Sunday, June 23, 2019

Marcus & Millichap Brokers $575,000 Sale of 9,014-SF Net Leased Dollar General site in Rich Square, NC

                    
Daniel Hurd
RICH SQUARE, NC – 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 - Rich Square, a 9,014-square foot net-leased property located in Rich Square, NC, according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $575,000.

Daniel Hurd and Cole Skinner, senior investment advisors 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 Hurd andSkinner. Broker, Benjamin Yelm, assisted in closing this transaction.

Cole Skinner
“We have always been able to generate a significant amount of interest on deals we exclusively list in the Carolinas and this assignment wasn’t any different,"  said Hurd.

"Home to over 800 Dollar General sites, North Carolina has one of the largest markets for this discount retailer, drawing interest from both local and out of area investors. 

"Our extensive database of other Dollar General owners and calculated marketing campaign allowed us to procure an individual investor who was not only familiar with the tenant but also comfortable with the landlord responsibilities and the rural location. 

Benjamin Yelm
"The deal went under contract after only one week of marketing and closed all cash at 97% of list price.”

Dollar General - Rich Square is located at 509 North Main Street in Rich Square, NC. This is a 9,014 square foot built to suit store that was put up in 2005. 

Dollar General has demonstrated continued commitment to this location as evidence of a recent lease extension which set the current term to more than six years remaining.

Landlord responsibilities are limited to roof, structure and parking lot and tenant reimburses for Real Estate taxes and insurance. 

The store is positioned on a road that sees more than 5,000 vehicles per day and the area hosts ideal dollar store demographics with approximately 1,500 people within three miles. 

The median household within three miles is $25,000 - $30,000 which is the sweet spot for Dollar General locations as well. 


Contacts: 

Grant Fitzgerald
Sales Manager, Tampa
(813) 387-4700



Whitney Davis
Marketing Coordinator
Marcus & Millichap
201 North Franklin St.
Suite 1100
Tampa, FL 33602
(813) 387-4700 main
(813) 387-4743 direct
(813) 387-4710 fax
whitney.davis@marcusmillichap.com

Marcus & Millichap Arranges $1.3 Million Sale of 27,000-SF Industrial Building in Holiday, FL

Holiday Commerce Center
Holiday, FL
HOLIDAY, FL– 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 Holiday Commerce Center, a 27,000-square foot industrial warehouse property located in Holiday, Fla., according to Grant Fitzgerald, sales manager of the firm’s Tampa office. The asset sold for $1,320,000.


Devid Guilliams 
Devin Guilliams and Alex D. Zylberglait, investment specialists in Marcus & Millichap’s Tampa and Miami offices, had the exclusive listing to market the property on behalf of the seller, an individual.  
The agents were able to put the listing under contract in 39 days and closed 57 days thereafter to a cash buyer outside of Pasco County.
“We were really happy to provide a vital service to the Sellers who have been in business in the Central Florida area over the past 20 years,"  said Guilliams.   
"We were able to quickly generate offers allowing us to create a competitive bidding environment.  Ultimately the Sellers are now able to move on to new business pursuits.” 


Alex Zylberglait
Added Zylberglait:  “The building sold at an 8% cap rate on current income which is what we are seeing in a market such as this.  
"We were pleased with this pricing given the little time we marketed the asset and were happy to get our client what they needed to move on to the next chapter of their business career.” 
Holiday Commerce Center is located at 4625 Panorama Avenue in Holiday, Fla., close to the intersection of US 19 and Alternate 19.  
The warehouse has multiple tenants including Palm Paper Supply (the anchor tenant, a restaurant supply chain management provider), an automotive repair company as well as motor boat repair company.  It was 97% occupied at the time of marketing. 

Grant Fitzgerald
 The metal and steel frame building’s stucco fa├žade make it unique to the area as it sits off a major US Highway surrounded by residential homes.  
The seller had done impressive work to the common areas installing new vinyl flooring, LED lights, and upgraded AC systems. 
The buyer will continue to operate the property on a long-term hold and was pleased with the renovations the seller had made as well as the opportunity to work with the tenants in place. 




Contacts: 

Grant Fitzgerald
Sales Manager, Tampa
(813) 387-4700

www.MarcusMillichap.com.

Whitney Davis
Marketing Coordinator
Marcus & Millichap
201 North Franklin St.
Suite 1100
Tampa, FL 33602
(813) 387-4700 main
(813) 387-4743 direct
(813) 387-4710 fax
whitney.davis@marcusmillichap.com

Software Systems Manufacturer Selects New Long-Term Lease At SunTech Commerce Park in Lake Mary, FL


  
Sean DuPree
LAKE MARY , FL – Lincoln Property Company, a full service commercial real estate firm, completed a new long-term lease agreement with software manufacturer Lo-Q, Inc. for 3,250 square feet of office space at SunTech Commerce Park , 59 Skyline Drive in Lake Mary .   

 Sean DuPreeCCIM brokered the transaction on behalf owner/landlord RCS-Suntech, LLC of Louisville , CO.   

 Lo-Q, Inc., based in Lake Mary leased the space and was represented in the transaction by Paul Kelly with Coughlin Commercial. 

Paul Kelly
  DuPree heads the Lincoln Property Company team who handles the leasing at SunTech Commerce Park, a 224,359 square foot,  six-building office/flex campus in Lake Mary’s high tech corridor.   
     
