Press release
The Boulder Group Arranges Sale of Net Lease Walgreens Property in Michigan
The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Walgreens property located at 840 West Sherman Boulevard in Muskegon, Michigan for $3,486,000.
The 15,567 square foot Walgreens benefits from its location along West Sherman Boulevard, which experiences a daily traffic count exceeding 20,000 vehicles per day. Notable retailers nearby include Home Depot, Walmart, Meijer, ALDI, Dollar Tree, AutoZone, Advance Auto Parts, Firestone, Planet Fitness, Sherwin-Williams, Boost Mobile, Family Dollar, Enterprise Rent-A-Car, Taco Bell, Subway, McDonald's, Tim Hortons, Wingstop, and Chili's. The population is 96,665 within a five-mile radius, with an average annual household income of $72,321.
This triple net lease has over 13 years remaining with twelve 5-year renewal options. There are 5% rental escalations every 5 years in both the primary term and each option period. The lease is corporately guaranteed by Walgreens, which was ranked #28 in the 2024 Fortune 500 list.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer is a commercial real estate firm located in Michigan and the seller is a full-service commercial real estate company based in Florida.
"Walgreens properties with recent lease extensions and long operating histories continue to garner significant investor interest" said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner at The Boulder Group, added, "This deal signifies that Walgreens remains a desirable tenant to many investors despite recent challenges in the drug store sector."
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high-net-worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $9 billion of single tenant net lease real estate transactions. From 2013-2024, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
www.bouldergroup.com [http://www.bouldergroup.com/]
Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email:Send Email [https://www.abnewswire.com/email_contact_us.php?pr=the-boulder-group-arranges-sale-of-net-lease-walgreens-property-in-michigan]
Phone: 8478816388
Address:3520 Lake Avenue Suite 203
City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html
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