The Boulder Group completed the sale of a four-property portfolio of single tenant net leased Dollar General properties in Michigan for $8,314,190.
The portfolio consists of four newly constructed Dollar General stores located in Gaylord, Reed City, Honor and Vermontville, Michigan, offering geographic diversification across the northern, western and central regions of the state. The properties are situated in established communities with convenient highway access, and several benefit from steady year-round tourism and outdoor recreation traffic. Each store serves as a primary source of everyday household essentials for its surrounding rural trade area.
Randy Blankstein, Jimmy Goodman and John Feeney of The Boulder Group represented both the seller and the buyer in the transaction. The seller was a Midwest based developer and the buyer was a Northeast based investment fund.
Each property in the portfolio is leased to Dollar General on an absolute triple-net lease with no landlord responsibilities. Three of the four properties have 10,640-square-foot Dollar General Plus prototypes, which is a larger store format offering an expanded assortment of fresh and refrigerated products. The leases feature 5% rental increases every five years during the primary term and five 5-year renewal options with 5% increases at each option. The leases are guaranteed at the corporate level by Dollar General Corporation, which carries an investment-grade credit rating of BBB.
