LAKE WALES, FL, October 28, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Dollar General, a 9,100-square foot net-leased property located in Lake Wales, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,998,700.
The buyer, a private investor, was secured and represented by Daniel Hurd, an associate in Marcus & Millichap’s Tampa office.
Dollar General is located on Scenic Highway 17 in Lake Wales, Florida. This location was one of nearly 800 new Dollar General locations that will be opened this year. It was a built-to-suit, prototype design which featured upgraded construction and benefited from a 1.85 acre parcel of land.
“My client is an experienced single-tenant, net-leased property investor who is local to the Florida market,” says Hurd. “He was excited about the purchase and sees great value in the newly constructed property and favorable lease structure. This investment serves as a form of truly passive income and my client intends to keep this in his portfolio for many years to come.”
# # #
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com