Stan Johnson Company Announces Sale of Two Texas Dollar General Stores
Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has arranged the sale of two single-tenant Dollar General stores located at 111 College Avenue in Levelland, Texas and 1815 Milwaukee Avenue in Lubbock, Texas. Combined, the properties totaled more than 18,000 square feet. In both transactions, Chris Adams of Stan Johnson Company represented the seller, a private investor based in Dubuque, Iowa. The Lubbock asset traded at a 6.60 percent cap rate and was acquired by an institutional investor based in California. A private investor from Texas purchased the Levelland asset at a 6.42 percent cap rate. Sale prices were not disclosed.
“These transactions are two of many examples where we have experienced targeted cap rate compression within the essential retail market,” said Adams, Associate Director in Stan Johnson Company’s Dallas, Texas office. “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.
About Stan Johnson Company:
Stan Johnson Company is one of the nation’s leading commercial real estate brokerage and advisory firms that focuses on investment sales transactions involving retail, office, industrial, healthcare, and specialty properties. The firm provides acquisition, disposition, sale leaseback, capital markets, and advisory services for institutions, developers, investment funds, corporate occupiers, and private investors across the United States. With a historic focus in the single-tenant net lease sector, Stan Johnson Company is now in its fourth decade of operation and has expanded its service platform in order to better serve its valued clients. The firm has completed more than $40 billion in transactions nationwide and continues to be regarded as the Net Lease Authority® as it focuses on continued growth and expansion into other industry sectors and services. To learn more about Stan Johnson Company, please visit: www.stanjohnsonco.com.