Deal for three Maine dollar stores rings register at $4.6M
Courtesy / Dollar General Corp.
Three Dollar General stores in Maine were sold to an undisclosed institutional buyer for $4.6 million.
Dollar General stores in Milford, Limestone and Bingham have changed hands for a total of $4.6 million.
Customers will likely see no difference at the stores.
Neither the seller nor the buyer were identified by Irvine, Calif.-based Newmark Corp. (Nasdaq: NMRK), which represented the seller and announced the deal. Drew Sigfridson of the Boulos Co. represented the buyer in Maine.
Three stores in Texas were also included. Overall, the deal was worth $9.6 million.
The seller was an undisclosed developer the buyer was an undisclosed institutional investor, Newmark said.
“The six Dollar General locations in this portfolio were attractive due to their new construction, long-term leases and investment grade credit,” said Matt Berres, managing director at Newmark. “Dollar General has been one of the retail sector’s clear winners through the pandemic and remains in strong demand among the most active net lease investors across the U.S.”
Details on the Maine stores
In Milford, the store at 12 Bradley Road sold for $1.6 million. In Limestone, the store at 87 Access Highway sold for $1.455 million. And the Bingham store at 406 Main St. went for $1.5 million.
Dollar General Corp., which is based in Goodlettsville, Tenn., has 16,720 stores in 46 states. The discounter’s same-store sales rose 18.8% in the quarter ended June 30, and overall sales growth was up 24.4%, Newmark said,
In Maine, Dollar General has 21 stores, competes with Family Dollar and Dollar Tree and, with shelves devoted to food, supermarkets and big-box stores.
At roughly 7,500 square feet, dollar stores often have an easier time moving into markets than big-box stores or even big grocery chains.
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