The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Dollar General located at 812 N Walnut Street in Avoca, Iowa for $1,213,220.<\/p>\n
The 9,014 square foot triple net lease Dollar General in Iowa is strategically located along the trade area\u2019s primary north-south thoroughfare less than one mile south of Interstate-80.\u00a0 Dollar General serves as a primary convenience shopping destination for residents in the area with limited competition.\u00a0 The subject property is located within close proximity to multiple residential communities and local businesses.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Southeast based institution.\u00a0 The purchaser was a Midwest private partnership.<\/p>\n
The Dollar General lease has 13 years remaining and expires October 2030. The absolute triple net lease features no landlord responsibilities and 10% rental escalations in each of the three 5-year renewal option periods.\u00a0 Dollar General is an investment grade rated company with a Standard & Poor\u2019s rating of BBB. Dollar General operated more than 12,500 stores in 43 states.<\/p>\n
\u201cNew construction properties with long term leases to investment grade tenants with rental escalations are the most sought after net lease product\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cThe market for new construction net leased dollar stores remains active as these assets are in high demand among private investors.\u201d<\/p>\n