Saturday, December 29, 2018

Marcus & Millichap Arranges $665,000 Sale of 9,014-SF Dollar General Property in Orange City, IA

  

1103 8th Street Southeast, Orange City, IA
  
ORANGE CITY, IA -– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Dollar General, a 9,014-square foot net-leased property located at 1103 8th Street Southeast in Orange City, IA, according to Ari Ravi, regional manager of the firm’s Tampa office.

The asset sold for $665,000.

Daniel Hurd
Daniel Hurd and Edward Kemp, investment specialists 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 and Kemp.

 Barry A'Hearn, Broker, assisted in closing this transaction.

“We took on this exclusive listing with extremely high expectations. Our strategic marketing campaign allowed us generate eight offers in the first two weeks on market and ultimately procure a Buyer who closed at 98% of list price," Hurd said.

"This is just another excellent example of how the exclusive listing process yields the highest net proceeds for our Sellers.

"Marketing exposure, leveraging offers and vetting potential buyers is key to getting our deals to the finish line. Although interest rates and capitalization rates are on the rise, we continue to see huge demand for dollar store deals all across the country and look forward to continued success in 2019.”

Dollar General has recently executed an early extension leaving eight years remaining on a double-net lease, which allows for minimal landlord responsibilities. Additionally, there are four, five-year renewal options with rental increases in each.

Ari Ravi      

"The immediate area has experienced tremendous population growth of 35% within a one-mile radius and 11% population growth in both the three and five-mile radius.

"The site is conveniently located near several neighborhoods, Northwestern College, Orange County Municipal Airport and benefits from minimal area competition." 


CONTACT:

Ari Ravi
Regional Manager, Tampa
(813) 387-4700


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