The company paid $4.5 million for two Dollar General and three Family Dollar stores in North Carolina.
Prudent Growth Partners has added five assets to its growing retail portfolio. The dollar stores, located throughout North Carolina, traded for a total of $4.5 million in five separate transactions.
The Prudent closing team worked towards negotiating and concluding the sales on the same date. The deal included two Dollar General stores, situated in Sanford and Statesville, as well as three Family Dollar locations in Goldsboro, Rocky Mount and Gaston.
According to Tom Hahn, president of Prudent Growth Partners, the properties’ “recession-proof” quality was behind the company’s decision to acquire the portfolio. He added that the firm plans on completing similar acquisitions in order to insulate its portfolio and diversify its footprint.
In a recent discussion with Jonathan Hipp of Avison Young, Commercial Property Executive touched on how Dollar General stores have been one of the strongest performers in net lease space during the pandemic, as opposed to widespread struggles in the retail sector.