This article has been archived, please login for access or subscribe now for a free trial.
The Dollar General Store at 1742 W Ruthrauff in Tucson was committed to by Colina Investment Properties, LLC (Gary Beynon) of Utah before construction began and sold for[mepr-show rules="58038"]$1.49 million ($163 PSF). DCM Development Company of Tucson (Chris Lechner, manager) was the developer and seller of property. In a subsequent transaction, Colina sold the property for $1.59 million ($174 PSF) to Saddlehorn Realty, LLC of Sedona, AZ (Stephanie Brand, managing member) in a double escrow.
Dollar General Corporation of Goodlettsville, TN (NYSE:DG) went public on November 13, 2009 in what was called "the largest retail-store IPO in at least 15 years" by Wall Street veterans. At that offering Dollar General raised $716 million, its stock ended at $22.73, up 8% from its IPO price of $21.00. Dollar General’s leases carry corporate guarantees and are typically either 10 or 15 year initial term.
Dave Hammack of Volk Company in Tucson represented the seller, DCM Development Company in the first transaction. J.R. Broadbent of Salt Lake City, Utah represented the buyer and handled the resale of property.
Lechner should be contacted at (520) 888-1212. Hammack can be reached at (520) 326-3200. For Dollar General information contact (615) 855-5210.
For other recent articles on Dollar General, please see: https://realestatedaily-news.com/dollar-general-builds-3-new-stores-plans-7-more-for-2013/
[/mepr-show]Please login for additional sale information.
[ismember]Sale date was 6/14/2013 for both transactions. Exact sale price on first was $1,487,101.66; and second was $1,587,000. The building is 9,100 SF (built 2013) on 56,581 SF lot. The property was purchased with a 7.65% cap rate and net-net lease terms; it was flipped with a 7.1% cap rate. Dollar General’s leases have a corporate guarantee and are typically either 10 or 15 year initial term. Escalations and landlord responsibilities vary, but Dollar General's net-net lease terms usually include bumps in lease in year 11, while holding the landlord responsible for at least roof and structure.
On 5/17/2013, in a separate unrelated transaction. 1.02 acres at 2820 W Los Reales sold by Daniel, LLC (Larry E Swindell Sr, Manager) to DCM Development (Chris Lechner) through an affiliate, Tombo 51, LLC for $215,000 ($4.85 PSF) in Tucson’s West submarket, for construction of a “Family Dollar” store that buyer plans to build and hold for investment. [/ismember]