The Boulder Group, a net leased investment brokerage firm, has completed the sale of a new construction single tenant Dollar General property located at 426 Talcottville Road in Vernon, CT for $1,572,794.
The 9,262 square foot brand new construction Dollar General is located on a 1.11 acre parcel along Talcottville Road. Talcottville Road is a primary north-south thoroughfare in the area and experiences traffic counts in excess of 25,000 vehicles per day. There are approximately 50,000 people living within a three mile radius earning average household incomes in excess of $85,000 annually. Surrounding retailers include Aldi, Walgreens, Tractor Supply, and Advance Auto Parts. There are fifteen lease years remaining on the Dollar General lease.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer in the transaction, California based investment firm. The seller was a Northeast based developer. The new Dollar General lease is for fifteen years and features a rental escalation in the primary term and in each renewal option period. Dollar General is an investment grade rated tenant with a Standard and Poor’s rating of BBB- and is also publicly traded on the New York Stock Exchange with a market capitalization in excess of $18 billion. “Despite the short term uncertainty of the dollar store sector, there is still strong demand for dollar stores located in top metros with long term leases” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “New construction dollar store properties remain at the forefront of investor demand amongst dollar store investors.”