Investor buys Millsboro Dollar General for $2M+
MILLSBORO – A Delaware investor has acquired a 10,640-square-foot, net-leased Dollar General store in Sussex County.
The asset sold for $2,070,000 on July 14, according to county land records. The seller was Mid-Atlantic Equity Funding LLC, which is connected to an Arizona-based investor.
The buyer was Tsaganos Rentals LLC, which is connected to Nicholas and Joanne Tsaganos of Wilmington, according to county land records. They were secured and represented by Derrick Dougherty and Steve Garthwaite, investment specialists in Marcus & Millichap’s Philadelphia office.
“The purchaser was attracted to this asset due to the quality location and long-term lease guaranteed by a BBB rated public company,” Garthwaite said in a statement announcing the sale.
The property, located at 26012 John J. Williams Highway in Millsboro, is a relocation Plus Dollar General store. The property is encumbered with an 11-year, double-net lease, leaving limited landlord responsibilities. The lease is corporately guaranteed by Dollar General Corp., which holds a credit rating of BBB, which is classified as investment grade.
“Dollar General grew through the last recession and has seen increases in sales in as much as 300% at some locations throughout this pandemic. We continue to be bullish on essential retailers as an investment strategy and for equity preservation heading into a potential downturn,” Garthwaite added.
By Jacob Owens