The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Dollar General located at 403 South Main Street in Capac, Michigan for $1,438,887.
The newly constructed 9,002 square foot 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.
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.
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’s rating of BBB. Dollar General operates more than 12,500 stores in 43 states.
“New construction properties with long term leases to investment grade rated tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The market for new construction net leased dollar stores in favorable demographic locations remains active.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago: www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Email: Send Email
Address:3520 Lake Avenue Suite 203
Country: United States