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 Waynesburg, KY, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $500,000.
Daniel Hurd, senior 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 secured and represented by Daniel Hurd. Broker, Colby Haugness, assisted in closing this transaction.
“This deal generated six offers within the first week on market and was ultimately purchased by individual investor out of Tennessee, who happens to own many other Dollar General Stores. Although Waynesburg is a rather rural town, the Buyer was very pleased with the recent lease renewal by the tenant, which demonstrates Dollar General’s continued commitment to this site, in addition to the steady customer traffic that visits the store on a daily basis,” says Hurd.
“Additional offers and interest came from various 1031 buyers and other dollar store owners, which is no surprise as we have made huge strides over the past 24 months in expanding our database of Dollar General owners across the country. It is very common that the best offers come in within the first couple weeks because we make it a point to get the marketing material in front of the most likely and probable buyers. Maximum exposure is absolutely crucial to our marketing process. Our personal marketing campaign has access to over 24,000 investors and 85,000 licensed real estate agents and 8,500 Dollar General owners nationwide,” adds Hurd.
Built to suit in 2004, Dollar General signed an original 10-year lease agreement. There have been two early lease renewals, the most recent extends the current lease through October 2024. The tenant is responsible for insurance reimbursement of real estate taxes, common area maintenance and minor repairs totaling less than $750 per occurrence. The landlord obligations are limited to roof and structure.
Dollar General is located at 14138 US Highway 27 South in Waynesburg, KY.
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
