Newmark announces the sale of an off-market portfolio for six Dollar General locations in Texas and Maine for a total of $9.6 million.
Newmark’s Executive Managing Director Matt Berres and Director Samer Khalil represented the seller, an undisclosed developer, and procured the undisclosed institutional buyer, in cooperation with Newmark’s Lispah Hogan in Texas and Drew Sigfridson, SIOR of The Boulos Company in Maine.
“The six Dollar General locations in this portfolio were attractive due to their new construction, long-term leases and investment grade credit,” commented Berres. “Dollar General has been one of the retail sector’s clear winners through the pandemic and remains in strong demand among the most active net lease investors across the U.S.”
The portfolio included the following Dollar General locations across Texas and Maine:
- 3840 Farm to Market Road 1936 in Odessa, TX purchased for $1,792,349
- 310 East Powell Street in Willis, TX purchased for $1,744,233
- 11401 County Road 410 in Somerville, TX purchased for $1,472,062
- 12 Bradly Road in Milford, ME purchased for $1,605,840
- 87 Access Highway in Limeston, ME purchased for $1,455,766
- 406 Main Street in Bingham, ME purchased for $1,522,453
“Dollar General’s impressive growth has continued with a 24.4 percent increase in net sales and an 18.8 percent increase in same-store sales, ending 2Q20,” added Khalil. “It’s no surprise we have seen little to no cap rate movement as a result of the pandemic.”
Dollar General Corporation is an American chain of variety stores headquartered
in Goodlettsville, Tennessee. Dollar General is a neighborhood general
store offering hassle-free and affordable shopping and operated 16,720
stores in 46 states as of July 31, 2020.
About Newmark Group, Inc. (NASDAQ: NMRK)
Newmark Group, Inc. is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology and industry expertise, Newmark brings ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark Group, Inc. generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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