FROSTPROOF, Fla., July 24, 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 8,988-square foot net-leased property located in Frostproof, Florida., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $2,000,000.
Daniel Hurd, a senior investment advisor in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a private investor, was secured and represented by Daniel Hurd.
“We are very pleased with the results of this transaction. Dollar General deals continue to generate significant attention from investors nationwide and it was no surprise that we were able to generate numerous offers on this property throughout our exclusive listing period. The deal was ultimately purchased by an induvial investor who was in a 1031 exchange, at 98% of list price. My client is excited to reposition the proceeds into another long term, passive net leased investment,” Mr. Hurd stated.
Dollar General was built in 2009 and is positioned on a signalized hard corner of Highway 14 and benefits from 5,800 passing vehicles per day. Located just one block away from Dollar General is both Frostproof Middle School and Frostproof High School which is home to over 1,100 students. Frostproof is located in Polk County and is about 45 miles southeast from Lakeland. Large companies such as Publix and Walmart employ thousands of workers across the county while tourism becomes a greater contributor to jobs as well. The Lakeland metro, which encompasses all of Polk county, is uniquely situated to grow as a transportation hub, evidenced by the presence of FedEx and Amazon. Dollar General is located at 14 Hwy 630 E in Frostproof, Fla.
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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