The Aurora Health Care property at 2408 10th Street in Menominee, Michigan is situated along 10th Street, which carries US Route 41, a primary north-south transportation corridor connecting the Menominee–Marinette metropolitan area to Green Bay, Wisconsin approximately 60 miles to the south. The twin cities of Menominee, Michigan and Marinette, Wisconsin are connected by three bridges across the Menominee River, creating a unified dual-state trade area. The population within three miles of the property is approximately 18,998 residents. The average household income within three miles is approximately $69,139. Menominee serves as the county seat of Menominee County and had a population of approximately 8,000 residents as of recent census estimates. Fincantieri Marinette Marine, a major U.S. Navy shipyard located nearby, has invested more than $800 million in facility upgrades and employs approximately 2,700 workers, generating substantial demand for area healthcare services. The region is further supported by the University of Wisconsin–Green Bay Marinette Campus and Northeast Wisconsin Technical College Marinette Campus, which bolster the local workforce pipeline. Major employers in the surrounding trade area include Kimberly-Clark, Domtar, Johnson Controls, and Waupaca Foundry. National retailers near the property include Walmart, Aldi, Menards, Kohl’s, Harbor Freight, Circle K, and Little Caesars Pizza. The property is also located near Aurora Medical Center – Bay Area Hospital, Menominee High School, Marinette High School, and the Menominee Regional Airport. The North Coast Marine Manufacturing Training Center is also situated within the trade area.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented the seller in the transaction. The seller was a midwest based partnership. The buyer was a Texas based individual investor.
Aurora Medical Group, Inc. operates the property on a long-term net lease that commenced on September 17, 2018. The lease expires on September 30, 2038, leaving approximately 13 years of remaining term. The lease includes four 5-year renewal options providing a potential total occupancy through 2058. Rent escalates at 1% annually, occurring every July, providing predictable income growth throughout the lease term. The lease is structured as a NN lease, with the landlord responsible for roof, structure, exterior lighting, parking lot poles, and HVAC replacement. Aurora Health Care is an e-commerce resistant and recession resistant healthcare tenant.
Aurora Health Care is a not-for-profit integrated health care system headquartered in Milwaukee, Wisconsin. The organization was founded in 1984 through the combination of two Milwaukee-area hospitals. Aurora Health Care now operates as part of Advocate Health, the third-largest nonprofit integrated health system in the United States, following its 2018 combination with Advocate Health Care and subsequent 2022 combination with Atrium Health. Under the Aurora Health Care brand, the system provides comprehensive patient-centered care through 18 hospitals, more than 150 clinics, and 70 pharmacies across 30 communities in eastern Wisconsin and northern Illinois. Services include primary care, specialty medicine, emergency care, and wellness programs. Aurora Health Care carries an investment-grade credit rating. The Menominee, Michigan location at 2408 10th Street serves as a primary care facility where family medicine physicians treat patients of all ages.
“Investor demand for net leased medical office properties backed by credit healthcare tenants continues to be strong as buyers seek recession-resistant and e-commerce-proof income streams,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “This Aurora Health Care property attracted significant interest due to its built-to-suit construction, long remaining lease term with annual rental escalations, and its strategic location within the dual-state Menominee–Marinette trade area supported by major employers such as Fincantieri Marinette Marine.” John Feeney, Senior Vice President of The Boulder Group, noted, “The buyer was attracted to the long-term, stable cash flow profile of this Aurora Health Care investment, which offers over 13 years of remaining lease term with predictable 1% annual rent increases and the credit strength of one of the largest nonprofit health systems in the country.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $11 billion of single tenant net lease real estate transactions. From 2013–2025, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both CoStar and MSCI Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago and has an office in Denver.
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