Family Dollar Sells Properties

May 22, 2012 No Comments by

The Family Dollar store property at 782 S. Yonge St. in Holly Hill is one of four properties in Volusia County that were sold for $6.43 million. Family Dollar will continue to lease the properties.

An Arizona-based real estate investment firm recently bought four Volusia County properties and buildings that house Family Dollar discount retail stores for $6.43 million.

Family Dollar will continue to lease the sold stores, three of which were built last year, and that’s what makes them so attractive to commercial real estate investors. Family Dollar headquartered in Charlotte, N.C. has also bought one of its stores from the developer.

Cole Real Estate Investments, headquartered in Phoenix, Arz., bought two Family Dollars stores in Deltona and one each in DeLand and Holly Hill.

Cole company officials could not discuss the transactions because of Security and Exchange Commission rules that regulate real estate investment trusts, said Tom Nolan, a company spokesman with Great Ink Communications, Cole’s public relations firm.

Cole invests primarily in income-producing, single-tenant commercial real estate leased to high-quality, creditworthy tenants under long-term net leases, according to the Cole Real Estate Investments’ website.

Those type investments are popular with low-borrowing interest rates, said John Albright, president and CEO of Daytona Beach’s Consolidated-Tomoka Land Co., which sells local agriculturally-zoned land and invests that money into income-producing properties that include CVS Pharmacies, Walgreens and RBC Banks.

“The dollar stores are a growing segment of the regional market and are a healthy retail segment,” Albright said Monday. “Family Dollar is a strong company. Given the low interest rates and environment, there is a strong demand for these types of net lease stores.”

Family Dollar recently bought the property and building at 2425 S. Ridgewood Ave., South Daytona for $1.86 million. The seller was Boos Development, a Clearwater-based developer that built many Family Dollar stores. The South Daytona store opened in November.

Cole Real Estate Investments bought the Family Dollar at 3010 N. Woodland Blvd., DeLand and the one at 2901 Howland Blvd., Deltona for $1.76 million each. They were both 8,000 square feet and built last year.

It also bought the Family Dollar at 1401 Howland Blvd., Deltona for $1.14 million. The 9,180-square-foot store was built in 2004. The fourth store Cole bought in the area is at 782 S. Yonge St., Holly Hill. It’s 8,181 square feet and was built last year to replace a Sonny’s Real Pit Bar-B-Q that was demolished.

Real estate investors have also purchased several Dollar General stores in the area.

A Tennessee firm, Retail Properties Investments, last year bought a Dollar General store at 1110 E. New York Ave., DeLand for $1.27 million and at 2798 S. Ridgewood Ave., Edgewater for $1.75 million.

A West Virginia man earlier this month bought the Dollar General at 2116 S. Atlantic Ave., Daytona Beach Shores, for $1.99 million. It was the second time the property was sold since the store opened a year ago.

Source: The Daytona Beach News-Journal

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