Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a 9,100-square-foot freestanding Dollar General located at 36281 Lassen Avenue in Huron, California. Asher Wenig of Stan Johnson Company represented the buyer, a California-based high-net worth individual, in a 1031 exchange. The property was sold by a developer from Georgetown, Texas for $2.2 million.
“With the current health crisis and uncertainty of what retail will look like in the months and potentially years to come, investors are seeking net lease assets that are deemed essential,” said Wenig, Senior Director & Partner in Stan Johnson Company’s New York City office. “Dollar General is an essential business, offering communities discounts on indispensable items and household staples. There’s every expectation that Dollar General will remain an attractive net lease investment as they offer a stable return at attractive yields.”
The newly constructed property sits on 1.18 acres and was completed in 2019. At the time of sale, there were more than 14 years left on the triple net lease. The community of Huron, California is located northwest of Bakersfield, California on Interstate 5.