East Hampton, CT TEK Realty Advisors LLC (TEKRA) has arranged the sale of a newly constructed Dollar General store located at 197 E High St. TEKRA procured the 1031 exchange buyer to close the transaction at $1.892 million.
Dollar General signed a 15-year absolute net lease for the newly constructed 7,500 s/f building, which sits on a 1.38-acre site at the intersection of East High St., Lake Dr. and Bear Swamp Rd. The property was built-to-suit for Dollar General in 2018.
“This asset met the purchaser’s 1031 exchange investment criteria as it allowed for him to purchase a new construction building that has no landlord responsibilities and the guaranty of publicly traded credit tenant,” said Theo Kontis, partner and co-founder of TEKRA.
Kontis and Vincenzo Amato of TEKRA represented the purchaser and Daniel de Sa of EXP Realty Advisors represented the seller.