The Boulder Group completed the sale of a single-tenant Dollar General store at 3401 James Savage Road in Midland, Michigan, for more than $1.45 million.
The 9,002-square-foot building is positioned off of James Savage Road, a primary east-west thoroughfare that merges into US-10. The property is located in an area populated with retailers such as Walgreens, CVS Pharmacy, McDonald’s, Burger King, Tim Hortons and O’Reilly Auto Parts.
Dollar General also neighbors the DOW Chemical Headquarters, which employs more than 5,000 people. There are more than 50,000 people living within five miles of the property.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller is a Midwest-based developer and the buyer was a Midwest-based real estate investor.
This investment features new construction with a 15-year lease. There are also five 5-year renewal option periods with 10 percent rental escalations at the start of each. Dollar General operates more than 12,500 stores in 43 states.