(Northbrook, IL – May 26, 2017) –- (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant new construction Dollar General located at 12904 Highway-10 in Pitkin, Louisiana for $1,117,300.
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The 9,026 square foot Dollar General building is strategically located along Highway-10 which is the primary thoroughfare in the trade area. The Dollar General is located approximately twelve miles south of Fort Polk. Fort Polk is an US Army Installation which encompasses approximately 198,000 acres. Fort Polk is the only Combat Training Center that also trains and deploys combat units. There are roughly 10,900 troops stationed at Fort Polk which generated an annual payroll of $985 million.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction; a local Louisiana based developer. The purchaser was a West-coast private partnership.
The Dollar General lease has 13 years remaining and expires May 2031. The absolute triple net lease features no landlord responsibilities and 10% rental escalations in each of the three 5-year renewal option periods. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB. Dollar General operated 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 remains active as these assets are in high demand among private investors.”
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 $4 billion of single tenant net lease real estate transactions. From 2011-2016, 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
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