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Drug Store

Walgreens

2131 W Grand River Rd, Meridian charter Township, MI 48864

Listing Price: $8,166,667

Cap Rate
4.80%
Tenant Name
Walgreens
Years Remaining On Lease
13.9
Gross SF
14,550
Guarantor
Corporate Guarantee
Rentable SF
14,550
Price/Gross SF
$561.28
Lease Type
Absolute Net
Rent Per Square Feet
$26.94

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Walgreens located at 2131 W Grand River Ave, Okemos, MI. The property is situated on 1.32 acres of land and contains 14,550 square feet of net leasable area. Walgreens is subject to an absolute triple-net lease, with a primary lease term expiring in March 2036. Walgreens has 50 one-year extension options. Okemos is a suburb of Lansing with a population of approximately 24,000. It is in Ingham County and is considered one of the best places to live in Michigan. Living in Okemos offers residents a dense suburban feel and most residents own their homes. Okemos has a variety of attractions including restaurants, coffee shops, and parks. Eight miles West of Okemos is the City of Lansing, the capital city of the state. Lansing is well-known for its car manufacturing roots and cultural sites. Founded in 1901, Walgreen Company or simply Walgreens is the first global pharmacy-led, health and wellbeing enterprise in the world. Walgreens operates over 9,000 retail locations throughout the United States and employs more than 230,000 people. The company specializes in filling prescriptions, health and wellness products, health information and photo services.

Investment Highlights

  • Investment Grade Tenant – S&P Rated BBB
  • Absolute NNN Lease – Zero Landlord Obligations
  • Approximately 14 Years of Primary Lease Term Remaining
  • Average Household Income of $100k+ Within One-Mile Radius
  • Hard Corner Signalized Intersection – Traffic of 40,000+ Vehicles Per Day
  • Surrounding National Retailers Include Best Buy, Kroger and Home Depot
  • 1.32 Acre Parcel With Ample On-Site Parking
  • Population of 50,000+ Within Three Mile Radius

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s) MI: 6502387903

    Michigan

Financing By

Listing Price: $8,166,667

Cap Rate
4.80%
Tenant Name
Walgreens
Years Remaining On Lease
13.9
Gross SF
14,550
Guarantor
Corporate Guarantee
Rentable SF
14,550
Price/Gross SF
$561.28
Lease Type
Absolute Net
Rent Per Square Feet
$26.94

Investment Highlights

  • Investment Grade Tenant – S&P Rated BBB
  • Absolute NNN Lease – Zero Landlord Obligations
  • Approximately 14 Years of Primary Lease Term Remaining
  • Average Household Income of $100k+ Within One-Mile Radius
  • Hard Corner Signalized Intersection – Traffic of 40,000+ Vehicles Per Day
  • Surrounding National Retailers Include Best Buy, Kroger and Home Depot
  • 1.32 Acre Parcel With Ample On-Site Parking
  • Population of 50,000+ Within Three Mile Radius

Investment Overview

Marcus & Millichap is pleased to present the opportunity to purchase the fee simple interest in Walgreens located at 2131 W Grand River Ave, Okemos, MI. The property is situated on 1.32 acres of land and contains 14,550 square feet of net leasable area. Walgreens is subject to an absolute triple-net lease, with a primary lease term expiring in March 2036. Walgreens has 50 one-year extension options. Okemos is a suburb of Lansing with a population of approximately 24,000. It is in Ingham County and is considered one of the best places to live in Michigan. Living in Okemos offers residents a dense suburban feel and most residents own their homes. Okemos has a variety of attractions including restaurants, coffee shops, and parks. Eight miles West of Okemos is the City of Lansing, the capital city of the state. Lansing is well-known for its car manufacturing roots and cultural sites. Founded in 1901, Walgreen Company or simply Walgreens is the first global pharmacy-led, health and wellbeing enterprise in the world. Walgreens operates over 9,000 retail locations throughout the United States and employs more than 230,000 people. The company specializes in filling prescriptions, health and wellness products, health information and photo services.

Exclusively Listed By

Broker of Record

  • Steven Chaben

    Senior Vice President / Regional Manager

    (248) 415-2600

    License(s): MI: 6502387903

    Michigan

Financing By

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