The 8,000-sf stores are located at 2100 Ephriham Rd. in southwest Fort Worth and 15300 Seagoville Rd. in southeast Dallas. "There is a lot of 1031 demand for small corporate-leased properties," says Gavin Kam in the Dallas office for Marcus & Millichap's national retail group. He tells GlobeSt.com that both build-to-suits sold in the first two weeks that they came to market, with the seller taking the first offers that were placed. Both sold in the 8% to 9% cap range and are tied to 10-year leases, he says. The new developments were part of a Texas package of five, all priced from $600,000 to $850,000.
Kam brokered the sales for the developer. Tax records list the seller as Texas-Hsione LLC, a preferred developer in the southwest for the Matthews, NC-based chain. Doug Roberts with Phase One Realty in Santa Fe negotiated both deals for buyers from the Wells Fargo private client banking roster.
Family Dollar Inc. operates more than 5,000 locations in 43 states. The chain opened 475 stores in its last fiscal year and will add another 10% before the next one's Aug. 28, 2004 end.
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