The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net leased Michigan Dollar General located at 3401 James Savage Road in Midland, Michigan for $1,456,920.<\/p>\n
The 9,002 square foot net leased Michigan Dollar General building is strategically positioned off of James Savage Road (10,100 VPD), a primary east-west thoroughfare that merges into US-10 (43,000 VPD). Dollar General benefits from its location due to the lack of competition along James Savage Road. The property is located in an area populated with retailers such as Walgreens, CVS Pharmacy, McDonald\u2019s, Burger King, Tim Hortons and O\u2019Reilly Auto Parts. Dollar General also neighbors the DOW Chemical Headquarters, which employs over 5,000 people. There are over 50,000 people living within 5 miles of the property.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller is a Midwest based developer and the buyer was a Midwest based real estate investor.<\/p>\n
This investment features new construction with a 15-year lease. There are also five 5-year renewal option periods with 10% rental escalations at the start of each. Dollar General is an investment grade rated company with a Standard & Poor\u2019s rating of BBB. Dollar General operates 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 in favorable demographic locations remains active.\u201d<\/p>\n