CMK Properties (Brentwood, Tenn.) is excited to announce that construction is now complete on Phase I of CMK’s ground up development known as Woodforest Professional Plaza located in Montgomery, Texas, at 750 Fish Creek Thoroughfare.
Brentwood-based CMK Properties has announced the acquisition of a Dollar General property for an undisclosed sum.
According to a release, this was the third and final property purchase for CMK’s DG Investments III fund.
In June, the DG III fund sold its two prior holdings — both Dollar General stores in North Carolina — and used the proceeds from the sale to purchase three new Dollar General properties located in Plymouth and Delphi, Indiana, and Hattiesburg, Mississippi.
By selling the previously held stores, CMK achieved an 11 percent annual average return for the fund’s investors, the release notes. Using a 1031 exchange, investors were then able to rollover proceeds directly into the three replacement properties and defer payment of capital gains taxes. This is the third transaction in the last two years in which CMK has used this strategy to lock in double-digit returns and protect the gains from current taxation, according to the release.
The recent closing added the 27th Dollar General property to CMK’s holdings. The company is working to purchase two additional DG stores by year’s end.
“We are pleased to have surpassed our acquisition goals for the year,” CMK CEO John Hopfensperger said in the release. “Thanks to investor demand we are continuing to acquire exceptional Dollar General properties and strengthen our portfolio of the finest DG stores in the country.”