The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Dollar General located at 6292 US Route 77 in Riviera, Texas for $1,260,000.
The 9,026 square foot Dollar General is strategically located along US Route 77 which is the area’s primary north-south thoroughfare. Retailers located in the immediate area include Burger King, Stripes, Dairy Queen, and Subway.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both parties in the transaction. The seller was a southeast based institution and the purchaser was an Illinois based private investor.
There are 15 years remaining on the Dollar General lease which expires in May, 2031. The lease features 10% rental escalations in each of the five 5-year renewal option periods. This absolute triple net lease features no landlord responsibilities. Texas is an income tax free state. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB. As of August 31, 2016, Dollar General operated over 13,000 stores located in 43 states.
“The market for new construction net leased dollar stores remains active as these assets are in high demand among private investors” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “New construction properties with long term leases to investment grade tenants with rental escalations are the most sought after net lease product.”
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 $3 billion of single tenant net lease real estate transactions. From 2010-2015, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by CoStar and Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com