Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales has announced the sale of Dollar General, a 9,002 square-foot net-leased property located in St. Augustine, FL. According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $1,995,970.
The buyer, a limited liability company, was secured and represented by Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office. “The purchaser was attracted to this asset due to the quality of the underlying real estate and the synergies of the surrounding tenants. Fresh equity from investors looking for public market alternatives have been chasing net lease inventory at a growing pace.” said Garthwaite.
The Property is located at 35 Murabella Pkwy in St. Augustine, FL. The city of St. Augustine is located between Northeast and East Central Florida and is convenient to Jacksonville, Orlando, and Daytona airports. The distinct history of St. Augustine along with its 42 miles of gorgeous beaches have made the city a major tourist attraction that brings 2 million visitors annually. This single tenant Absolute NNN investment fully leased to Dollar General on a corporate guaranteed lease is rated “BBB” by Standard & Poor’s. With approximately 8 years remaining and four (5) year options, this opportunity provides long term stable cash flow with zero landlord responsibilities. “Essential retail continues to be on the minds of investors as pandemic uncertainty remains, and Dollar General provides a good hedge against the potential for another shutdown and prolonged recession.” noted Dougherty.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 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.
