The Boulder Group completed the sale of a single-tenant Dollar General at 2828 Central Ave. in Lake Station, Indiana, for $1.062 million.
The 9,014-square-foot property is located just off Interstate-94, which connects Lake Station to Chicago. The property is positioned along a primary east-west thoroughfare and near retailers including Chase, Walgreens, Burger King and Dunkin Donuts.
This property boasts rare high populations for a Dollar General site with about 50,000 people living within three miles and more than 100,000 people living within five miles of the site. Additionally, the property is located in close proximity to Edison Junior Senior High School, which drives continual traffic to the corridor.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The seller is a Midwest-based private investor and the buyer was a Texas-based real estate investor.
This lease has four years remaining in the primary term. There are also four five-year renewal option periods with 10 percent rental escalations at the start of each. Dollar General is an investment-grade-rated company with a Standard & Poor’s rating of BBB. Dollar General operates more than 12,500 stores in 43 states.