Three Dollar Store Units Sell for $59 Per SF

For more retail coverage, click GlobeSt.com/RETAIL.

PHILADELPHIA-Adar Holdings buys a portfolio of three Dollar stores from Dollarland Holdings for in excess of $2.2 million, which averages $746,500 a unit or $58.93 per sf. All have been recently renovated and provide in excess of 10% cash on cash returns.

Two of the buildings are Family Dollar units located at 6138 Ridge Ave. and at Friendly Plaza at 3141 Frankford Ave. here. A Dollar General unit is located at 1016 West Ave. in Woodstown, NJ.

The local office of Marcus & Millichap represented both the seller and the buyer in the transaction. An M&M spokesman says, “all three properties have strong sales and are in areas in which the demographics point to continued business success.”

In an unrelated Philadelphia transaction, Greater Philadelphia Urban Affairs Coalition renews its lease for 5,211 sf of office space at 714 Market St. Roger T. McManimon of the local office of Cushman & Wakefield brokered the transaction. Terms are undisclosed. According to C&W’s third-quarter report, the average asking rental rate for office space east of Broad St. is $22.82 per sf, but several brokers point out that effective rates are at least $2 per sf below asking rates.