The Cooper Commercial Investment Group closed the sale of a single-tenant absolute NNN Dollar General in Avon, Minnesota, a suburb of St. Cloud.
The property is newer construction with Dollar General’s lease beginning in 2019 with 15 years of original term, leaving about 12.5 years remaining. The lease includes multiple option periods with 10% increases in each period. The tenant handles all on-site maintenance and repairs to the building, including roof and structure, and all other operating expenses.
Bob Havasi and Dan Cooper of the Cooper Commercial Investment Group in Cleveland represented the seller, a private investment group out of Florida. The all-cash buyer was found on the third day of marketing the asset for sale and purchased the property for the full asking price of $1.64 million, a 5.50% CAP rate.
