The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a single
tenant Dollar General Plus property located at 1333 East Main Street in Rock
Hill, SC for $3,100,000. Dollar General Plus locations are larger than
traditional Dollar General stores and have more coolers/freezers to keep more
perishable items in stock.
The 3.84 acre Dollar General Plus parcel is
located along Main Street approximately one mile from access to Interstate 77.
Main Street is a primary thoroughfare that experiences traffic counts in excess
of 23,000 vehicles per day. The Dollar General Plus is located approximately 25
miles south of downtown Charlotte. The property is benefitted from its location
adjacent to a Bi-Lo anchored development and across the street from a Food
Lion. The 12,480 square foot building is a relocation of a previously
successful traditional-sized Dollar General store. Due to the success of the
previous location, Dollar General elected to build one of their larger format
Dollar General Plus stores. There are over 13 years remaining on the Dollar
General lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the seller in the
transaction who was a Midwest based real estate investment company. The
purchaser was a South Carolina based investor in a 1031 exchange.
There
are over 13 years remaining on the Dollar General lease that expires on October
31, 2027. The lease features a rental escalation in the eleventh year and 10%
rental escalations in each renewal option period. Dollar General is an
investment grade tenant (S&P: BBB-) and is publicly traded (NYSE: DG) with a
market capitalization in excess of $19 billion.
“Despite
the short term uncertainty of the dollar store sector, there is still strong
demand for dollar stores located in top metros with long term leases”
said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group,
added, “There were multiple bidders for this asset as this was a rare
relocation store combined with the Dollar General Plus concept.
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 $1.8 billion of
single tenant net lease real estate transactions. From 2011-2013, the firm was
ranked in the top 10 companies in the nation for single tenant retail
transactions by Real Capital Analytics. The Boulder Group is headquartered in
suburban Chicago.
