Louisiana Triple Net Lease Dollar General Changes Hands
- May 19, 2017
The Boulder Group has arranged the sale of a single-tenant Dollar General in Columbia, La. A southern-based private partnership purchased the asset for $1.3 million.
The 10,640-square-foot building was completed in 2016 and is strategically located along Highway 165, the primary north-south artery in the trade area. Additionally, the store is close to various national retailers, including McDonald’s, Sonic Drive-In, Mobil, Brookshire Grocery and Family Dollar. The Dollar General lease is set to expire in 2031. The absolute triple net lease features no landlord responsibilities and has 10 percent rental escalation in each of the three five-year renewal option periods.
The Boulder Group’s President Randy Blankstein and Partner Jimmy Goodman brokered the transaction on behalf of the seller, a Lousiana-based developer.
“New construction properties with long-term leases to investment-grade tenants with rental escalations are the most sought after net lease product,” Blankstein said in prepared remarks. “The market for new construction net leased dollar stores remains active as these assets are in high demand among investors,” Goodman added.
Image courtesy of The Boulder Group