Investment Summary
Price | $1,789,000 |
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 | 2018 |
Building Size | 10,566 SF |
Lot Size | 1.8 Acres (78,408 SF) |
Status | Sold |
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 Executive Managing Director 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 the ideal investment opportunity for an out-of-area investor
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s yearly revenues exceed $27.8 billion
» Dollar General operates more than 16,350 locations in 45 states and has plans for significant future growth
EASILY ACCESSIBLE LOCATION IN DENSELY POPULATED AREA
» 39,615 residents within a 10-mile radius of the property
» Located along State Route 655, a major north-south thoroughfare traversing western Pennsylvania
» 20-foot lighted pylon sign facing East Main Street, increasing visibility to the site
» Neighbored by Valley View Retirement Community (133 residences, 79 personal care suites, 160 skilled nursing beds), which plans to add in six+ living units to its location every year
CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS, RETAILERS, AND COMMUNITY HUBS
» Located in Belleville’s primary retail corridor and surrounded by a strong mix of well established local retailers
» Central location between Rothrock State Forest, Bald Eagle State Forest, and Tuscarora State Forest (Pennsylvania State Forests attract 3.6 million annual visitors, $400 million in local revenue)
» Within three miles of primary Belleville employers, including Trinity Packaging, MKB Company LLC, and Meeker Equipment Co., Inc.
» Located at the confluence of Pittsburgh, Philadelphia and New York
Property Description
SOLD
The property has an easily accessible location on East Main Street, one of Belleville’s most trafficked thoroughfares with visibility and access to 6,265 vehicles per day directly in front of the property. The site is located along State Route 655, a major north-south thoroughfare traversing southern Pennsylvania. The location also resides in a populated and growing area. 39,615 people live within a 10-mile radius of the site, and the average household income is projected to increase by 11 percent in the next five years within a three-mile radius of the property. Visibility is increased to the site by its 20-foot lighted pylon sign, which faces East Main Street. The property is also neighbored by Valley View Retirement Community (133 residences, 79 personal care suites, 160 skilled nursing beds), which plans to add in six+ living units to its location every year.
The property is near several recreational areas and tourist attractions, including Rothrock State Forest, Bald Eagle State Forest, and Tuscarora State Forest. Pennsylvania State Forests attract 3.6 million annual visitors and generates an average of $400 million in local revenue. Traffic to the site is increased by its proximity to a strong mix of well-established local retailers. The property is within three miles of primary Belleville employers, including Trinity Packaging, MKB Company LLC, and Meeker Equipment Co., Inc. The site benefits from its centralized location between Pittsburgh, Philadelphia, and New York.