Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a freestanding Dollar General located at 44840 Highway 191 near Many, Louisiana. The 9,026-square-foot, single-tenant retail building sold for $1.3 million in a 1031 exchange. Stan Johnson Company’s Ryan Roedersheimer, with assistance from Caleb Edwards, represented the local seller, Ratcliff Development LLC. A private 1031 exchange investor, Carpenter Properties Ltd., purchased the asset at a 6.70 percent cap rate.
“We received multiple offers from local and out-of-state buyers, allowing us to achieve full asking price for this asset,” said Roedersheimer, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “We were able to close with a Georgia buyer who was familiar with the area from childhood, so along with meeting the asking price, we appreciated his interest in the property that was driven by sentimental value. Our client achieved their desired pricing goals, and the buyer added an asset to his portfolio that he’s proud to own. It was a win-win.”
The newly built store opened in fall 2020 and features a long-term, triple net lease. The property sits on 1.8 acres in the small town of Florien, Louisiana, which is about ten miles south of Many, Louisiana within Sabine Parish in the west-central part of the state.