Dollar Tree Sells Super Quick
We've got proof more investors want San Jose real estate. The Dollar Tree at 2155 Tully Road in San Jose went under contract within one week of listing and just sold over listing price, for $4.95M. The seller was Oak Group LP, an LA-based investment partnership repped by The Heritage Group's Mark Hoekstra. Strong market conditions dictated timing for this sale, which will allow the seller to do a 1031 exchange into a more opportunistic property. The quick trade gave the seller extra time to execute a 1031 exchange, says Mark. The buyer was HLT Investments, a private entity looking for a stable Bay Area investment. Dollar Tree's lease runs through Aug. 31, 2021. Located a mile from the 101, the property was built in 1971 with renovations done in 2011 and 2013. The Chesapeake, Va.-based discount chain has more than 5,000 stores.