CONTACTS:

Sean DuPree, CCIM, Director of Sales/Leasing, Lincoln Property Company 
407-872-3500 sdupree@lpc.com

Beth Payan, Larry Vershel Communications Inc. Beth@larryvershel.com 
407-644-4142


$3.8 Million Will Buy you a Whole Town in Indiana



    Photo credit: Michelle Pemberton             Source: tuckerbloomington.com

President Millard Fillmore
13th President of the U.S.
Photo by Mathew Brady
c. 1855-1865

STORY, INDIANA -- A small town in Indiana with a history that dates back to 1851 when President Millard Fillmore granted land to Dr. George P. Story is for sale. The asking price is $3.8 million.

The entire town is listed  by Christopher Cockerham of Bloomington Realtors, Bloomington, IN.

The town has an unverified permanent population of three persons, according to a recent profile of the town by Fox News.

TopTenRealEstateDeals.com
states that with Dr. Story's new medical practice, others soon followed to farm the land, harvest the acres of trees, and opened stores, a school, a church and post office. The town thrived in the early 20th century.

However with railroad and highway expansion that bypassed the area, a man-made lake that cut Story off from next-door Bloomington where Indiana University is located, and the Great Depression, the town eventually fell on hard times.



According to Wikipedia, in 1978, Benjamin (one name) and his wife, Cynthia Schultz, purchased four and a half acres that included the grocery store, grist mill, barn, and a small rented house.

They initially occupied the second floor of the store building as their residence. Benjamin, an architect and builder with restaurant experience, and Cynthia, a former restaurant owner, jointly pursued their vision of creating a bed and breakfast. In this manner, the "Story Inn" was born.


The general store continued to operate to some degree through the 1970s.
The Storys sold the Story Inn in 1992, and the town once again fell into hard times.

Frank Mueller
A federal bankruptcy was followed by receivership, and the entire town was sold at sheriff's sale on February 14, 1999, to an entity owned by Rick Hofstetter, an Indianapolis attorney and preservationist, and Frank Mueller, a German-born restaurateur.



 Hofstetter and Mueller had previously helped to renovate the iconic Athenaeum (Das Deutsche Haus) in Indianapolis, Hofstetter serving as the first President of the Athenaeum Foundation (from 1992-4) and Mueller as the manager of the Rathskeller Restaurant in its basement (from 1993-5).


Today, the Athenaeum is recognized as a National Historic Landmark.
The village of Story, Indiana, is now a country inn/bed & breakfast offering fine dining, catering, and accommodations
The second floor of the Old General Store (Wheeler-Hedrick General Store; local lore is that it was also once a Studebaker buggy dealership where wagons and buggy were assembled) has been renovated into four quaint bed & breakfast accommodations notable for their year-round occupant, the “Blue Lady.”



The Blue Lady is a mirthful albeit innocuous apparition with flowing white robes whose cheeky behavior has been observed by Story Inn employees and recorded in guest books since the 1970s.


The Treaty House, Doc Story’s homestead (Story-Griffitt House), the Alra Wheeler homestead (Wheeler-Hedrick House), the Carriage House, the Old Mill (Grain Mill), the Pruitt-Schultz House and another c.1930 house have each been tastefully and authentically renovated into guest cottages, many with kitchenettes and hot tubs.


Story’s Old General Store, replete with its creaky wooden floors, pot-bellied stove and long-retired Standard Oil Crown gas pumps out front, is now a celebrated gourmet restaurant open year-round serving breakfast, lunch and dinner. 
Much of the history of Story, Brown County and the region which straddles the Ohio River, is humorously depicted in Rick Hofstetter's book, Kentuckiana Roads: A Freidenker's Story of Life in America's Flyover Middle (Algora Publishing, NY: 2017).


In March, 2019, the village was listed on the National Register of Historic Places.
Story Inn hosts the annual Indiana Wine Fair in May. The Inn is just thirteen miles from the village of Nashville, Indiana and is located adjacent to the southwestern boundary of Brown County State Park.
Today, it is prosperous again attracting tourists from nearby Indianapolis, Louisville and Cincinnati for its gourmet farm-to-table restaurant, bed-and-breakfast, saw and grain mills and neighboring 15,776-acre Brown County State Park famous for its fall colors.

(photo credit: InsideIndianaBusiness.com)
During its heyday, Dr. Story’s town became one of the most popular places in southern Indiana, largely due to its well-stocked general store.

Farmers and their families would come to peruse dry goods and the newest farm implements, take care of their blacksmithing needs, see the doctor, take their grain to the grist mill, and attend services at the local church.


When the state government started buying up farmland around the time of the Great Depression for Brown County State Park, farmers were happy to leave. It had been a hard life trying to work the hilly, rocky land.

The general store, however, kept the town viable until 1950 and continued to stay open with diminishing trade through the 1970s.

Richard R. (Rick) Hofsteter and Friend
Since 1978, the town has had two owners and a year-round spirit, the Blue Lady, seen occasionally by employees and guests of the bed-and-breakfast portion of the Story Inn.

Today, former residents’ homes have been turned into guest houses, the old general store is now a popular regional restaurant with creaky wooden floors and pot-bellied stove and the big barn is a favorite wedding venue.

CONTACT:

Genelle C. Brown
Content Manager, Media Division
TopTenRealEstateDeals.com
Phone:  434-480-4504

Twitter:  @toptenrealestat
facebook.com/toptenrealestat