MEMPHIS, TN – [March 28, 2022] – Blue West Capital has completed the sale of a single tenant net leased Family Dollar located at 180 East E.H. Crump Boulevard in Memphis, TN for $1,640,000. The property received numerous qualified offers and sold for 99% of 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 Colorado.
The 8,320 square foot Family Dollar property is positioned just west of the heavily trafficked signalized intersection of E.H. Crump Blvd and South 3rd Street (27,000 VPD). This infill Family Dollar store is located about one mile south of the FedEx Forum (home of the Memphis Grizzlies) and the famed Beale Street. The surrounding area is densely populated with approximately 10,000 people living within one mile.
Family Dollar has a proven and successful ten-year operating history at this location. There are several years remaining on the current lease term and Family Dollar has four 5-year renewal options. Family Dollar is a wholly-owned subsidiary of Dollar Tree.
“Single tenant properties with short-term leases are in high demand amongst yield-seeking net lease investors. This property boasts a strong and successful 10-year operating history and an infill location with high barriers to entry. We received substantial investor interest including dozens of offers, which resulted in the property selling for 99% of the asking price,” stated Zach Wright, Director & Partner.