Lev Brokers 1031 Exchange Sale of Dollar General and Family Dollar Properties for a Total of $3.5 Million

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Apr 18, 2022, 12:30 ET

Through Lev Lending, each sale was completed 3x faster than traditional lenders in a hot market of net-leased dollar stores

NEW YORK, April 18, 2022 /PRNewswire/ -- Lev, the commercial real estate (CRE) financing platform, has today announced the completion of two single-tenant net-leased (NNN) properties in Charleston, WV and Meridian, MS.

The assets, a Dollar General and a Family Dollar, were purchased by a private 1031 exchange investor. The Dollar General property in Charleston, WV sold for $2.1 million reflecting a 6.0% percent cap rate, and the Family Dollar in Meridian, MS sold for $1.4 million reflecting a 5.6% percent cap rate.

Through Lev Lending, a platform that specializes in permanent, non-recourse loans on single-tenant net lease properties, each deal closed at speeds up to 3x faster than traditional lenders.

Working closely with Nancy Miller, CCIM, MBA, and partner at Bull Realty in Atlanta, Lev achieved long-term, competitive, non-recourse financing. Funding each transaction just 31 days after the PSA was signed, Lev extended a loan of $900,000 for the Meridian property and $600,000 for the Charleston property.

"The market for net-leased dollar stores is competitive right now, and we're thrilled to be able to offer our clients the most seamless, digitized lending experience in the CRE space," says Yaakov Zar, CEO and founder of Lev. "Lev Lending makes the borrowing and lending experience better for everyone. These deals are great examples of that."

Utilizing proprietary AI technology and deep industry expertise, Lev brings speed and transparency to CRE financing. A streamlined application process with automation and deal management tools for borrowers and brokers, along with powerful financing and closing technologies, empower borrowers to be automatically matched with the right lender.

Located in downtown Charleston, WV, the 12,635 square foot Dollar General is situated on 1.41 acres on West Washington Street, which boasts average daily traffic counts exceeding 18,200 vehicles daily. The 8,320 square foot Family Dollar is located on 1.18 acres and sits on the corner of a densely populated neighborhood in Meridian, MS with over 31,000 people in a 3-mile radius.

About Lev
Lev is the commercial real estate financing platform offering fast, transparent access to capital from the world's leading financial institutions. Having closed nearly $1 billion in CRE mortgages in 2021, Lev has grown 10x year-over-year thanks to its proprietary approach to CRE financing, including the industry's only API. Founded in 2019, Lev has raised $40 million from StepStone Group, Parker89, NFX, Canaan Partners, JLL Spark, Animo Ventures and Ludlow Ventures, among others. For more information, visit levcapital.com.

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SOURCE Lev