(Northbrook, IL- February 2, 2018) – (RealEstateRama) — The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant net leased Dollar General property located at 23300 435th Avenue in Howard, South Dakota for $1,130,000.
The newly constructed 9,026 square foot property is strategically located along Highway 34, the primary thoroughfare in the area. Dollar General serves as a primary convenience shopping destination for residents in the area with limited competition. The subject property is located within close proximity to multiple residential communities, local businesses and schools. Howard is a center in South Dakota for renewable energy, organic beef production, and rural community development. It is the county seat and most populous city in Miner County, within an hour’s drive of Sioux Falls, Brookings, Mitchell, and Huron, South Dakota.
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Randy Blankstein and Asher Wenig of The Boulder Group represented both parties in the transaction. The seller was a Midwest based real estate developer. The purchaser was a Northeast based private investor.
The Dollar General lease has over 14 years remaining and expires August 31, 2032. The absolute triple net lease features a 3% rental escalation in the eleventh lease year and 10% rental escalations in the four 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 13,350 stores in 43 states.
“Newly constructed properties with long term leases, investment grade tenants and rental escalations are sought after products on the net lease real estate market.” said Randy Blankstein, President of The Boulder Group. Asher Wenig, Vice President of The Boulder Group, added, “The market for recently constructed net leased Dollar General 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 2012-2017, 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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Media Contact:
Randy Blankstein
The Boulder Group
847-562-0003
