Millsboro Dollar General sold to investor

Marcus & Millichap commercial real estate brokerage firm announced the sale of Dollar General, a 10,640-square-foot net-leased property at 26012 John J. Williams Highway in Millsboro. The property is encumbered with an 11-year NN lease, meaning the lessee or tenant is responsible for property tax and building insurance, leaving limited landlord responsibilities.

According to Sean Beuche, regional manager of the firm’s Philadelphia office, the asset sold for $2,070,000.

Steve Garthwaite, an investment specialist in Marcus & Millichap’s Philadelphia office, said, “The purchaser, a limited liability company, was attracted to this asset due to the quality location and long-term lease guaranteed by a BBB-rated public company. Dollar General grew through the last recession and has seen increases in sales in as much as 300 percent at some locations throughout this pandemic. We continue to be bullish on essential retailers as an investment strategy and for equity preservation heading into a potential downturn.”