Sale of Four-Property Dollar General Portfolio Date October 7, 2026
The Boulder Group, a net leased investment brokerage firm, completed the sale of a four-property portfolio of single tenant net leased Dollar General properties all located in Michigan for $8,314,190.
The portfolio offers geographic diversification across northern, western and central Michigan. The Dollar General at 10464 Old 27 S in Gaylord is positioned along Old US Highway 27 South in Gaylord, the county seat of Otsego County. Known as Michigan’s “Alpine Village,” Gaylord sits along the Interstate 75 corridor and serves as a regional hub for year-round tourism, golf and outdoor recreation in northern Michigan. The Dollar General at 830 S Chestnut Street in Reed City is located along Chestnut Street, which carries the Business US 10 loop through the city. Reed City is the county seat of Osceola County and sits near the junction of US 10 and US 131, two of the primary highways serving western Michigan. The Dollar General at 2463 N Marshall Road in Honor is located in Benzie County, approximately 30 miles southwest of Traverse City and near Sleeping Bear Dunes National Lakeshore, one of the most visited destinations in the state. The Dollar General at 400 E Main Street in Vermontville is located in Eaton County within the Lansing-East Lansing Metropolitan Statistical Area, approximately 25 miles southwest of Lansing, the state capital. Vermontville is home to the Vermontville Maple Syrup Festival, which has been held since 1940. Each store serves as a primary source of everyday household essentials for its surrounding rural trade area.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented both the seller and the buyer in the transaction. The seller was a Midwest based developer and the buyer was a Northeast based investment fund.
Each property in the portfolio is leased to Dollar General on an absolute triple-net lease with no landlord responsibilities. Three of the four properties have 10,640-square-foot Dollar General Plus prototypes, which is a larger store format offering an expanded assortment of fresh and refrigerated products. The leases feature 5% rental increases every five years during the primary term and five 5-year renewal options with 5% increases at each option. The leases are guaranteed at the corporate level by Dollar General Corporation, which carries an investment-grade credit rating of BBB.
Dollar General Corporation is headquartered in Goodlettsville, Tennessee and is one of the largest discount retailers in the United States. The company was founded in 1939 and has grown into what it describes as “America’s neighborhood general store,” with a store base concentrated in small towns and rural communities. As of January 30, 2026, Dollar General operated 20,893 stores, including Dollar General, DG Market, DGX and pOpshelf locations across the United States as well as Mi Súper Dollar General stores in Mexico. The company reported net sales of $42.7 billion for fiscal year 2025, a 5.2% increase over the prior year, and opened 589 new stores during the year. Dollar General offers a broad selection of consumables, seasonal items, home products and apparel at everyday low prices. Dollar General Corporation carries an investment-grade credit rating.
“Newer construction Dollar General properties with absolute NNN leases and an investment-grade corporate guaranty continue to be among the most sought-after offerings in the net lease sector,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Offering these four Michigan properties as a single portfolio allowed the buyer to acquire a well balanced credit portfolio of properties.” John Feeney, Senior Vice President of The Boulder Group, noted, “The buyer was attracted to the passive income characteristics of the absolute NNN leases, the scheduled rental increases, and the essential role each Dollar General plays in its rural community, making this an ideal long-term net lease investment.”
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 2015–2025, 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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