Investment Summary
Price | $1,283,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN, with Tenant Responsible for All Taxes, Insurance, and Maintenance |
Rental Increases | 10% Rental Increases in Option Periods |
Year Built | 2019 |
Building Size | 1.99 Acres (86,684 SF) |
Lot Size | 1.99 Acres (86,684 SF) |
Status | Available |
Lead Brokers | Vincent Aicale Cushman & Wakefield 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Cushman & Wakefield 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 Michael T. Yuras, CCIM Cushman & Wakefield 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Senior Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 |
Investment Highlights
15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management making this asset an ideal investment opportunity for an outof- area investor
» New 2019 construction
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s annual revenue exceeds $27.8 billion
» Ranked #119 on Fortune 500 list (11 consecutive years of Fortune 500 ranking growth)
» Dollar General operates more than 16,350 locations in 45 states and has plans for significant future growth
EASILY ACCESSIBLE LOCATION IN POPULOUS AND GROWING AREA
» Located along State Route 18, a primary thoroughfare traversing Hartstown
» 21-foot pylon sign facing State Route 18, increasing traffic to the site
» 73,971 residents within a 15-mile radius of the property
» Projected 12 percent AHI increase within 10 miles of the site in the next five years, poising Hartstown for significant growth
CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS AND COMMUNITY HUBS
» Central location between several Pennsylvania tourist attractions and community hubs, including Pymatuning State Park, The Spillway, and Conneaut Lake Amusement Park (75,000 visitors, $9.6 million generated in regional economic impact)
» Located at the confluence of several State Game Lands hunting grounds, attracting impactful amounts of outdoor recreationists (outdoor recreation generates $29.1 billion in Pennsylvania consumer spending)
» Gateway to Lake Erie ($40.6 million annual economic impact in Pennsylvania, 11 million annual visitors)
» 10 miles from the Pennsylvania/Ohio border, increasing regional commuter traffic to the location
Property Description
SOLD
The property has an easily accessible location along State Route 18/Main Street, a primary thoroughfare traversing the entirety of Hartstown. The site benefits from its central location in a populous area, with 73,971 residents living within a 15-mile radius of the location. The property is primed to grow along with the surrounding area, with a projected 12 percent average annual household income increase within 10 miles of the site in the next five years. Traffic to the site is also increased by the 21-foot pylon sign facing State Route 18.
The property has a central location between several Pennsylvania tourist attractions and community hubs, including Pymatuning State Park, The Spillway, and Conneaut Lake Amusement Park (75,000 visitors, $9.6 million generated in regional economic impact). The property is located at the confluence of several State
Game Lands hunting grounds, attracting impactful amounts of outdoor recreationists. Outdoor recreation generates $29.1 billion in Pennsylvania consumer spending. Traffic to the site is increased by its proximity to the Pennsylvania/Ohio border, and the site also experiences increased traffic from its location as a gateway to Lake Erie, ($40.6 million annual economic impact in Pennsylvania, 11 million annual visitors).