Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 9,026-square-foot Dollar General located at 512 South O’Bannon Street in Raymond, Illinois. Mike Matter of Stan Johnson Company represented the seller, an individual investor from West Elm, Texas. The property was purchased by Craft Enterprise LLC, a Kansas-based private investor, for $1.1 million. Both parties were on 1031 exchanges, with the buyer trading out of multi-family assets.
“We listed this Dollar General prior to the COVID-19 stay-at-home orders going into effect, and it ended up trading in May within 98 percent of the list price,” said Matter, Director in Stan Johnson Company’s Newport Beach, California office. “All parties were satisfied with the outcome of the transaction, and it was gratifying for us to help private investors achieve their investment goals during this time of uncertainty.”
The property was originally constructed as a build-to-suit in 2014, and at the time of sale, there were approximately nine years left on the absolute triple net lease. The asset sits on 1.42 acres on the main thoroughfare in Raymond, Illinois, which is a rural community located near Interstate 55 between Springfield, Illinois and St. Louis, Missouri.