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Walgreens: Iron Mountain, MI 300 E F St 18,776 SF Retail Building Iron Mountain, MI 49801 $4,962,306 CAD ($264.29 CAD/SF) 7.75% Cap Rate

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Investment Highlights

Absolute NNN Lease
88 miles north of Green Bay, WI

2.1 MSF of retail, 2.0 MSF of industrial and 650 multi-family units within a 5-mile radius of the site

Executive Summary

Located approximately 88 miles north of Green Bay, WI, Walgreens is located at the hard corner, signalized intersection of East F Street and South Stephenson Avenue (25,644 VPD). Originally set to expire in 2034, Walgreens’ absolute NNN lease was extended through 2038 and now features ±12.3 years of primary term remaining with eleven, 5-year options to renew. Walgreens is immediately adjacent to Midtown Laundromat & Tanning, and is proximate to a variety of uses, including Anytime Fitness, McDonald’s, Dunkin’, Pizza Hut, Taco Bell, Wendy’s, Little Caesar’s Pizza and Towne Place Suites by Marriott (95 rooms), to name a few. In total, there are 2.1 MSF of retail, 2.0 MSF of industrial and 650 multi-family units within a 5-mile radius of the site. There is an abundance of traffic drivers within proximity to the site, including Iron Mountain VA Medical Center (±1,100 feet south), Iron Mountain City Park (1.35 miles northwest), Pine Grove Country Club (1.56 miles northwest), Pine Mountain Ski & Golf Resort (2.31 miles northwest) and Timberstone Golf Course (2.35 miles northwest), among others.