Upgraded Dollar General | 17,400 ADTC

Highlights:

• 7.75 Years Remaining on Primary | Upgraded Construction
• Popular Tourist Destination | Attracts 10 Million Visitors Each Year
• Across from New Smyrna Speedway | NASCAR Event Host
• Near Signalized Corner at Tomoka Farms Rd | 13,200 VPD
• 4 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $107,179
• Ten Mile Population 132,208 | Expected 10.73% Growth
• 17,400 Cars Per Day on FL-44
• Investment Grade Dollar Store With "BBB" Credit Rating
• Dollar General Corporate Guaranty
• Adjacent to Circle K | Only Dollar Store Within 7+ Miles
• Consumer Spending Within 10 Mile $1.6 Billion

Description:

Fortis Net Lease is pleased to present this 2018 BTS, 9,100 SF. Dollar General store with upgraded construction located in New Smyrna Beach, Florida - a popular tourist area attracting 10 Million Visitors per year. The property offers a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities, with 7.75 years remaining on the primary term. The lease contains 4 (5 Year) options to renew, each with a 10% rental rate increase. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store has been successfully open and operating since August 2018.

This Dollar General is highly visible as it is strategically positioned on FL-44 which sees 17,400 cars per day near the signalized intersection of Tomoka Farms Road which sees 13,200 cars per day. It is adjacent to a Circle K and across the street from New Smyrna Speedway; the host of weekly NASCAR races & the World Series of Asphalt Stock Car Racing - 9 straight days of racing that can attract 50,000 visitors! The ten mile population from the site is 132,208 and the three mile average household income is $107,179 per year, making this location ideal for a Dollar General. This area is experiencing above massive with the five mile population growth rate at 11.56%. The 5 Mile Consumer Spending is $1.6 Billion within a 10 mile radius. The Subject offering represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to attain the fee simple ownership of Dollar General. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, the nation’s top “small box” discount retailer. List price reflects a 6.60% cap rate based on NOI of $126,666.96.

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