TOPMOST, KY, July 5, 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 a brand-new construction Family Dollar, a 8,320-square-foot net-leased property located in Topmost, Kentucky, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $950,000.
The buyer, a private investor, was secured and represented by Daniel Hurd, a senior investment advisor in Marcus & Millichap’s Tampa office. Colby Haugness, Broker, assisted in closing this transaction. Family Dollar is located at 6801 Highway 7 S in Topmost, KY.
“I was able to get my client into this deal at an excellent price point and annual rate of return. Additionally, we were able to navigate a short due diligence period and successfully plan for the closing to occur almost simultaneously with the store opening. The property is very well positioned, given the tenants business model and it benefits from no immediate nearby retail competition. This store will provide the surrounding communities with a low price and hassle-free shopping experience for years to come. We continue to see an increase in investor demand for discount dollar stores, especially new construction product, “stated Hurd.
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About Marcus & Millichap (NYSE: MMI)
With over 1,800 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 2017 with a value of approximately $42.2 billion. Marcus & Millichap 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