The Boulder Group, a net leased investment brokerage firm specializing in single tenant assets, has completed the sale of a net leased Dollar General property located at 8017 Bronco Lane in Lago Vista, Texas for $770,000.
The 9,014 square foot building is located in a high income area for a Dollar General, as residents earn on average $70,000 annually. The property is located along Bronco Lane and benefits from its location off Ranch Road, a primary thoroughfare in Lago Vista. Nearby retailers include CVS, Ace Hardware and a Lowe’s Market grocery store. Lago Vista is a growing area as evidenced by the city’s approval of a $29.6 million bond for a new high school which will be completed in 2014. The building is leased to Dollar General on a net lease basis with four years of lease term remaining. Dollar General is an investment grade rated company with a Standard & Poor’s rating of BBB- and has over 9,300 stores nationwide.
Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction. The buyer was a private partnership based in Texas and the Seller was a Chicago based high net worth individual.
“The market for net leased Dollar Generals is robust as investor demand for investment grade rated properties priced below one million dollars exceeds the supply” said Randy Blankstein, President of The Boulder Group. Jimmy Goodman, Partner of The Boulder Group, added,“Cap rates for Dollar General properties are at an all-time low as their Standard and Poor’s rating was recently increased to BBB-.”
About The Boulder Group
The Boulder Group (bouldergroup.com) is a boutique investment real estate service firm specializing in net lease properties. The firm provides a full range of brokerage, advisory, and financing services nationwide to a substantial and diversified client base, which includes high net worth individuals, developers, REITs, partnerships and institutional investment funds. Founded in 1997, the firm has arranged the acquisition and disposition of more than $1.4 billion of net lease real estate transactions through several real estate cycles. The firm was ranked in the Top 10 companies in the nation for single tenant retail transactions in 2012 by Real Capital Analytics. The Boulder Group is headquartered in suburban Chicago.