LAUREL, Miss., August 27, 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 9,014-square foot net-leased property located in Laurel, Miss., according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $652,000.
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 private investor. The buyer, a private investor, was also secured and represented by Daniel Hurd. Elizabeth Williams, Broker, assisted in closing this transaction.
“The dollar store sector has continued to be white-hot this year. In an environment where so many other retailers are consolidating, Dollar General dominates the rural markets where their competitors cannot afford to operate in. We are selling deals all across the country and there is no sign that things will slow down anytime soon. My team and I are on pace for a record year and we look forward to a continued growing market share moving forward,” stated Mr. Hurd.
Constructed in 2005, Dollar General is situated on an approximately 1.70-acre parcel of land. Dollar General has just over three years remaining on a recent lease extension, which demonstrates their continued commitment to this location. Additionally, there are four, five-year renewal options with rent increases associated in each.
Located in Laurel, Miss., Dollar General has traffic counts of more than 17,000 on U.S. Highway 84 East and 23,000 on I-59. Mississippi has consistently been a strong producing market for Dollar General with over 1,300 locations statewide. Dollar General is located at 91 Eastview Drive in Laurel, Miss.
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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