PHILADELPHIA–CBRE Group has completed the sale of a building on 23rd St. near Philadelphia International Airport that is net-leased to Dollar General.
“Discount stores like Dollar General are outperforming the rest of the retail market so naturally we've seen very high demand for net-lease assets with investment grade tenants such as the Dollar General,” said CBRE's Eli Klapper. “Properties like this offer a relatively hassle-free transaction with a reputable anchor store.”
The 11,685-sq.-ft. building at 1120 23rd is occupied by the discount retailer under a 10-year net lease, with two five-year option periods. Built in 1920, the structure was fully rehabilitated in 2012, including roof replacement.
Klapper, of CBRE's New York Private Capital Group, and Charles Berger of the New Jersey group, completed the $2.05-million transaction on behalf of the seller.
The Private Capital Group is part of CBRE's Capital Markets team and provides services to private real estate investors with highly specialized investment requirements. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy development and due diligence support.
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