The Boulder Group completed the sale of a single-tenant net-leased Walgreens property at 840 W. Sherman Blvd., in Muskegon, Michigan, for $3.486 million.
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.
