Publix just bought the Alton Road Walgreens that is next to their aging South Beach supermarket on Dade Boulevard.
A driveway for Chase Bank is all that separates the two properties.
Walgreen’s lease for the building at 1845 Alton Road runs until 2028. The terms of the lease forbid the landlord to own or operate an adjacent store that sells medication, beauty aids, drug sundries, or bottled alcoholic beverages.
Records show that Publix paid $12.85 million for the Walgreens property. That is four times the value that it sold for six years ago.
Across the street, a Whole Foods market designed by Chad Oppenheim was approved last year.
The Publix building is just 23,520 square feet, much smaller than their other stores. It was built in 1962 in Mid-century modern style.