The Boulder Group, a net leased investment brokerage firm, has completed the sale of a single tenant Family Dollar property located at 4802 Bridgewood Drive in Killen, TX for $1,655,225.
The 9,180 square foot newly constructed Family Dollar property is located at the intersection of West Stan Schlueter and Bridgewood Drive. West Stan Schlueter is a primary east-west thoroughfare. The surrounding area is densely populated with over 15,000 people living within a one mile radius. The projected annual rate of growth within a three mile radius is in excess of 2.25%. In addition to the rapid residential growth in the area, there are several large commercial development projects currently underway. A 431,486 square foot Walmart Supercenter anchored development is under construction and is located less than three-quarters of a mile to the east of the property.
Jordan Kaufman of The Boulder Group exclusively represented the seller in the transaction; a Texas-based private developer. The purchaser was a private Midwest-based investor in a 1031 Exchange.
The newly constructed Family Dollar has ten years remaining. The lease features 10% rental escalations in each of the six 5-year renewal option periods. Family Dollar is an investment grade rated tenant with a Standard & Poor’s rating of BBB-.
“Net lease properties with strong residual value in rapidly expanding areas are highly sought after amongst the investment community” said Jordan Kaufman, Vice President of The Boulder Group.
