The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Dollar General located at 3401 James Savage Road in Midland, Michigan for $1,456,920.
The 9,002 square foot building is strategically positioned off of James Savage Road (10,100 VPD), a primary east-west thoroughfare that merges into US-10 (43,000 VPD). Dollar General benefits from its location due to the lack of competition along James Savage Road. The property is located in an area populated with retailers such as Walgreens, CVS Pharmacy, McDonald’s, Burger King, Tim Hortons and O’Reilly Auto Parts. Dollar General also neighbors the DOW Chemical Headquarters, which employs over 5,000 people. There are over 50,000 people living within 5 miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller is a Midwest based developer and the buyer was a Midwest based real estate investor.
This investment features new construction with a 15-year lease. There are also five 5-year renewal option periods with 10% rental escalations at the start of each. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB. Dollar General operates more than 12,500 stores in 43 states.
“New construction properties with long term leases to investment grade tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The market for new construction net leased dollar stores in favorable demographic locations remains active.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2019, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
Address:3520 Lake Avenue Suite 203
Country: United States