Overview

Description

SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, newly constructed, Dollar General investment property located in Kenly, North Carolina (Raleigh MSA). The tenant, Dollar General Corporation, recently signed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their commitment to the site. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor.

The Dollar General is strategically located along Princeton Kenly Rd, a major commuter highway that sees over 5,800 vehicles per day. The asset benefits from excellent visibility and access via significant street and a large pylon sign, providing ease and convenience for customers. The newly constructed store features state-of-the-art materials, high-level finishes, and distinct Dollar General design elements. This location is Dollar General’s newest prototype design. The asset benefits from limited competition as there is only two other major retail stores serving the immediate trade area. Dollar General Stores is an American chain of variety stores that has become one of the most profitable stores in the rural United States with revenue reaching $34.22 billion. The company has opened 1,050 new stores across the U.S. in 2023, expanding its presence to 47 states throughout the country. The trade area is supported by over 9,400 residents and 2,600 daytime employees with household incomes of $67,579.

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