Michael Lamb - Commercial Real Estate Showcase

Michael Lamb Property Listings
Lamb Net Lease LLC
1306 Wells St
Ann Arbor, MI 48104
(608) 692-1910


Michael Lamb serves as a Senior Advisor for Sperry Van Ness/Stewart Commercial Group, LLC specializing in the sale of investment property as well as retail... More
Michael Lamb serves as a Senior Advisor for Sperry Van Ness/Stewart Commercial Group, LLC specializing in the sale of investment property as well as retail, office, and industrial tenant/landlord representation throughout Southeastern Michigan. Lamb has a particular expertise in multifamily investment real estate and is a member of the Sperry Van Ness National Apartment Team.

Prior to joining Sperry Van Ness/Stewart Commercial Group, LLC, Lamb served as Investment Broker for Hovde Prop Less 
DetailMap
1029 M 37 S - Walgreen's

SEC of S R 31 (S R 37) & S R 31 (Bitner Rd)
Traverse City, MI 49685-8508


Property Type:Retail Sub Type:Drug Store Status:Existing Year Built:2006
Building Size:14,820 SF Land Area:2.41 AC (104,980 SF)
For Sale Price:$6,545,454 Price/SF:$441.66
Cap Rate:5.50 %


Traffic Count: 26,100 VPD per MDOT 2006

Additional Factors: Excellent Visibility, Access, & Parking, New Construction, Tremendous Growth Area

Demographics: Population: Households: Median Income:
3 Mile: 10,271 3,750 $43,804
5 Mile: 23,046 9,167 $41,595
10 Mile: 76,182 30,768 $44,442
Source: AnySite 2007



Sale Notes:
Subject property includes a 14,820+/- SF single story, free-standing retail building developed specifically for Walgreens Pharmacy. The asset is secured by an Absolute Net Lease from Walgreens operating in their initial 25 year term which has its first expiration July 31, 2031, 14+ years remaining. Walgreens has the right to terminate the lease after 25 years, then every five years thereafter until lease expiration in 2081. Zero landlord responsibilities with tenant responsible for all expenses related to the property. The lease is guaranteed by Walgreens Co., the largest pharmacy retailer in the country with a market cap of more than $88B.

Lamb Net Lease LLC
Michael Lamb
(608) 692-1910




Share this listing

Copy and paste this HTML into your blog or web page:
<a href="http://www.showcase.com/property/1029-M-37-S/Traverse-City/Michigan/5930984" target="_blank">1029 M 37 S - Walgreen's, Traverse City, MI - Commercial property</a>

Send Email
From:
To:
Subject:
Add a personalized message: (Optional)
Copyright © 1997-2016 CoStar Realty Information, Inc. All rights reserved.  |  About SHOWCASE.COM |  Advertise |  Site Map |  800-216-3234