Bradner Dollar General sold for $1.5 million | News
BRADNER — A private buyer based in San Diego is the new owner of the Dollar General property in the village.
Hanley Investment Group Real Estate Advisors announced that the firm has arranged the sale of two, brand-new construction, single-tenant Dollar General properties in Ohio in separate transactions.
The two, new build-to-suit properties are located in Bradner and Windham and sold for a combined consideration of $3.1 million.
Hanley Investment Group’s Senior Associate Beau Velten, along with executive vice presidents Jeff Lefko and Bill Asher, in conjunction with ParaSell Inc., represented the buyer, a private 1031 exchange buyer based in San Diego, California, in both transactions. The seller and developer of both properties, Zaremba Group of Lakewood, Ohio, was represented by Doug Holtzman and Tori Nook of Anchor Cleveland in Beachwood.
“Hanley Investment Group represented the California-based investor who traded out of a multi-family property,” said Velten. ”We helped facilitate our client’s goal to acquire two passive retail investments at above-market returns outside of California to fulfill a 1031 exchange requirement Additionally, we worked with multiple lenders in order to secure the best possible financing for the buyer.”
Lefko adds, “Both Dollar General properties were brand-new, 2020 construction, with 15-year, absolute triple-net leases. The lease structures provide minimal management responsibilities, ideal for our client who was seeking more passive ownership compared to the more management intensive apartments they sold.”
The Bradner Dollar General store is a freestanding, 9,026-square-foot store located at 1107 Bowling Green Road East. The sale price was $1.5 million. The property sits on 2.04 acres.
Dollar General was founded in 1939 and is headquartered in Goodlettsville, Tennessee, a suburb of Nashville. Dollar General Corporation (NYSE: DG) is a leading discount retailer with more than 17,000 stores in 46 states and has been delivering value to shoppers for more than 80 years. The company recently reported 31 consecutive years of same-store sales growth through 2020 and did $33.7 billion in net sales in 2020, an increase of 21.6% over the previous fiscal year.
In the company’s fourth quarter 2020 report, Dollar General reiterated its plans to execute 2,900 real estate projects in fiscal year 2021, including 1,050 new store openings, 1,750 remodels and 100 store relocations.
In the last 24 months, Hanley Investment Group has arranged the sale of 81 retail properties valued at $341 million in the Midwest.
Read More: Bradner Dollar General sold for $1.5 million | News