Orion Real Estate Group Purchases Historic Walgreens Building in Key West for $5.264 Million
Miami-based Orion Real Estate Group / Orion Buying Corp. purchased and closed on a historic Walgreens building located at 527 Duval Street, Key West, FL 33040 for $5.264 million on Aug. 23, 2023. The building is the former Strand Theater, which opened in the early 1920s and then became home of the Ripley’s Believe It or Not Odditorium in 1993.
Kevin Sanz of Orion Real Estate Group led the buyer group, Orion Buying Corp. (Limestone Ruby Raleigh LLC, Limestone Ruby Loganville LLC and Limestone Ruby Lithia Springs LLC, each a Florida limited liability company). Brian Pfohl of CBRE represented the seller, Walgreens Co. Ocean Bank is providing financing for the off-market transaction.
The 10,174-square-foot property located on Duval Street is leased by Walgreens and also includes two residential apartments on the back side. Both apartments are one-bedroom, one-bathroom. The apartments will be renovated, but there won’t be any major redevelopment as it is a historic building.
“We are thrilled to close on this Walgreens building located on the well-known Duval Street in Key West,” said Joseph Sanz, executive chairman of Orion Real Estate Group. “It’s a remarkable location, and we are proud to continue expanding our portfolio with this historic building. This is a very meaningful acquisition for us, as my family, the Sanz family, has a long history in Key West and previously owned a restaurant on Duval Street.”
The closing of the Walgreens Strand property represents a full circle moment for a Florida family returning to their conch roots, with Joseph Sanz, executive chairman of Orion Real Estate Group, purchasing the Walgreens on Duval Street. Joseph Sanz’s great-grandparents, Jaime and Margarita Sanz, emigrated from Spain to Key West via Havana on the S.S. Olivette in October 1902. Jaime and Margarita joined several of Jaime’s cousins in Key West, and they converted an empty building into a restaurant named Victoria’s on Duval Street. The restaurant closed due to economic depression and eventually became the first Sloppy Joe’s restaurant and now is Captain Tony’s.
Margarita and Jaime lived at 121 Duval Street and had four children: Jaime Jose (born 1908), Margarita (born 1911), Leandro (born 1911) and Miguel (born 1913). The family lived in Key West until around 1920 when they moved to Miami.
Joseph’s grandfather was Jaime Jose, who was a grocery store owner and then a printer in Coral Gables.
