The Boulder Group, a net leased investment
brokerage firm, has completed the sale of a new
construction single tenant Dollar General property located at 426 Talcottville
Road in Vernon, CT for $1,572,794.
The 9,262 square foot brand new
construction Dollar General is located on a 1.11 acre parcel along Talcottville
Road. Talcottville Road is a primary north-south thoroughfare in the area and
experiences traffic counts in excess of 25,000 vehicles per day. There are
approximately 50,000 people living within a three mile radius earning average
household incomes in excess of $85,000 annually. Surrounding retailers include
Aldi, Walgreens, Tractor Supply, and Advance Auto Parts. There are fifteen
lease years remaining on the Dollar General lease.
Randy Blankstein
and Jimmy Goodman of The Boulder Group represented the buyer in the
transaction, California based investment firm.
The seller was a Northeast based developer.
The
new Dollar General lease is for fifteen years and features a rental escalation
in the primary term and in each renewal option period. Dollar General is an
investment grade rated tenant with a Standard and Poor’s rating of BBB- and is
also publicly traded on the New York Stock Exchange with a market
capitalization in excess of $18 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, “New construction dollar store properties remain at the forefront of
investor demand amongst dollar store investors.”
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.