Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Dollar General, a 9,014-square foot net-leased property located in Orange City, IA, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $665,000.
Daniel Hurd and Edward Kemp, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Daniel Hurd and Edward Kemp. Barry A'Hearn, Broker, assisted in closing this transaction.
“We took on this exclusive listing with extremely high expectations. Our strategic marketing campaign allowed us generate eight offers in the first two weeks on market and ultimately procure a Buyer who closed at 98% of list price. This is just another excellent example of how the exclusive listing process yields the highest net proceeds for our Sellers. Marketing exposure, leveraging offers and vetting potential buyers is key to getting our deals to the finish line. Although interest rates and capitalization rates are on the rise, we continue to see huge demand for dollar store deals all across the country and look forward to continued success in 2019,” says Mr. Hurd.
Dollar General has recently executed an early extension leaving eight years remaining on a double-net lease, which allows for minimal landlord responsibilities. Additionally, there are four, five-year renewal options with rental increases in each. The immediate area has experienced tremendous population growth of 35% within a one-mile radius and 11% population growth in both the three and five-mile radius. The site is conveniently located near several neighborhoods, Northwestern College, Orange County Municipal Airport and benefits from minimal area competition.
Dollar General is located at 1103 8th Street Southeast in Orange City, IA.
About Marcus & Millichap (NYSE: MMI)
With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
