Walgreens
Retail | 9.00% Cap Rate | 14,560 Sq Ft
Marketing description
Horvath & Tremblay is pleased to present the exclusive opportunity to purchase the single-tenant, Absolute NNN leased, Walgreens located at 31415 Ford Road in Garden City, Michigan (Detroit MSA) (the “Property). Walgreens has been at the Property since its construction in 2005 and has 3+ years remaining on an absolute triple-net lease with ten (10), 5-year renewal options.
The Property is situated at the signalized intersection of Merriman Road and Ford Road (MI Route 153), the area’s primary commercial and commuter corridor connecting downtown Detroit (14 miles to the east) and Ann Arbor (18 miles to the west). The Property benefits from excellent visibility and frontage as well as two points of access. The Property is located in the center of a strong trade area with numerous national and local retailers and restaurants, businesses, and several area schools that drive traffic to the area. The trade area is surrounded by densely populated residential neighborhoods, providing a strong consumer base. Garden City is 10 miles west of Detroit and is part of the Detroit MSA.
Investment highlights
LONG TERM LEASE: Walgreens has 3+ years remaining on their primary lease term followed by ten (10), 5-year renewal options.
ZERO MANAGEMENT RESPONSIBILITIES: The Walgreens lease is absolute triple net and requires zero management responsibilities making it an attractive fee simple investment for the passive real estate investor.
INVESTMENT GRADE CREDIT: The lease is guaranteed by Walgreens corporate, a trusted, global innovator in retail pharmacy with approximately 8,000 locations across the U.S. and Puerto Rico. In August 2025, the company was acquired by Sycamore Partners. The private equity firm paid $10 Billion for the company.
STRATEGIC LOCATION: The Property is situated at the signalized intersection of Merriman Road and Ford Road (MI Route 153), the area’s primary commercial and commuter corridor connecting downtown Detroit (14 miles to the east) and Ann Arbor (18 miles to the west). The Property benefits from excellent visibility and frontage as well as two points of access. The Property is located in the center of a strong trade area with numerous national and local retailers and restaurants, businesses, and several area schools that drive traffic to the area. The trade area is surrounded by densely populated residential neighborhoods, providing a strong consumer base.
OUTSTANDING TRAFFIC COUNTS: Over 60,300 vehicles per day pass by the Property at the signalized intersection of Ford Road and Merriman Road.
STRONG DEMOGRAPHICS: More than 127,200 people live within 3 miles of the Property with an average household income of $83,073. An impressive 291,400+ people live within 5 miles of the Property, and an additional 104,800+ employees work within 5 miles of the Property.
RETAIL TRADE AREA: Additional retailers drawing traffic to the trade area include Target, Kroger, Aldi, TJ Maxx, CVS, Big Lots, Ace Hardware, Advance Auto Parts, AutoZone, Sherwin Williams, Dollar General, Dollar Tree, Red Lobster, Applebee’s, Chipotle, McDonald’s, Burger King, KFC, Taco Bell, Arby’s, Popeyes, Checkers, White Castle, Papa John’s, Dunkin’, Tim Hortons, Subway, and 7-Eleven.
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