The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Dollar General located at 1382 Pitkin Road in Leesville, Louisiana for $1,084,873.<\/p>\n
The 9,014 square foot Dollar General building is strategically located along Highway 10 (Pitkin Road) which is the primary north-south thoroughfare in the trade area. The property is located in the immediate proximity to Fort Polk, a United States Army installation with over 10,000 soldiers. Fort Polk is the only Combat Training Center that also trains and deploys combat units.\u00a0 Dollar General serves as a primary convenience shopping destination for residents in the area with limited competition.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a local Louisiana based developer.\u00a0 The purchaser was a west-coast private partnership.<\/p>\n
The Dollar General was constructed in 2015. There are approximately fourteen years remaining on the Dollar General lease which expires on June 30, 2030. The lease features 10% rental escalations in each of the three 5-year renewal option periods. This absolute triple net lease features no landlord responsibilities. 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 provide attractive yeilds.\u201d<\/p>\n