners, a private equity firm specializing in consumer and retail-related investments.

FOR SALE DETAILS

PRICE

$5,200,000 USD

PRICE/SF

$347 USD /SF

CAP RATE

6.82%

% LEASED

-

TENANCY

Single

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Walgreens: West Palm Beach, FL

PROPERTY TYPE

Retail

PROPERTY SUBTYPE

Drug Store

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

2000

SPRINKLERS

-

PARKING SPACES

68

LAND DETAILS

LAND ACRES

1.79 AC

LAND SF

78,134 SF

ZONING

UC

APN/PARCEL ID

00-42-44-01-36-001-0010,00-42-44-01-36-023-0000

ASK ABOUT THIS PROPERTY

Christopher BosworthCBRE, Inc.More Info
404-441-3849

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Christopher BosworthCBRE, Inc.More Info
404-441-3849

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.