The Boulder Group completed the sale of a single-tenant net-leased Walgreens property 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 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.
