Sunday, December 30, 2012
CORPUS CHRISTI, TX, DEC., 30, 2012--The recent sale of a new Dollar General in Corpus Christi, TX demonstrates that demand for single tenant properties continued until the very end of 2012.
The property located at 2701 Waldron Road in Corpus, Christi, TX sold for $1,215,187 which amounts to an 8% cap rate. The seller was Corpus Waldron DG, LLC based in Birmingham, AL.
David Wells of the Wells Net Lease Group of Sperry Van Ness represented the buyer.
"For credit rated tenants with ten or more years of term demand has continued throughout the year and we have seen more all cash buyers bidding on assets" says Wells, Managing Director of the Wells Net Lease Group of Sperry Van Ness based in Miami.
The property is a corporate leased Dollar General built in 2009. The property has an initial 15-year lease in place with 11 years remaining and has a rental increase in 2019 with 4 five year options. Dollar General corporate is rated S&P BBB- Investment grade credit.
David Wells of the Wells Net Lease Group of Sperry Van Ness is one of the nation’s top net lease brokers and has been involved in over 30 dollar store transactions in 2012. He exclusively represents some of the nation's top developers and institutional buyers.
For more information, please contact:
Wells Net Lease Group
of Sperry Van Ness
Posted by Alex at 10:07 AM