The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant net lease Michigan Dollar General located at 403 South Main Street in Capac for $1,438,887.<\/p>\n
The newly constructed 9,002 square foot net lease Michigan property is strategically located just off of Interstate 69 (16,000+ VPD), which is a primary east-west thoroughfare throughout Michigan. Dollar General serves as a primary convenience shopping destination for residents in the area with limited competition. The Dollar General property is also located near Capac High School, Middle School and Elementary School which drives continual traffic to the corridor. There are over 32,000 people living within ten miles of the property with an average household income of $76,162. Capac is located approximately 50 miles north of Detroit.<\/p>\n
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a Midwest based developer and the buyer was a private investor from Michigan.<\/p>\n
This Dollar General property 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 rated 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