Louisiana Triple Net Leased Property Changes Hands
- Mar 23, 2017
Shreveport, La.—The Boulder Group completed the sale of a Dollar General building in Grand Cane, La. The single tenant property traded for approximately $1.2 million.
“The market for new construction net leased dollar stores remains active as these assets are in high demand among private investors,” Jimmy Goodman, partner of The Boulder Group, said in prepared remarks.
Located at 8212 Highway 171, the 9,014-square-foot building is located less than 30 miles south of Shreveport, La., along Louisiana Highway 171, the primary north-south trade artery. The Dollar General has 14 years of lease remaining. The absolute triple net lease is free of any landlord responsibilities and features 10 percent rental escalations in each of the three, 5-year renewal option periods.
“New construction properties with long term leases to investment grade tenants with rental escalations are the most sought after net lease product,” Randy Blankstein, president of The Boulder Group, said in a prepared statement.
Goodman and Blankstein represented the seller, a local Louisiana-based developer. The property was purchased by a southwest private partnership.
Image courtesy of The Boulder Group