Net Leased Walgreens Sold

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.”

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