NEWS

Five Points Family Dollar building sells for $2M

Buyer Magnolia Capital plans to lease space, enlists CBRE for marketing

The Five Points-area building long home to Family Dollar has been sold for $2 million.

Nashville-based Magnolia Capital Investments was the buyer. Ben Bonner, Magnolia Capital president, told the Post the company plans to continue to use the building for retail purposes and is looking to rent the space. Family Dollar ceased operations last week.

Family Dollar Stores of Nashville TN was the seller. The acquisition follows Magnolia Capital’s recent $12.6 million purchase of the Green Hills building last home to Nashville-based prison management company CoreCivic Inc.

Constructed in 1986 and spanning about 6,750 square feet, the nondescript Five Points brick building has an address of 1000 Woodland St.

“We believe in the real estate and the neighborhood, and are excited to be a part of Five Points,” Bonner (pictured) said, adding some upgrades are planned. “This property fits well with Magnolia’s strategy to purchase well-located real estate in core and emerging submarkets.”

Austin Benedict and John Maxwell, brokers with the Nashville office of CBRE, represented Magnolia in the acquisition and will also rep the company in finding a tenant.

Family Dollar Stores of Nashville TN acquired the 0.56-acre property from Exxon Corp. in October 1985 for $100,000. That entity is affiliated with Charlotte-based Family Dollar.

Sources said the closed Family Dollar will not reopen within the area.

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