Marcus & Millichap brokered the sale of a 9,900-square-foot, net-leased Dollar General property located in Polo, Illinois, according to Christopher W. Travis, regional manager of the firm’s Tampa office. The asset sold for $850,000.
Daniel Hurd and Edward Kemp, investment advisors with the Hurd Net Lease Group in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was secured and represented by Hurd and Kemp. Steven Weinstock, broker, assisted in closing this transaction.
Dollar General is located at 107 E. Dixon Street and was renovated for Dollar General in 2009. The fast-growing retailer boasts some 15,500 discount stores in some 45 U.S. states, mostly in the South, the Midwest, and the Southwest.
“We were able to generate multiple offers through our strategic marketing campaign. The buyer came from out of market and sourced a loan through Marcus & Millichap Capital Corporation, working with Garrett Fierstein,” said Kemp. “We successfully closed within 60 days of contract at 99 percent of the asking price. Through our specialization in dollar stores, we had the experience to successfully navigate the deal and ensure it got across the finish line.”
“The buyers were initially hesitant about the shorter-term lease agreement with Dollar General. While under contract, I was able to successfully negotiate an early five-year extension for the buyers, which demonstrated not only that Dollar General was profitable at this site, but that they were committed to this market long term,” said Hurd.
