Seven new Dollar General stores located in Pennsylvania, Ohio, Maine and Connecticut are also on the market for sale. Seven new Dollar General storeslocated in Pennsylvania, Ohio, Maine and Connecticut are also onthe market for sale.

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PHILADELPHIA—A portfolio of 26 single-tenant retail propertiesin Pennsylvania occupied by discount retailer Dollar General haschanged hands in a deal valued at $36 million.

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Brentwood, TN-based GBT Realty Corporation, which developed theproperties over the past two years, sold the portfolio to aVirginia-based, private investment group that was completing asizable 1031 exchange. SRS Real Estate Partners National Net LeaseGroup's executive managing director Andrew Fallon represented theseller in the deal. SRS Real Estate is headquartered in Dallas andrecently opened a new location in Washington, DC.

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Averaging a consideration of $1.4 million per location, eachfree-standing store features approximately 9,000 square feet ofretail space and is absolute, triple-net leased to Dollar GeneralCorporation which has provided its corporate guarantee on eachlease. The leases all have between 12 and 13 years remaining withrent increases in each option period. The properties are alllocated in key suburban markets throughout the State ofPennsylvania.

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"Discount retail continues to thrive as Dollar General, and itspeers, open more stores each year," Fallon says. "For the net leaseinvestor, these assets provide an attractive combination of credit,lease term, and passive ownership, making dollar stores some of themost actively traded net lease properties on the market."

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Fallon notes that he is heading the marketing for additionalDollar Store inventory, including seven new Dollar General storeslocated in Pennsylvania,  Ohio, Maine and Connecticut.

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Dollar General currently operates more than 15,000 stores in 44states and counting.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.