By Shelley Kimel, Knoxville News Sentinel —
A Maryville businessman has acquired four Dollar General locations in East Tennessee and has more real estate investments in mind.
Eric Barton, owner of government services firm Vanquish Worldwide, purchased four properties, including one occupied by the newly built Dollar General in Alcoa, and others in Friendsville, Loudon and White Pine. He paid $1.6 million for the Loudon property and a total of $2.3 million for the other three locations.
The purchases are part of a broader growth strategy for Vanquish and its increasing number of affiliate firms.
“There’s better investments in some other places, but I’ve intentionally bought stuff around the area,” Barton said, adding that he wants to invest in the local economy.
The properties will generate approximately $23,000 each month in lease payments and were a safe investment, as new tenants could easily be found for the buildings if Dollar General ever left, he said.
The deals were completed through real estate venture Barton Properties, which plans to acquire an additional six or seven properties in 2015, he said.
The company is one of the latest in a string of new projects Barton launched recently.
He has invested about $20 million in new startups, which also include Barton Media, a telecommunications service; Vanquish Insurance Co., a captive insurance company; Vanquish Leasing, which will lease trucking equipment, particularly to FedEx; and Angels Over America Foundation, a nonprofit to focus his family’s giving efforts with plans to donate $1 million to $2 million per year.
Also in the works are an employee benefits provider and an insurance company to serve small businesses, among others.