TAMPA, Fla., September 11, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Dollar General, a 9,026-square foot net-leased property located in Tampa, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $2,262,000.
Jim Shiebler, James Garner, James Medefind and Daniel Hurd, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a private investor, was also secured and represented by Jim Shiebler, James Garner, James Medefind and Daniel Hurd.
“Our competitive process enabled our team to generate 4 offers within the first 10 days of marketing the property. We harnessed the power of the competition that we created, which Marcus & Millichap is known for, with multiple buyers vying for the asset. We placed the property under contract within 20 days of activation and closed at more than 96% of list price” says Mr. Shiebler.
Dollar General is located at 12909 N 56th Street in Tampa, Fla. Tampa has been highlighted nationally as one of the fastest growing markets in the country and nearby University of South Florida has expanded into the largest public university in the State of Florida with more than 50,000 enrolled students.
Built in 2014, this Dollar General is perfectly situated just one-half mile from the University of South Florida, which is located in the heart of Tampa. Positioned near the intersection of North 56th Street and Fowler Avenue, the daily traffic count exceeds 25,500. The subject property is surrounded by student housing and apartments totaling approximately 3,000 units within a one-mile radius.
Dollar General has built an impressive track record of growth in which net sales rose 9.2 percent in 2018. This Dollar General includes over 15,000 stores in 44 states. Their continued growth and track record of success has earned Dollar General respect among some of the nation's largest financial institutions.
The Temple Terrace area of Tampa is one of the oldest and most established municipalities in Tampa Bay. With the University of South Florida as its northern boundary, Temple Terrace is a clean, diverse area with a median income of approximately $42,800 and a median home value of $152,000, making it affordable and convenient.
The city is strategically positioned between three major interstates: Interstate 4, Interstate 75, and Interstate 275. It is well-located near other municipalities and attractions including Busch Gardens, Adventure Island and the Museum of Science and Industry and downtown Tampa which is undergoing a $3 Billion-dollar expansion. The development in downtown Tampa is known as Water Street, which is expected to bring several hundred thousand residents to the Tampa Bay market over the next decade.