The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Dollar General portfolio located in Battle Creek, Michigan, Bedford, Indiana, Sheffield, Illinois and Streator, Illinois for $5,431,341.<\/p>\n
Each Dollar General is strategically located within the main commercial areas.\u00a0 Dollar General serves as a primary convenience shopping destination for residents in these areas with limited competition. The properties are positioned within proximity to each area\u2019s main employers. Dollar General offers both name-brand and generic merchandise including off-brand goods and closeouts of name-brand items. Although it has the word dollar in the name, Dollar General is not a dollar store. Many of its offerings are priced at more than one dollar.<\/p>\n
Randy Blankstein and John Feeney of The Boulder Group represented both sides of the transaction. The seller was a Westcoast based private individual and the buyer was a Midwest based institution.<\/p>\n
Each property has remaining lease term that ranges from 10 to 12 years. There are various 5 -year renewal option periods with each location 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 15,000 stores in 45 states.<\/p>\n
\u201cNewer 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 John Feeney, Senior Vice President of The Boulder Group, added, \u201cThe market for net leased dollar stores remains active throughout the country.\u201d<\/p>\n