Dollar General Store #10524
3724 Covenant Road, Columbia, SC 29204
Size: 15000 sq ft
Our investment team contracted to purchase a Dollar General and 6,800 square feet of vacant shop space in Columbia, SC from Wells Fargo. The property had been foreclosed upon and had a short-term lease with Dollar General. While still in contract negotiations, a thousand year flood hit Columbia and 30% of the facility’s parking lot, including lighting and utility connections, were washed away.
Our team negotiated a lower price cash purchase with the lender/owner and assumed responsibility for all necessary improvements to the property. With an additional cash investment of more than $200,000, working closely with the US Corps of Engineers, we properly restored the facility and negotiated a lease extension with Dollar General, while we continue to look for the right opportunity for the excess space. This property remains in our portfolio.