Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Dollar General Retail Center, a 13,720-square foot net-leased property located in Charleston, Miss., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $310,000.
Daniel Hurd and Cole Skinner, senior investment advisors 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, a senior investment advisor in Marcus & Millichap’s Tampa office. William Davis, Broker, assisted in closing this transaction.
“This was definitely one of the more interesting Dollar General deals we have sold so far this year for several reasons. The majority of deals we market and sell for clients are single tenant. Charleston’s store not only included two other local tenants but was a slightly smaller footprint for Dollar General. Furthermore, all leases were differently structured, requiring the landlord (Buyer) to take on some additional maintenance and management responsibilities which most Dollar General owners are not accustomed to. I was able to overcome these objections and ultimately procure an all-cash offer, with a 15-day inspection period, closing five days thereafter,” said Daniel Hurd. “The Buyer is a private investor out of California and was attracted to this deal for the value-add component. We see a high likelihood for all tenants to continue renewing their lease agreements and the opportunity to increase rental rates moving forward, further increasing the Buyer’s return on investment,” added Hurd.
Dollar General Retail Center is located at 107 West Main Street in Charleston, Miss. There are two other tenants that accompany Dollar General, both of which have been structured with one-year lease terms respectively. Dollar General has two-plus years remaining on its current lease term.
The store is positioned in the heart of Charleston, which hosts a population of 2,600+ within one-mile. There have been new HVAC units installed in 2017 and the parking, located on the street, is city maintained.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.
