Investment Summary
Price | $1,420,000 |
Cap Rate | |
NOI | |
Lease Term | 15 Years |
Lease Type | Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot |
Rental Increases | 10% Rental Increases In Option Periods |
Year Built | 2019 |
Building Size | 9,026 SF |
Lot Size | 4.4 acres (191,664 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 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 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
» 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 $25.6 billion
» Dollar General operates more than 15,370 locations in 44 states and has plans for significant future growth
HIGH-EXPOSURE LOCATION AND ACCESS TO MAIN THOROUGHFARES
» Visibility and access to 5,129 vehicles per day directly in front of the property on Perry Highway
» Minutes from major Pennsylvania thoroughfares Interstate 79 (22,795 AADT) and Interstate 80 (30,916 AADT)
» Within a three-mile radius of eight hotels
CENTRAL LOCATION TO MULTIPLE TOURIST ATTRACTIONS AND OUTDOOR RECREATION AREAS
» Within minutes of McConnells Mill State Park, Lake Arthur, Moraine State Park, Grove City Country Club, Living Treasures Wild Animal Park, and Green Meadows Golf Course—an 18-hole, par 72 course
» Minutes from major Pennsylvania thoroughfares Interstate 79 (22,795 AADT) and Interstate 80 (30,916 AADT)
» Easy access to five surrounding State Game Land sites, attracting significant amounts of hunting and fishing recreationists
» Volant Shops features 24 local stores and businesses catering to tourists and residents alike
BENEFICIAL PROXIMITY NEAR LARGE EMPLOYERS
» Three miles from Grove City Premium Outlets, which features 140 brand-name outlet stores (Banana Republic, Kirkland’s, Gap, Coach Factory, J. Crew, Levi’s, and more)
» Outlet stores generate $2.1 million annually in county, municipal, and school district revenue, drawing an estimated 6.5 million visitors per year (significant portion from New York, West Virginia, Ohio, and Ontario)
» Value Retail News rated Prime Grove City Premium Outlets as one of the top 20 outlet centers in the United States
Property Description
Sold
The property is located on Leesburg Grove City Road (4,655 AADT), minutes from Interstate 79 (22,795 AADT) and Interstate 80 (30,916 AADT). The location resides three miles from Grove City Premium Outlets, which features 140 brand-name outlet stores, including Banana Republic, Kirkland’s, Gap, Coach, J. Crew, Levi’s, and more. The outlet stores generate $2.1 million annually in county, municipal, and school district revenue, and draw an estimated 6.5 million visitors per year (significant portion from New York, West Virginia, Ohio, and Ontario). Value Retail News rated Grove City Premium Outlets as one of the top 20 outlet centers in the United States.
The property is surrounded by a mixture of well-established local businesses, recreational establishments, and communal meeting areas. The location is within a three-mile radius of eight hotels, including Candlewood, Hampton Inn, Best Western, and Holiday Inn Express. Leesburg Grove City Road is easily accessible to McConnells Mill State Park, Lake Arthur, Moraine State Park, Grove City Country Club, Living Treasures Wild Animal Park, and Green Meadows Golf Course—an 18- hole, par 72 course. The property is centrally located between Ohio and Pennsylvania, and at the confluence of five different State Game Land sites, attracting significant amounts of hunting and fishing recreationists year-round. The area is popularly known for local retail at Volant Shops, which features 24 stores and businesses catering to tourists and residents alike.