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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.
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| 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.
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| 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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