Offer for sale this brand new Family Dollar in Pittsburgh’s East Liberty/ Shady Side neighborhood. The Tenant, Family Dollar, is subject to a newer 15 year double net lease that features a rare 10% rent increase in year 11 of the base term and the five, five year option periods. The newly constructed 9,180-square-foot store is scheduled to open in Fall 2017. The building will be a highly attractive brick and three-sided glass prototype which was mandated by the local planning authorities. Family Dollar is one of the fastest growing discount store chains in the United States with over 8,100 locations and has been a publicly held corporation since 1970. Parent Company, Dollar Tree, who purchased the chain in January 2015, is investment grade rated “Baa3” by Moody’s.
Family Dollar is located in the northeastern section of Pittsburgh in a neighborhood that is in the “path of progress”. In June 2014, USA Today named East Liberty one of the ten “best up and coming neighborhoods” around the United States. This store is located along Lincoln Road just one mile from many of the East End’s developments. East Liberty has exploded with redevelopment including Whole Foods moving to a new larger location, the success of Bakery Square (a large scale mixed use project home to some of Google’s offices), and most recently the announcement of a $30 million affordable housing grant award focused on the market. Presently this neighborhood lacks essential grocery options for consumers while the market density is one that Family Dollar targets which will inevitably help this location to be successful. The lower to middle income demographics surrounding this site are the precise metrics the tenant targets to optimize printability.