Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a Dollar General in Austin, Texas according to Tim A. Speck, division manager in the firm’s Dallas office.

Vincent Knipp, Senior Managing Director Investments, in Marcus & Millichap’s Dallas office, and Doug Diffie, First Vice President Investments, in Marcus & Millichap’s Austin Office, had the exclusive listing to market the property on behalf of the seller. Knipp and Diffie also procured the buyer for the purchase of the property.

Dollar General has operated at this location for thirteen years and had one year left on the lease at the time of the sale. With the ongoing residential and multi-family developments in the area, the store continues to benefit from a growing built-in customer base.

“We were able to achieve a record low cap rate in a great Austin Submarket,” said Diffie. “The area has a built-in demographic base for Dollar General which definitely helped to procure a buyer. This was a great deal that benefitted both the buyer and seller.”

Dollar General is located at 12320 Dessau Rd, Austin, TX 78754.