Northbrook, IL, April 23, 2015 --(PR.com
)-- The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net lease Dollar General Plus property located at 2091 Chapel Hill Road in Burlington, NC for $2,400,850. Dollar General Plus locations are larger than traditional Dollar General stores and have more coolers/freezers to keep more perishable items in stock.
The 1.83 acre parcel is located along Chapel Hill Road just off of a heavily trafficked signalized intersection approximately 20 miles east of Greensboro. The signalized intersection of Chapel Hill Road and Maple Avenue experiences traffic counts in excess of 36,000 vehicles per day. The property is located one-quarter mile from access to Interstate 40/85 which experiences traffic counts in excess of 115,000 vehicles per day. There are over 85,000 people living within a five mile radius earning average household incomes of approximately $55,000.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a Midwest based real estate investment company. The purchaser was California based real estate investment firm.
The Dollar General Plus lease has over 12 years remaining and expires on November 30, 2027. It is a relocation of a previously successful store. The lease features a rental escalation in the 11th lease year and 10% rental escalations in each renewal option period. Dollar General is an investment grade rated company (S&P: BBB-) and is publicly traded with a market capitalization in excess of $22 billion.
“The market for net leased properties in major markets remains active as these assets are in high demand among private investors,” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “Properties with long operating histories and an established customer base will continue to garner significant investor interest as they provide for an additional level of security.”
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 $2.1 billion of single tenant net lease real estate transactions. From 2010-2014, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com