February 18, 2020 –Bob Horvath, Todd Tremblay and Drew McElligott of Horvath & Tremblay have successfully completed the sale of Walgreens in Big Rapids, Michigan. Horvath & Tremblay represented the seller and procured the buyer to complete this transaction at a sale price of $4,360,000.
Walgreens is located at 1010 South State Street in Big Rapids, Michigan. The stand-alone building contains 13,650 square feet, including a drive through on a 1.84-acre lot. Walgreens has been at this location since its construction in 2002 and has 7 years remaining on an Absolute NNN Lease, as well as ten, 5-year renewal options. Walgreens is located on a highly-visible parcel along South State Street in the center of the commercial activity in Big Rapids. Walgreens is situated across from the Ferris State University main entrance and the property is surrounded by the university’s campus. Ferris State features a total enrollment of over 14,000 students and is the ninth largest university in the state of Michigan. Walgreens is centrally located in the primary commercial trade area in Big Rapids, next to the well-trafficked, signalized intersection of State Street and Perry Avenue. Additionally, Walgreens is less than one mile southwest of the Spectrum Health Big Rapids Hospital, which is a 74-bed acute care hospital that has over 425 employees.
Horvath & Tremblay is one of the most active and successful Investment Real Estate Brokerage firms in the United States. Our advisors specialize in the sale of single tenant net-lease assets and retail shopping centers. They have experience successfully structuring sale lease-back programs, portfolio dispositions, and 1031 exchanges. Horvath & Tremblay is dedicated to being the best source of information and expertise in the marketplace for private investors, developers, institutions, and industry professionals.