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March 21, 2023

Andover Dollar General site sells for $2.37M

Michael Puffer | Hartford Business Journal 590 Lake Road, Andover.
By Michael Puffer

A Rhode Island investor recently paid $2.37 million for an Andover property hosting a Dollar General store.

Simaan Properties bought the 1.2 acre property at 590 Lake Road, along busy Route 6, from MCG Andover LLC in a deal recorded by the town on Feb. 16. The property hosts a 10,640-square-foot metal-sided commercial building completed in 2022.

A subsidiary of Dollar General Corp. signed a 15-year lease on the property in 2022. That lease has three, five-year options to extend.

MCG Andover’s principal is Torrington-based Garrett Homes. Simaan Properties’ principal is Walid Simaan, of Newport, Rhode Island.

Daniel R. de Sa’ of New York-based HMX Realty advisors brokered the deal.

The buyer was attracted to the property as an investment with a steady revenue stream, de Sa’ said.

“The new owner was looking for passive income from a credit tenant,” de Sa’ said. “We do a fair amount of these every year to the extent investors are looking for safe, passive returns in these crazy times of the stock market.” 

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