Calkain's Executive Managing Director, Andrew Fallon has recently completed the sale of two Dollar General stores, one in Halifax, VA and one in Petersburg, VA. Both properties were similar in size, approximately 9,000+/- square feet and are 100% leased to Dollar General Corporation. Developed as new build-to-suit stores in 2012, each location has just under 11 years left on the leases, and both were true NNN structures with no landlord responsibilities. The Halifax, VA store sold for $1,241,555, a6.75% cap rate,while the store in Petersburg, VA sold for $1,410,000, a 6.55% cap rate.
“Both of these buyers were involved in a 1031 exchange and were local to Virginia,” commented Fallon. “We continue to see investors attracted to Dollar Generals because of their investment-grade corporate credit, rated BBB by S&P, long-term lease structure, and the attractive price point that appeals to a broad spectrum of the buyer pool.” Fallon originally sold these same locations in 2012, when they were built by the developer.
These sales mark the 19th and 20th Dollar Generals that Fallon has sold in the last 24 months, with 6more currently either under contract or LOI. Fallon’s present inventory includes several other Dollar General listings as well as additional investment grade, single-tenant net lease properties geographically spread throughout the east coast. For more information on these properties, contact Andrew Fallon at afallon@calkain.com or (703) 787-4733.
Calkain Companies is a commercial real estate brokerage firm which specializes in assisting buyers and sellers with single and multi-tenant net leased properties through all aspects of the transaction including advisory, brokerage, debt placement, equity placement, asset management and research. Calkain has a national platform with multiple office locations throughout the entire East Coast.Additional information about the firm and listings may be found at www.calkain.com.
