Texas CRE News In Your Inbox.

Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.

Sub Markets

Property Sectors

Topics

Texas  + State of Texas  + Retail  | 

Demand for NN Dollar General Stores is High Throughout Texas

Two single-tenant Dollar General stores located at 111 College Ave. in Levelland and 1815 Milwaukee Ave. in Lubbock recently sold for an undisclosed sale price. Combined, the properties totaled more than 18,000 square feet.

A private Texas investor purchased the Levelland asset at a 6.42 percent cap rate. The Lubbock asset traded at a 6.6 percent cap rate and was acquired by a California institutional investor.

In both transactions, Chris Adams of Stan Johnson Company represented the seller, a private investor based in Dubuque, IA.

“These transactions are two of many examples where we have experienced targeted cap rate compression within the essential retail market,” said Adams. “Double net Dollar General stores have historically attracted a more limited buyer pool, but the current demand for these assets from all buyer types, particularly in Texas, is very high and our recent pricing levels have reflected this trend.”

The properties were built in 2005 and 2006, and both feature double net-lease structures. At the time of sale, there were approximately seven years of lease term remaining at each site.

Connect

Inside The Story

Chris Adams

About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Sale/Acquisition