The Boulder Group Arranges Sale of Net Leased Walgreens in Detroit MSA

The Boulder Group, a net leased investment brokerage firm, completed the sale of a single tenant net leased Walgreens property located at 2985 Crooks Road in Rochester Hills, Michigan for $3,825,000. The 14,820-square-foot Walgreens was built in 2005 and sits on 1.91 acres within the Detroit Metropolitan Statistical Area.
The Walgreens property at 2985 Crooks Road in Rochester Hills, Michigan is positioned at the signalized intersection of Crooks Road and Auburn Road. The intersection carries approximately 52,000 vehicles per day. State Highway 59 is located minutes from the property and carries approximately 103,000 vehicles per day. The average household income within five miles of the Walgreens in Rochester Hills exceeds $150,000. The population within five miles of the property is over 185,000 residents. Rochester Hills is located in Oakland County, Michigan, approximately 25 miles north of Detroit. The Detroit-Warren-Dearborn MSA ranks 14th in the United States by population with approximately 3.54 million residents. The property is minutes from major employers including Stellantis North America headquarters, Volkswagen Group, FANUC America, and BorgWarner. Oakland University, with approximately 15,000 students, and Oakland Community College, with approximately 13,000 students, are both located less than five miles from the Walgreens. Hampton Village Centre is four minutes from the property and is home to Target, Kohl's, Petco, T.J. Maxx, Bath & Body Works, Old Navy, and Harbor Freight. Other nearby national retailers include Meijer, Lowe's, Walmart, Kroger, and Tractor Supply Company.

Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was an East Coast-based investor. The buyer was a West Coast-based investor.

The Walgreens lease at 2985 Crooks Road in Rochester Hills, Michigan is structured as an absolute triple net (NNN) lease, requiring zero landlord responsibilities. The lease expires on July 31, 2035, leaving approximately nine years of remaining term. Walgreens has been operating at this location since 2005 and recently extended the lease through July 2035, demonstrating long-term commitment to the site. The lease includes nine remaining 5-year renewal options, providing the potential for up to 45 additional years of tenancy. Rental escalations during the base term are flat.

Walgreens is one of the largest retail pharmacy chains in the United States, headquartered in Deerfield, Illinois. The company was originally founded in 1901 in Chicago, Illinois and has grown over more than 120 years into a major healthcare and retail enterprise. Walgreens operates nearly 8,500 locations across the country and serves approximately 9 million customers and patients each day. The company's core business lines include prescription pharmacy services, health and wellness products, and general consumer merchandise. In August 2025, Walgreens was acquired by Sycamore Partners and now operates as a standalone private company focused on its pharmacy and retail operations.

"Net leased pharmacy properties with absolute NNN lease structures and long operating histories continue to attract local investor demand," said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, "The Walgreens in Rochester Hills benefits from its position at a high-traffic signalized intersection with 52,000 vehicles per day, proximity to State Highway 59, and an affluent trade area with average household incomes exceeding $150,000, all of which made this an attractive offering for investors." John Feeney, Senior Vice President of The Boulder Group, noted, "The buyer was attracted to the absolute triple net lease structure with zero landlord responsibilities and the strong underlying real estate fundamentals in the Rochester Hills submarket of the Detroit MSA."

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 $11 billion of single tenant net lease real estate transactions. From 2013-2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.

More info: www.bouldergroup.com [https://www.bouldergroup.com/]

Media Contact
Company Name: The Boulder Group
Contact Person: Randy Blankstein
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Phone: 8478816388
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City: Wilmette
State: Illinois
Country: United States
Website: https://www.bouldergroup.com/NNN-Properties-For-Sale.html

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