December 28, 2020
SOLD – FAMILY DOLLAR ABSOLUTE NET LEASE PORTFOLIO NEW YORK & PENNSYLVANIA LOCATIONS
J.H. Winokur, Inc. is pleased to announce the closing of the sale of a portfolio of absolute net lease Family Dollar properties located in Syracuse, New York and Lebanon.
The Family Dollar locations had 15-year NNN leases with no landlord obligations.
The Syracuse property is in a dense urban location with 18,371 people in 1-mile radius and 116,096 people in the 3-mile radius. It is a corner intersection at a traffic light corner. The construction is upgraded brick construction. Commercial developments in the neighborhood are primarily centered around South Salina Street, and include the subject, Dunk & Bright Furniture, Factory Direct Mattress & Furniture, Mavis Discount Tire, and several other small retail developments. Syracuse is the fifth-most populous city in the state of New York following New York City, Buffalo, Rochester and Yonkers. At the last census, the city population was 145,252, and its metropolitan area had a population of 662,577.
The Lebanon property is down the road from McDonald’s, Save-A-Lot, two busy branded gas stations, Turkey Hill Convenience Store and Lebanon Store District Elementary School. Also nearby is the Willow Senior Apartments. The dense neighborhood location has 18,329 population in 1-mile radius, 55,418 population in 3-mile radius and 74,757 people in the 5-mile radius with strong population growth in surrounding area.
J.H. Winokur represented the seller, a private investor, who originally purchased the Family Dollar stores from a large regional Family Dollar real estate developer. The properties were sold to a Real Estate Investment Trust (REIT).
A main selling feature for the real estate investment community Family Dollar, a subsidiary of Dollar Tree (Nasdaq: DLTR) a Fortune 500 Company, which operates more than 15,000 stores across 48 states and five Canadian provinces, is the tenant’s S&P and Moody Investment grade credit rating. Another is that there are no landlord obligations under the lease.
Founded in 1978, J.H. Winokur continues to be a trusted advisor and broker for private investors and 1031 exchange buyers seeking the best real estate investments for their goals. For more information contact Jason Winokur.
