ELK RIVER, MINN., AND SPRINGFIELD, MO. — Upland Real Estate Group has brokered the sale of an 8,500-square-foot net lease property located in Elk River. A local 1031 Exchange investor has purchased the Dollar Tree for approximately $1.47 million at a 6.93 percent cap rate. The store is situated on a 1.6-acre site adjacent to a Home Depot and a Wal-Mart Supercenter. Keith Sturm and Deborah Vannelli of Upland Real estate Group represented the seller in the transaction. Additionally, Sturm and Vannelli have brokered the sale of a 5,754-square-foot net lease property located in Springfield. A 1031 Exchange investor has purchased the Lone Star Steakhouse for approximately $1.94 million at an 8 percent cap rate. Lone Star has a new 15-year triple-net lease with 2 percent annual rent increases at the property, which is situated on a 59,826-square-foot site. The guarantor operates 180 restaurants nationwide.
Upland Real Estate Group has brokered the sale of an 8,500-square-foot Dollar Tree store located in Elk River, Minn.
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