TUCSON, ARIZONA – Sedona-based, Mid-Atlantic Equity Funding, LLC (Gary Weaver, manager) purchased the newly constructed Dollar General Store #20744 at 5470 E Littletown Road in Tucson for $2 million ($220 PSF) to add to his investment portfolio.

With 14.8 years remaining of the original 15-year lease, the Dollar General store is located at the southwest corner of Craycroft and Littletown near the I-10 Valencia interchange. The buyer told us he liked the property because of its location.

“Across the street from Craycroft Elementary School and Billy L Lauffer Middle School, the store is near an RV Campground and Pilot Travel Center off I-10,” said Weaver. “It’s a great location for a Dollar General store and I’m very pleased to have been able to get it.”

This 9,100-square-foot Dollar General has a large freezer section and is also licensed for beer and wine sales.

The transaction closed October 19, 2020. This is Weaver’s third Dollar General asset. He also owns one in Delaware and another in Ohio.

Dave Hammack with Cushman & Wakefield | Picor in Tucson represented the developer, DCM Development Company of Tucson (Chris Lechner, manager). Mike Bastin with Coldwell Banker Commercial Reliant Realty in Cincinnati, Ohio represented the investor.

For more information, Hammack can be reached at 520.546.2712 and Bastin is at 513.618.2823.

To learn more, see RED Comp #8184.

PHOENIX, Arizona – 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 The Franklin, a 14-unit apartment property located in Phoenix, Arizona. According to Ryan Sarbinoff, regional manager of the firm’s Phoenix office, the asset sold for $1,625,000 ($116,071 per unit).

“After roughly 45 days on the market, the seller accepted an offer with a 21-day close, meeting his goals to free up capital prior to the end of the year,” said Christian Trujillo, investment specialist in Marcus & Millichap’s Phoenix office. “This will make a strong long-term investment for the buyers as they eliminate the current loss to lease and continue increasing the rents in this rapidly appreciating market.”

Trujillo had the exclusive listing to market the property on behalf of the seller, a private investor. This transaction marked the second time Trujillo’s team has sold this property within the past two calendar years, this most recent time being the seller’s exit after fully remodeling all units.

The Franklin is located at 2316 East Roosevelt Street in Phoenix, Arizona. The asset is comprised of 11 two-bedroom/one-bathroom units and three one-bedroom/one-bathroom units, as well as additional land to potentially build new units in the future. At the time of sale, the property was 100% leased.

The 66 new stores added this fiscal year is well shy of the 100 or so the off-price retailer had previously planned.

DUBLIN, Calif. — Ross Stores announces the recent opening of 30 Ross Dress for Less^® (“Ross”) and nine dd’s DISCOUNTS^® stores across 17 different states in October. These new locations complete the Company’s store growth plans for fiscal 2020 with the addition of 66 new stores.

Last year, the company opened 98 stores. The namesake chain now operates 1,594 locations in 40 states, the District of Columbia and Guam, while dd’s runs 275 stores in 21 states, per the release.

“We remain committed to growing our Ross and dd’s footprints across our existing markets as well as expansion into our newer markets. We added a total of 12 stores to our largest markets of California, Texas, and Florida, while opening two stores in Ross’ newest mid-western state, Ohio.  In addition, Ross and dd’s both expanded their presence into new states.  Ross entered the state of West Virginia and now operates in 40 states and dd’s opened its first store in Arkansas and has locations in 21 states,” said Gregg McGillis, Group Executive Vice President, Property Development.

Ross Stores, Inc. is an S&P 500, Fortune 500, and Nasdaq 100 (ROST) company headquartered in Dublin, California, with fiscal 2019 revenues of $16.0 billion. Currently, the Company operates Ross Dress for Less^® (“Ross”), the largest off-price apparel and home fashion chain in the United States with 1,594 locations in 40 states, the District of Columbia, and Guam. Ross offers first-quality, in-season, name brand and designer apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 60% off department and specialty store regular prices every day. The Company also operates 275 dd’s DISCOUNTS^® in 21 states that feature a more moderately-priced assortment of first-quality, in-season, name brand apparel, accessories, footwear, and home fashions for the entire family at savings of 20% to 70% off moderate department and discount store regular prices every day. Additional information is available at www.rossstores.com.