Lake City Dollar General is a freestanding, 9,014 square foot building which was built in 2007 and is 100% leased to Dollar General, a publicly-traded firm with a 2017 store count approaching 14,000. This property, which was purchased with an individual partner in 2015, is located on U.S. 441 South, on the southern end of Lake City, across from Columbia County High School.
While this project does not mirror Vanguard’s other value-add investments, we were attracted to this project for a number of reasons. First, Lake City is a smaller, but rapidly-growing market on I-75 in north Florida; this market has an extended trade area, as it is the major population base in a 30-mile radius. This particular Dollar General location has exhibited several years of very strong performance, and the building size is compatible with what they are currently building today; this would indicate a very high likelihood that they will occupy the property throughout their lease options. Lastly, because the building was constructed several years ago, the price point and tenant rent are well below that of a newly-built Dollar General, and the cap rate was higher.
3118 SW Main Boulevard, Lake City, Florida 32025
Downloads (Flyer & Floor Plans)
Management / Leasing Agent
Timothy J. O'Neill, Jr., is a third-generation real estate developer, and has been involved with commercial real estate development, leasing, and management since 1987. During that time he has gained extensive experience in retail development, with particular specialization in the..