CBM1 principal Rick Rivera recently completed the sale of three Dollar General anchored single-tenant properties sold as a combined portfolio. Two of the sites are located in San Bernardino, and the third in Perris, all situated in the Inland Empire submarket. The portfolio traded near the asking price of $10.2 million.
The three sites are located on Baseline Street and N. Waterman Avenue in San Bernardino, and W 4th Street in Perris. All newer construction (less than 10 years old), each property was built-to-suit as a single-tenant retail store specifically for Dollar General. The three properties are signed to long-term (15-year), corporate guaranteed leases that include multiple renewal options and graduated rental rate increases.
Originally founded under the family name Turner & Sons in 1939, the moniker was officially changed to Dollar General in 1955. Boasting the most physical locations of any US-based dry goods retailer, Dollar General operates over 18,000 stores in 46 states, each location stocks over 10,000 items. And the organization presently employs 160,000+ workers. The corporation has been publicly traded on the New York Stock Exchange (listed as DG) since 1968. Recognized as a Fortune 500 company since 1999, the retailer is currently ranked at #91.
Mr. Rivera represented the buyer and seller, both private investors.
“Despite fluctuations in the economy, particularly in the retail segment, discount stores continue to thrive,” says CBM1’s Rick Rivera, adding: “And this fact directly contributes to interest in investment opportunities such as this [Dollar General portfolio].” Also, according to Rivera, property investors are seeking “stable, reliable assets” anchored by “credit tenants with recession-resistant business models, signed to long-term, corporate guaranteed leases,” criteria that Dollar General clearly satisfies.
For more information on this transaction or CBM1 brokerage services, contact Rick Rivera at 310.231.5201 | rickr@cbm1.com.
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