Overview

Description

Fortis Net Lease is pleased to present this brand new 10,640 SF. Dollar General Plus store located in Manton, Michigan. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rent increases every 5 years including at each of the 5 (5 year) options to renew. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is currently under construction with rent & store opening on track for March 2024.

This Dollar General is highly visible as it is strategically positioned off of N Highway 131 which sees 6,100 cars per day, only 12 miles North of Cadillac. The 10 mile population from the site is 12,495 while the 3 mile average household income is $59,685 per year, making this location ideal for a Dollar General. 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 6.50% cap rate based on the initial NOI of $108,316.

Highlights

• Brand new 15 year Absolute NNN lease
• Zero landlord responsibilities
• 5% rent increases every 5 years!!
• 6,100 cars per day | On main thoroughfare
• Concrete parking lot
• 2024 BTS plus size | Plus size design
• 5 (5 year) options | 5% increases at each option
• Three mile household income $59,685
• Ten mile population 12,495
• Investment grade Dollar Store with "BBB" credit rating

Documents

---