The portfolio consisted of the Dayton Dollar General property, along with another in Jackson, Miss. The West Third Street store sold for $1,385,710, the firm said.
The buyer was an 1031 exchange investor based in California, Blue West Capital said, without identifying the new owner further. A Blue West spokeswoman said she had no information on the buyer.
Both properties are located within densely populated areas with over 26,000 people living within three miles of the Dayton property, Blue West said.
Both properties are also located at hard corners along major thoroughfares, the business also said.
Dollar General has operated at each location for about a decade. Both leases are “absolute triple net” with no landlord responsibilities, Blue West said in its announcement.
Zach Wright, of Blue West Capital, represented the seller, a Florida-based partnership.
“Dollar Generals are amongst the most sought-after single tenant property types by 1031 exchange investors,” Wright said in a release. “These properties offer investors an extremely passive lease to a best-in-class operator that has a proven successful business model.”
In real estate, a “1031 exchange” is a swap of one investment property for another that allows capital gains taxes to be deferred.
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