Pensacola, FL – [January 21, 2022] – Blue West Capital has completed the sale of a single tenant net leased Dollar General located at 8614 North Davis Highway in Pensacola, FL for $2,089,358. The property received numerous qualified offers within the initial 48 hours of marketing and sold for above the asking price. Zach Wright, of Blue West Capital, exclusively represented the seller. The seller was a Florida-based partnership and the buyer was a 1031 exchange investor based in Florida.
The Dollar General property is strategically located along North Davis Highway which is a primary thoroughfare in the area with traffic counts in excess of 32,000 vehicles per day. The surrounding area is densely populated with over 105,000 people living within five miles. Retailers in the immediate vicinity include Target, Publix, Kohl’s, CVS, Walgreens, Ross Dress For Less, and many others
Dollar General has operated at this property since 2010 and recently executed an early lease extension evidencing their commitment to this location. The triple net lease features no landlord responsibilities. Dollar General is an investment grade rated tenant (S&P: BBB) and is a publicly traded company (NYSE: DG).
“Dollar General properties continue to be in high demand amongst net lease investors and 1031 exchange buyers. Well-located Dollar General properties in strong markets, such as Pensacola, with proven operating histories and long-term leases are extremely rare and hard to find. Because of this, we received significant investor interest and ultimately were able to sell the property for above the asking price,” stated Zach Wright, Director & Partner.