OAK HILL, Fla., Feb. 21, 2018 – 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 Oak Hill, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $1,515,000.
Daniel Hurd, an investment specialist in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Mr. Hurd secured and represented the buyer, a private investor.
“The property generated a tremendous amount of interest throughout the marketing period, which resulted in the procurement of a Florida based limited liability corporation to purchase the deal. In today’s market where most buyers are seeking deals with long-term leases and strong intrinsic real estate value, the Dollar General in Oak Hill was challenging due to the shorter lease term and high rental rate based on the rural surrounding demographics. Fortunately, this location benefits from no grocery and discount dollar store competition within five miles which allows the Dollar General to best serve the local community,” says Mr. Hurd.
Constructed in 2009, Dollar General is subject to an original 15-year double-net lease which runs through October of 2024. Landlord responsibilities are limited to the roof and structural aspects of the building.
The building consists of 9,100 rentable square feet and is situated on a 1.56-acre parcel. Dollar General sits on a corner lot on U.S. Highway 1 and Halifax Avenue. Dollar General is located at 107 South U.S. Highway 1 in Oak Hill, Florida.
# # #
About Marcus & Millichap (NYSE: MMI)
With over 1,700 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 9,000 transactions in 2016 with a value of approximately $42.3 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