SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a Family Dollar property located in Coeburn, Virginia. Built in 2014, the subject property was a relocation of an existing store down the street demonstrating Family Dollar’s long-term commitment to the Coeburn market. In January 2019, the subject property underwent extensive renovations at the sole cost and expense of Family Dollar; further demonstrating their commitment to this location. The lease has approximately 4.75 years remaining in the initial 10-year lease term with six (6) – five (5) year options at 10% rent increases. The NN+ lease has minimal landlord responsibilities limited to roof and parking lot – Family Dollar is solely responsible for the repair/replacement of the HVAC and is responsible for the first $2,500.00 in asphalt/concrete repairs to the parking lot in any lease year. The lease is guaranteed by Family Dollar Stores, Inc. (NYSE: DLTR) with a credit rating of BBB- from Standard & Poor’s.
The subject property is strategically located in the heart of Coeburn on Front Street East with traffic counts in excess of 4,500 vehicles per day. Coeburn is nested in the mountains of Southwest Virginia and is situated in the southeastern portion of Wise County, just off Route 58. Coeburn is also widely known today for its beautiful downtown, complete with antique lamps, brick sidewalks and pedestrian bridges. Coeburn is located 40 miles north of Kingsport, TN; 54 miles north of Bristol, VA; and 63 miles north of Johnson City, TN. The 7-mile trade area is supported by a population of 19,071 residents with an average household income of $51,321.