9/3/2008

Dollar General portfolio in Texas, Alabama sells for $20M

by Chad King
Brokers from four offices of Marcus & Millichap have completed the $20 million sale of a 24-story Dollar General portfolio in Texas and Alabama.

Douglas Passon, a senior associate in Detroit, and Brandon Duff, an investment specialist in Chicago, represented the buyer. Tim Speck, a regional manager in Dallas, and Andrew Clark, a broker in the firm's Birmingham office, also worked on the deal.

The portfolio contains two stores in Leeds and Madison, Ala., while the remaining properties in the portfolio are located in San Antonio, Houston and other cities in southern Texas.

"This investment represented a rare opportunity for the buyer to acquire a 24-property Dollar General portfolio with non-recourse debt already in place with an 80 percent loan-to-value ratio," Passon said.

Size: 24 stores

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Filed Under: Retail

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