The Boulder Group, a net leased investment brokerage firm completed the sale of a single tenant Dollar General located at 1989 East Shore Drive in Lansing, New York for $1,465,000.
The 9,002 square foot property is strategically located on Route 34, which is a primary north/south thoroughfare for the area. Dollar General serves as a primary convenience shopping destination for residents in the area with limited competition. The Dollar General property is located near Lansing Pizzeria, USPS, Lansing Car Wash, and Lansing High School. It is also 6 miles north of Cornell University (24,000 Students). There are over 88,974 people living within ten miles of the property with an average household income of $83,478.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented both sides in the transaction. The seller was a real estate developer based in the southeast and the buyer was a real estate investor based in the southeast.
This Dollar General property features a 15-year lease. There are also four 5-year renewal option periods with 10% rental escalations at the start of each. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB. Dollar General operates more than 12,500 stores in 43 states.
“Newer construction properties with long term leases to investment grade rated tenants with rental escalations are the most sought-after net lease product” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added, “The market for net leased dollar stores remains active after the start of the new year.”
About The Boulder Group
The Boulder Group is a boutique investment real estate service firm specializing in single tenant net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of over $6 billion of single tenant net lease real estate transactions. From 2012-2020, the firm was ranked in the top 10 companies in the nation for single tenant retail transactions by both Real Capital Analytics and CoStar. The Boulder Group is headquartered in suburban Chicago. www.bouldergroup.com
Company Name: The Boulder Group
Contact Person: Randy Blankstein
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Address:3520 Lake Avenue Suite 203
Country: United States