The Boulder Group completed the sale of a single-tenant Dollar General Market at 3451 W. 37th Ave. in Hobart, Indiana, for more than $2.139 million.
The newly constructed building is the larger and highly coveted 12,480 SF prototype. The Dollar General Market lease is NNN and has 15 years remaining. The lease features 5% rental escalations every five years throughout the primary term and at all five of the 5-year renewal options.
The property has a desirable location along West 37th Avenue (19,800 VPD), just ½ mile east of I-65 (110,033 VPD) and less than 2 miles from I-94 (169,885 VPD). Nearly 123,000 people live within a 5-mile radius of the property, and the average household income exceeds $67,000 within 5 miles. The property is located within the Chicago MSA, less than 40 miles from downtown Chicago. The property will benefit from limited grocery store and convenience store competition in the surrounding area.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest-based developer, and the buyer is an Indiana-based individual.
Dollar General is an investment-grade rated company with a Standard & Poor’s rating of BBB. The company was founded in 1939 and is headquartered in Goodlettsville, Tennessee. Dollar General is ranked #111 on the 2024 Fortune 500 list. Dollar General has over 193,000 employees and operates more than 20,000 stores in 48 states as of August 2024.
