SARASOTA, FL – [January 26, 2023] – Blue West Capital has completed the sale of a single tenant net leased Family Dollar property located at 2128 N Washington Blvd in Sarasota, FL for $2,173,077. Zach Wright and Brandon Wright, of Blue West Capital, exclusively represented the seller and directly procured the purchaser. The seller was a repeat client that is a Florida-based partnership. The purchaser was a Texas-based real estate investment firm.
The Family Dollar property is located just north of downtown Sarasota, which was recently ranked as a Top 10 Best Place to Live in the U.S. by U.S. News and World Report. The property is located at a heavily trafficked hard corner along Washington Blvd, the primary north-south thoroughfare in the trade area. There are approximately 75,000 people that live within three miles of the property.
Family Dollar has operated at this location since 2012 and recently exercised a renewal option. The lease features minimal landlord responsibilities and five 5-year renewal option periods. Family Dollar has over 8,200 locations and is a wholly owned subsidiary of Dollar Tree, an investment grade rated company (S&P: BBB).
“Single tenant properties with proven successful operating histories and infill locations continue to be sought after by net lease investors. These core assets are proving to be resilient as the net lease market faces headwinds,” stated Zach Wright, Director & Partner.
“Demand for Florida net lease properties remains strong due to the growing demographics, favorable business environment, and there being no state income tax. As a result, cap rates for Florida properties have not moved as much nor as quickly as in other markets,” added Brandon Wright, Associate.
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