Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Dollar General, a 9,026-square foot net-leased property located in Roper, NC, according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $1,080,000.
Cole Skinner and Daniel Hurd, 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 Bobby Gross and Darpan Patel, investment specialists in Marcus & Millichap’s Tampa and Cincinnati offices. Broker, Ben Yelm, assisted in closing this transaction.
“It was great to work with Darpan and Bobby and collaborate internally on this deal. That allowed a lot of really good communication from start to finish, which was advantageous for both of our clients and overall it was a very smooth and seamless transaction. I know our seller was very pleased with how efficient the process was, and that’s what matters, ” said Mr. Skinner.
“This exclusive listing generated multiple offers and went under contract after just a couple weeks of being on market. There is a large appetite for these shorter term, absolute net lease dollar stores and the sellers were able to capitalize on the investor demand. We were fortunate to have a great deal team involved on this transaction and closed without any delays,” added Mr. Hurd.
“It was great to help our client execute a 1031 exchange and secure financing, especially during such an uncertain time period. The sentiment in the market is driving investors to acquire stable, credit tenants and Dollar General property provide an easier entry point,” said Mr. Patel.
“As I echo what has already been said, I would just like to add, the buyer expressed her gratitude by commending Marcus & Millichap, for our platform, professionalism and efficiency. Professionally, it truly was a great experience to represent her and get this deal done. Thank you to all parties involved,” added Mr. Gross.
Dollar General is located in Roper, NC. The property was developed in 2010 and sits on a large 1.7-acre parcel. This is an absolute NNN lease, which provides a passive investment vehicle for the investor.
The store is positioned strategically along the main traffic artery through town, which allows excellent visibility in this niche market. There is a competition void, with the closest dollar store being over five miles away.
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.
