BROOKER, Fla., March 13, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Dollar General, a 9,026-square foot net-leased property located in Brooker, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,269,445.
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 also secured and represented by Daniel Hurd.
Dollar General is located at 11679 SW State Road 231 in Brooker, Fla. Built in 2011,The building consists of 9,088 rentable square feet and has ample parking.
“We were able to generate a significant amount of interest on this deal in large part because of the lower price point and the rare rent increase in the base term. My team’s strategic marketing campaign consisted of direct mailers, email blasts, cold calls, connecting with 1031 exchange buyers, and direct targeting of other dollar store owners. This resulted in 5 offers being generated on the deal, ultimately closing at 98% of list price. Although capitalization rates have shifted in the buyer’s favor over the last 12-18 months, I foresee a continued demand for Dollar General stores moving forward. The company is firing on all cylinders and is doing a tremendous job on their strategic expansion, which has investors aggressively perusing investment opportunities,” says Mr. Hurd.
Dollar General has earned a BBB credit rating by Standard & Poor’s. The site is conveniently located near several neighborhoods and has minimal area competition. Brooker is part of Bradford County and is located 17 miles north of Gainesville, Fla.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 9,472 transactions in 2018 with a value of approximately $46.4 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.