Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a 9,100-square-foot net-leased property tenanted by Dollar General in Maple Heights, OH. The asset sold for $2.079 million, according to John M. Leonard, regional manager of the firm’s Atlanta office.
Don McMinn, of Marcus & Millichap’s Taylor McMinn Retail Group in Atlanta, had the exclusive listing to market the property on behalf of the seller, a developer. Michael Glass, Marcus & Millichap’s broker of record in Ohio, assisted in closing this transaction.
“This transaction illustrates the current peak demand for Dollar Generals in the market today,” said McMinn. “Due to this demand, and current supply constraints, we are seeing record cap rate compression and historic pricing for our sellers.
Built in 2021, the property is located at 5510 Warrensville Center Rd in Maple Heights, OH. It has a brand new 15-year corporate guaranteed double-net lease with Dollar General, its tenant, that includes 10 percent rent increases during five-year option periods. With this lease, the landlord has minimal responsibility for the property’s roof, structure and parking lot. However, the tenant pays $300 per month for parking area maintenance and is responsible for taxes, insurance, utilities and HVAC.
“This store traded $26,000 above list price and is our 70th Dollar General closing this year. There is no better time to be selling a Dollar General than the present,” McMinn added.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
