California family trust buys Myakka Dollar General

BUYER: Herman Istrin as trustee of the Istrin Family Trust, Pacoima, Calif.

SELLER: RKM Myakka City LLC

PROPERTY: 36750 E. State Road 70, Myakka City

PRICE: $1.41 million

PREVIOUS PRICE: $151,000, April 2012

TITLE FIRM ON DEED: Investors Realty Title Co. LLC, Safety Harbor

PLANS, DESCRIPTION: The Istrin Family Trust of California purchased a 9,002-square-foot Dollar General store for $1.41 million.

The price equated to $156 per square foot.

The freestanding building, which was completed earlier this year, has been leased to Dollar General Corp. for an initial 15 years. The triple net lease leaves the landlord with no maintenance responsibilities; the tenant is responsible for the property taxes, insurance, maintenance and repairs.

Greg Matus and Barry Wolfe of Marcus & Millichap's Fort Lauderdale office represented the seller. Wolfe says the sale was done as a passive investment.

“The buyers liked that the real estate was producing a stable return with a credit-worthy tenant,” Wolfe says. “The market is very strong right now for deals like this.”

The purchase price equated to a payoff ratio based on current income (capitalization rate) of 7.5%.

Goodlettsville, Tenn.-based Dollar General operates more than 10,200 stores in 40 states.