Langford Owner Picks Up Historic Walgreens Building in $19.75M Sale

Colliers South Florida arranges sale of Flagler Street’s Art Deco landmark

 

Miami, July 19, 2018 – One of Miami’s most iconic buildings just changed hands as Downtown prepares for a wave of redevelopment, anticipated to bring an explosion of new retail and foot traffic to the urban core. The Historic Walgreen’s Building, located at 200 East Flagler Street, has traded to developer Daniel Pena, owner of the nearby Langford Hotel, in a $19.75 million sale. Mika Mattingly of Colliers’ Urban Core Division and Colliers’ Gerard Yetming marketed the property on behalf of the seller Habitat Development Corp, owned by the Alonso Family of La Epoca Department Store.

The announcement comes less than three years after Pena completed the restoration and construction of the 126-room Langford Hotel located at 121 Southeast First Street. Originally built in 1925, the meticulously restored hotel has enjoyed popularity since opening its doors, thanks in large part to its restaurant and bar options, PB Station restaurant and the Pawn Broker rooftop terrace and bar.

"This property has played an important role in the evolution of downtown Miami and it is incredible that Daniel, who appreciates and embraces the history of downtown Miami, is the buyer," said Mattingly. "With this transaction, downtown Miami has reached a turning point, and things are going to start happening. Over the last few years, institutional buyers and private equity have invested close to $3 billion in a 6-block radius in downtown Miami. Downtown is on the verge of a complete transformation, and Daniel’s acquisition of LaEpoca will speed up the change."

The Historic Walgreens Building sits on a 9,120 square foot lot at the corner of Flagler Street and Southeast 2nd Avenue. The five-story property’s historic designation allows for the sale of Transfer of Development Rights (TDRs) under current zoning regulations totaling 244,755 square feet.

Built in 1936 and designed by Zimmerman, Saxe and MacBride, the Art Deco-style Historic Walgreens Building was the pharmacy chain's third location outside of Chicago, Illinois. It has earned historical designation from both the City of Miami and the National Register of Historic Places.

In the last decade, the Alonso family restored the iconic building to make it home to La Epoca, reviving the property’s glamouris past and putting Flalger Street back on the map.

"We are very proud of how my family helped ignite change in downtown Miami," said Brian Alonso. "By embracing the past, we helped change the future. Our family remains committed to the transformation of downtown Miami and our new ventures speak to that effect. We will work closely with Daniel and other property owners to make downtown Miami another success story."

Downtown Miami is one of the few pedestrian-oriented neighborhoods in Miami, in part, because more than 250,000 office workers and visitors descend upon its streets during daytime. The area is home to one of the highest concentrations of luxury residential units in the world. Since 2010, the population of Downtown Miami has increased more than 38%, with continued momentum anticipated.

 

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About Colliers International Group

 

Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.

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For further information, please contact:

Paola Iuspa-Abbott on behalf of Colliers International South Florida
Top of Mind PR
Phone: 305-726-5848
Email: Paola@topofmind-pr.com