A 8,320-sq-ft Family Dollar (NYSE: FDO) store is going to be a reality in Southwestern Colorado, made possible through the funding by Phoenix-based Pillar-FD Ignacio, LLC which is owned by Pillar Companies, Phoenix. The development of the retail center, located in Ignacio, Colo. is expected to begin construction this month and is slated for an October completion.
Led by managing director Brian Moore, Pillar-FD Ignacio, LLC provided $1.2 million in funding to acquire the .75-acre parcel to develop the retail building, located at the intersection of Cedar Street and Goddard Ave. Family Dollar has signed a 15-year triple net lease.
According to Moore, “This is the sixth such acquisition and development deal Pillar Companies has funded in connection with Family Dollar retail stores over the past 24 months.”
Salt Lake City-based Northpoint Construction & Development is the owner and developer of the site. David Murdock, director of real estate development, said, “This location is another example of Family Dollar providing value and convenience to a community desiring a reliable retail brand in their town. Family Dollar is one of the fastest growing retailers in the country and we are proud to bring this to Ignacio.”
Moore has acted as a principal in diverse private equity and real estate investments including land, residential real estate and commercial properties similar to the Family Dollar transaction. He has been involved in the acquisition, development and management of thousands of acres of land throughout the Western U.S. and has participated in the acquisition of distressed debt portfolios with aggregate unpaid principal balance of more than $1 billion.