Stan Johnson Company, one of commercial real estate’s leading investment sales brokerage firms, has completed the sale of a single-tenant net lease retail property occupied by Dollar General. The 10,640-square-foot property is located at 9413 Highway 165 South in Woodworth, Louisiana. Stan Johnson Company’s Ryan Roedersheimer represented the seller, a local developer. A 1031 exchange buyer based in Connecticut purchased the asset for $1.5 million, reflecting a 6.40 percent cap rate.
“The buyer was specifically targeting the state of Louisiana, and he had just missed his chance on another Dollar General we were selling,” said Roedersheimer, Associate Director in Stan Johnson Company’s Cincinnati, Ohio office. “We presented him with this pre-market opportunity in close proximity to the original property, and it turned out to be a win-win transaction. His full price offer, as well as his flexibility with some minor sticking points, resulted in everyone accomplishing their goals.”
The newly constructed property was built in 2020 and is situated on 1.55 acres in central Louisiana. The asset featured a long-term absolute triple net lease with renewal options and rental increases.