Brentwood, Tennessee-based developer and real estate sponsor CMK Properties recently completed a $54.6 million sale of a 35-store Dollar General portfolio located across 12 states.
CMK Properties, a Brentwood-based real estate services firm, has closed on the purchase of yet another Dollar General store. The store, located in Harrisonville, MO opened to the public in May. This was CMK’s first DG acquisition to date in 2020.
“While we have always had strong demand for our solid, stable and predictable DG Investments offerings, the impacts of sheltering in place, stable non-discretionary spending and shopping more locally through the pandemic have resulted in an uptick in investment demand for a consistent performer like DG,” said CMK’s President John Hopfensperger. “DG’s earnings report on 5/29/20 served to further validate our thesis.
“Consequently, we plan to continue on our path of acquiring excellent Dollar General stores and assembling the finest DG portfolio in the country.”
Hopfensperger also reiterated “We are not swinging for the fences with this strategy. Our structure provides investors with outstanding current cash flow and capital preservation. We make it easy for accredited individual investors and family offices to invest in institutional-grade real estate without the management hassle or large investment minimums. We view Dollar General as an outstanding tenant that is Amazon-resistant and does well in both up and down economies and the challenges associated with COVID-19 have served to reinforce our position.”
According to Hopfensperger, CMK aims to buy three more Dollar General properties by the end of the year.