Architect Kobi Karp and his wife Nancy paid $5.7 million for a Walgreens-leased property in Delray Beach that sold a year ago for $2 million less.
The Karps’ 10 Congress WG LLC bought the property at 10 South Congress Avenue from Congress Avenue Realty, an LLC managed by George A. Morgan III, records show.
The 13,778-square-foot property sold for $414 per square foot. The buyers plan to keep the property as is, Nancy Karp said.
The Walgreens, developed in 2001, sits on 1.6 acres. It sold in December 2020 for $3.7 million.
The Karps’ son, Jordan Karp, brokered the deal and brought it to the Karps.
Kobi Karp is president and CEO of his Kobi Karp Architecture & Interior Design firm and Nancy is chief financial officer. The Miami-based company is one of the most active architect and design firms in South Florida, with projects that include the Collins Park redevelopment in Miami Beach and Palazzo Del Sol on Fisher Island.
Commercial properties leased to triple A credit tenants such as Walgreens are in high demand. A Colliers mid-year report found that single-tenant and net-lease properties are a hot asset for private investment firms and are outperforming the overall retail market.
In September, Chicago-based real estate firm Oak Street Capital Real Estate Capital bought two Walgreens properties less than 10 days apart.
An entity controlled by Mark Zahr and James Hennessy, who are the managing partners of Oak Street, paid $5.3 million for the 15,651-square-foot Walgreens at 28801 South Dixie Highway in Homestead, and $6.8 million for the 17,072-square-foot Walgreens at 4600 Coconut Creek Parkway in Coconut Creek.