Net Lease V Michigan

Fortis closes $14 million sale of Michigan-based Dollar General portfolio

Fortis closes $14 million sale of Dollar General portfolio,ph01

Fortis Net Lease recently completed the sale of a new-construction 12-store Dollar General portfolio with properties throughout Michigan.

The 12 locations consist of a combined square footage of 109,200.

Bryan Bender, partner and managing director at Fortis, represented the developer of all 12 properties. Michael Carter, senior director at Fortis, represented the buyer of the portfolio.

The buyer was a 1031 exchange. The closing price came in at more than $14.6 million, representing the lowest cap rate for Dollar General portfolio sale of more than 10 stores during the past 12 months.

“The successful closing of this portfolio demonstrates our unique ability to pair active investors of net leased properties, with our merchant developer relationships. This is one of our main specialties and what our platform is not only built on but built for,” Carter said in a written statement.