The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Indiana Dollar General located at 2828 Central Avenue in Lake Station, Indiana for $1,062,000.<\/p>\n
The 9,014 square foot Indiana Dollar General property is strategically located just off of Interstate 94 (83,700 VPD), which connects Lake Station to Chicago. The property is ideally positioned along a primary east-west thoroughfare and near retailers including Chase, Walgreens, Burger King and Dunkin Donuts. This property boasts rare high populations for a dollar general site with approximately 50,000 people living within three miles and over 100,000 people living within five miles of the site. Additionally, the property is located in close proximity to Edison Junior Senior High School (622 students) which drives continual traffic to the corridor.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest based private investor and the buyer was a Texas based real estate investor.<\/p>\n
This lease has 4 years remaining in the primary term. There are also four 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
\u201cDollar Store properties with long operating histories and rental escalations are highly sought-after net lease assets\u201d said Randy Blankstein, President of The Boulder Group.\u00a0 Jimmy Goodman, Partner of The Boulder Group, added, \u201cThe market for net leased dollar stores located in high demographic remain most active.\u201d<\/p>\n