Stan Johnson Company completed the sale of a single-tenant retail property leased to Dollar Tree in Dearborn Heights, Michigan.
The property is 9,180 square feet and is located at 3543 South Beech Daly Road in Dearborn Heights. Chris Adams of Stan Johnson Company represented the buyer, Dollar Store Investor LLC, a private investor based in California.
Campbell Black, also of Stan Johnson Company, represented the seller, a Texas-based developer. The property traded for about $0.8 million at an 8.56 percent cap rate.
In October 2019, this suburban Detroit location rebranded from Family Dollar to Dollar Tree and underwent a significant capital improvement. The build-to-suit property sits on 0.76 acres and was constructed in 2006. At the time of sale, there were about four-and-a-half years left on the tenant’s double net lease.
