Walgreens

840 West Sherman Boulevard, Muskegon, MI 49441

$3,855,800

Cap Rate 6.10%

Views: 23 DOM: 24 Updated: 04.22.24 Posted: 04.22.24 Status: Active

Summary

Price $3,855,800	Built/Renov 1999	Tenant Walgreens
Cap Rate 6.10%	Lease Type Abs NNN	Guarantor Corp T and Rated
Size/SF 15,567	Lease Start 11-21-2023	#Units 13,532
Price/SF $247.69	Expiration 11-30-2038	Tenant Type Pharmacy
NOI $235,200	R. Term 14.6	Ownership Fee Simple
Rent/SF $15.11	Increases 5.0%/5/yrs	Pop 5Mi 96,571
Lot/AC 2.03	Options 12/5yrs/5%	AHHI 5Mi $70,862

Lease Highlights

Walgreens has 14+ years remaining on the current lease term with 12 (5-year) options to extend
The lease features 5% rental escalations throughout the initial term and option periods
Absolute NNN | Zero landlord responsibilities
Corporate guarantee | Investment grade tenant

Location Description

Walgreens is strategically located at the signalized, hard-corner intersection of West Sherman Blvd. and Henry Street, with access to a combined daily traffic count of 41,306 vehicles. The property is immediately adjacent to Lee’s Famous Recipe Chicken, Family Dollar, Boost Mobile, and Supermercado San Jose, and is diagonally across from Gordon Food Service and LMCU. Additionally, it is across...

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Key Features

Signalized intersection
Hard corner intersection
Dense retail corridor
Near major nationals
Top 100 MSA
Brand new lease
Absolute NNN
Long 10+ yr lease
Traded and rated company
Investment grade tenant

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Links

Walgreens Wikipedia Walgreens Wikipedia Muskegon, Michigan Zip Code 49441 Broker Site Page

Maps

Local Information

1 Mile
3 Miles
5 Miles

Tenant

Tenant: Walgreens
Guarantor:Corp T and Rated
Company:Walgreens Boots Alliance
# Units:13,532
Tenant S&P: BBB-
Moody’s: Baa2
Stock: NASDAQ: WBA

About Tenant

Walgreens is an American company that operates the second-largest pharmacy store chain in the United States. It specializes in filling prescriptions, health and wellness products, health...

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Demographics

	1 Miles	3 Miles	5 Miles
2028 Total Population :	9,063	57,276	95,914
2023 Total Population :	9,140	57,477	96,571
2023 Employed Civilian Pop :	3,992	24,367	41,330
2023 Total Businesses :	497	2,168	3,324
2023 Average Household Income :	$ 62,301	$ 64,142	$ 70,862
2023 Total Consumer Spending :	$ 222 M	$ 1348 M	$ 2397 M
2023 Median Age :	39	38	39
2023 Total Households :	4,054	23,900	38,528
2023 Pop Age 25+: Bachelor's Degree :	799	5,834	10,798
2023 Average Home Value :	$ 144,564	$ 169,071	$ 188,788

*ESRI data is presented for informational purposes only

Traffic

Collection Street	Cross Street	Year	Traffic Vol	Distance
Seaway Dr	W Sherman Blvd	2015	19,500	0.20 mi
US-31BR	Seaway Dr	2021	17,714	0.21 mi
Seaway Drive	W Sherman Blvd	2022	18,665	0.23 mi
Seaway Dr	W Sherman Blvd	2015	20,300	0.26 mi
Henry Street	Pulaski Ave	2022	11,330	0.26 mi
US 31 Business	W Manahan Ave	2022	17,857	0.27 mi
West Broadway Avenue	Ashland Rd	2022	4,507	0.32 mi
W Broadway Ave	Henry St	2004	8,540	0.33 mi
West Sherman Boulevard	Temple St	2022	9,507	0.37 mi
Barclay Street	Wildwood Ln	2022	2,905	0.42 mi

Listing Broker

Brian Pfohl

CBRE: NLP Atlanta

Contact

122 Listings
5927 Views
41 Sold

Chris Bosworth

CBRE

Contact

121 Listings
5887 Views
43 Sold

Brian Pfohl

Brian Pfohl is an Executive Vice President with CBRE’s Net Lease Property and Corporate Capital Markets practice groups. Mr. Pfohl’s singular focus is to advise corporate users, institutions, private equity firms, REITs, developers, and private individuals regarding all facets of net-leased properties. Mr. Pfohl’s expertise stems from the myriad of sale-leaseback transactions, net lease investment sales, programmatic portfolio dispositions, and advisement assignments he has completed throughout

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Chris Bosworth

Chris Bosworth is a Vice Chairman and Managing Director of the CBRE Net Lease Property Group and Corporate Capital Markets practice. Mr. Bosworth’s focus is to advise institutions, private equity firms, REITs, developers and corporate users regarding all facets of net-leased properties. In his career, Mr. Bosworth and his partners, Will Pike and Brian Pfohl, have been responsible for the disposition of 3,900 transactions valued in excess of $29 billion. Mr. Bosworth and Mr. Pike co-head the

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Thomas Carr

CBRE: NLP Atlanta

Contact

125 Listings
6004 Views
44 Sold

Thomas Carr

Thomas Carr is an Senior Investment Sales Analyst with CBRE’s Net Lease Property Group. As a member of the team led by Chris Bosworth and Will Pike, Mr. Carr plays an integral role in all aspects of the group’s property valuation, underwriting, and marketing efforts. He is also actively involved in marketing the team’s disposition assignments, specializing in single-tenant assets, national net-lease portfolios, and corporate sale-leasebacks, as well as advising 1031 exchange buyers. Mr. Carr

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