Commercial Office/Warehouse For Lease
Pratt Thomas, CCIM represented the investors in the purchase of the Dollar General Store #9852 just outside the Fairhope City limits in the community of Barnwell. The property sold for $782,000. The 9,014 sq ft store was built in 2005 for Dollar General, and the retail giant will continue to operate at the location. Details of the lease with Dollar General were not disclosed at the time of the sale.
MPT worked with the buyers to complete a 1031 Tax Deferred Exchange. Pratt Thomas commented “this sale would not have happened if it were not for the 1031 program. Additionally, the buyers likely would not have sold their former property. Throughout the stream of this deal, it helped support hundreds of jobs”. This widely popular investment program has been targeted by President Biden and Democratic lawmakers to eliminate the program.