Pinnacle Real Estate Advisors Arranges Sale of Brand New Construction Dollar General in Lake of the Ozarks
Pinnacle Real Estate Advisors, LLC is pleased to announce the Wright-Johnson National Net Lease Investment Sales Team and Calame Lewallen Team have completed the sale of a net lease, single tenant Dollar General property located in Gravois Mills, Missouri. The Dollar General was completed in 2017 and the rent commenced in late July.
Zach Wright and Jeff Johnson of Pinnacle Real Estate Advisors represented the seller in the transaction; a Midwest-based developer. Kevin Calame and Matt Lewallen represented the purchaser in the transaction; a Colorado-based 1031 exchange investor who recently sold an apartment building with the Calame Lewallen Team.
The 9,100 square foot Dollar General is strategically positioned along Missouri Route 5 which is the primary thoroughfare in the trade area and the longest state highway in Missouri. The property is immensely benefitted by its location on the Lake of the Ozarks which is one of the Midwest’s premier lake resort destinations offering world-class boating, golfing, shopping and fishing. The Dollar General is located in the immediate proximity to Raymond’s Boat Launch as well as a water boat gas and repair. Lake of the Ozarks was named the “Best Recreational Lake” in the United States by USA Today and ‘10Best’.
The absolute triple net lease is for 15 years and features no landlord responsibilities. There are 10% rental escalations in each of the renewal options periods.
“Dollar General properties remain amongst the most attractive net lease retail assets to the investor community. Dollar General’s business model is largely E-commerce resistant as 2016 saw Dollar General continue to grow their same-store sales for the 27th consecutive year,” said Zach Wright, Associate Advisor.
“The purchaser sold their Denver apartment building and exchanged into this Dollar General as it presented a higher return and no management,” added Kevin Calame, Principal.
“This transaction symbolizes a strong synergy amongst our apartment and net lease platforms,” said Jeff Johnson, Co-Founder and Principal.