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Virginia company buys 26 Dollar General stores in Pennsylvania
Ioannis Pashakis//March 18, 2020
An unnamed Virginia-based private investment group purchased 26 Dollar General stores throughout Pennsylvania for $36 million earlier this month.
The free-standing stores, each with approximately 9,000 square feet of retail space, are leased to Dollar General Corp. and have between 12 and 13 years remaining on their leases.
The stores were sold to the Virginia company by Dallas, Texas-based real estate company SRS Real Estate Partners on behalf of Tennessee-based GBT Realty Corp.
SRS did not specify where the 26 single-tenant properties are located, but noted that they are all in “key suburban areas throughout Pennsylvania.”
“Discount retail continues to thrive as Dollar General, and its peers, open more stores each year,” said Andrew Fallon, executive managing director at SRS National. “For the net lease investor, these assets provide an attractive combination of credit, lease term and passive ownership, making dollar stores some of the most actively traded net lease properties in the market.”
Dollar General currently operates more than 15,000 stores in 44 states.
