CANOPY COMMERCIAL | AUCTION CLOSES $577,000 INVESTMENT SALE TRANSACTION
Dollar General Investment Property Sells to Private Investor
OKLAHOMA CITY, OK, May 28, 2010 – Canopy Commercial | Auction is pleased to announce the $577,000 sale of a 9,014 square foot investment property on 1.1779 acres located at 350 N. Ash Street, in Luther, Oklahoma. The building was built in 2005 as a single tenant, free-standing Dollar General retail store. The property sold at the asking CAP rate of ten percent (10.0%) and the buyer was identified during the first week of Canopy’s marketing and advertising campaign.
Dolgencorp, Inc. occupies the building and has leasehold interest in the premises through June, 2015. Goodlettsville, Tenn.-based Dollar General Corporation (NYSE: DG) is the nation’s largest small-box discount retailer. The company offers a carefully edited assortment of the most popular brands at low everyday prices in small, convenient locations. Dollar General ranks among the largest retailers of top-quality brands made by America’s most-trusted manufacturers, such as Procter & Gamble, Kimberly Clark, Unilever, Kellogg’s, General Mills and Nabisco. The company boasts $10.5 billion in sales in fiscal 2008, 8,400+ stores in 35 states, 7,300 core products from America’s most-trusted manufacturers, 9 distribution centers, and 72,000 employees.
Jason Little, CCIM of Canopy Commercial | Auction was the listing agent for Tapp Family Holdings, LLC of Edmond, Oklahoma. Will Lightfoot of Canopy Commercial | Auction was the buy side agent for Dollar and Cents, LLC of Oklahoma City, Oklahoma. The buyer was attracted to the property due to the occupancy of Dollar General as a widely considered recession-proof tenant, the low price per square foot of $64.01 relative to replacement cost, and Dollar General’s dominance as the primary general merchandise retailer in the Luther community.
Title and escrow services were provided by Mary Gardner and Michelle Roberts of Lawyers Title Company’s Oklahoma City, Oklahoma office. Keith Wilson and Brian Sterkel of Oklahoma City, Oklahoma-based Union Bank provided acquisition financing for the buyer.