Thank you for sharing!

Your article was successfully shared with the contacts you provided.

FORT WORTH-In an all-cash acquisition, a Las Vegas investor has secured a brand-new Family Dollar store in the southwest quadrant of Fort Worth. The $750,000 purchase came with a 10-year lease tied to one of the fastest-growing corporations in the US.

Family Dollar Stores Inc. has been steamrolling its way into suburban Texas pockets in one of the most aggressive expansion plans under way in the state. The just-sold location is an 8,002-sf, freestanding building on a half-acre tract at the southwest corner of Hemphill Road and West Morningside Drive. The property sold on the same day that the tenant moved in, Gavin Kam of Marcus & Millichap in Dallas tells GlobeSt.com.

Kam says the developer/seller has permits in hand to build five to 10 more Family Dollar stores for the corporate office, based in Matthews, NC, on the outskirts of Charlotte. Careful to protect his network, Kam isn’t identifying the developer other than to say he’s from Oklahoma.

“These deals make a lot of sense for smaller buyers,” Kam says of the under $1-million crowd. The Fort Worth buyer, who turned around 1031 Exchange proceeds, also owns a Family Dollar store in South Texas. Meanwhile, Kam has another three, all under construction, matched to buyers while the crews work to deliver the goods. Larry Dwyer of Liberty Realty in Henderson, NV, represented the Fort Worth buyer.

In the land rush for new locations, Hinkle Services Inc. of Edmond, OK, bought about 3.3 acres from Wanda Jones of Mesquite, east of Dallas, to build a Family Dollar at 15329 Seagoville Rd. Stephen Brusniak of Henry S. Miller Commercial in Dallas brokered the transaction for the seller while Gerald Fields, an independent, represented the buyer.

At last count, the chain had 4,808 stores in 42 states. The expansion plan calls for about 500 new locations in the 2003 fiscal year plus a move into Wyoming. In the last two months, the chain opened 65 locations, of which 14 were in Texas. The Texas strategy also brought a 907,000-sf distribution center in Odessa, the seventh in the Family Dollar supply chain. The Interstate 20 center will begin stocking inventory in June to start funneling wares to 750 stores.

The chain’s success is measured at the cash registers. In a five-week period, ending in April, the sales volume was $446.7 million, up 14.4% from the 2002 take for the same time period.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.