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.
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| David Wells |
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:
David
Wells
Wells Net Lease Group
of Sperry Van Ness
305-498-6095
