Wednesday, December 14, 2011
Triple Net Leased Dollar General Property in South Bend, Indiana Sold by The Boulder Group
The Boulder Group, a net leased investment brokerage firm, has completed the sale of a triple net leased Dollar General property located at 4123 Western Avenue in South Bend, IN for $1,159,300.
The 9,014 square foot Dollar General was built in 2011 and is located in the northern portion of Indiana; 90 miles east of Chicago. The building is situated on a 1.57 acre parcel and is leased on a 15 year triple net basis to Dollar General. Dollar General is a publicly traded Fortune 500 company that has over 9,300 stores nationwide. The Company’s Standard and Poor’s rating was recently upgraded to BB+.
This newly developed Dollar General is located in one of the primary retail corridors of South Bend. The Property is within five miles from four colleges including, The University of Notre Dame, Holy Cross College, Indiana University—South Bend, and Ivy Tech Community College.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Chicago high net worth individual investor, in the transaction. The seller was a Midwest based developer.
“The market for new triple net leased Dollar Generals is robust as investor demand for long term leased properties in the under $2 million price point exceeds the supply.” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “First time net lease investors are seeking newer Dollar General leases, as they are 15 year triple net leases as opposed to the older 10 year double net leases. Activity for single tenant leased Dollar Generals has dramatically increased because investors need a limited amount of equity for a typical Dollar General price point.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in 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 more than $1.2 billion of net lease real estate transactions through several real estate cycles. The Boulder Group is headquartered in suburban Chicago. The company’s website address is www.bouldergroup.com