Overview

Description

SRS National Net Lease is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, freestanding, Dollar Tree investment property located in Wilmington, North Carolina. The tenant, Dollar Tree, has over 2 years left on their initial term with 4 (5-year) options to extend, demonstrating their commitment to the site. The lease features 2% rental increases at the beginning of each option period, steadily 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. Dollar Tree, a Fortune 200 Company, operated 16,622 stores across 48 states and five Canadian provinces as of October 28, 2023.

The Dollar Tree is located near the signalized, hard corner intersection of U.S. Hwy 117 and Carolina Beach Rd. with a combined (65,100 VPD). The subject property is located in a dense retail corridor, with numerous national/credit tenants including McDonald’s, KFC, O’Reilly Auto Parts, Advanced Auto Parts, Autozone, Walgreens, CVS, Food Lion, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. Furthermore, the asset benefits from close proximity to Legion Stadium (6,000 seats) and Novant Health New Hanover Regional Medical Center (800 beds), further increasing consumer traffic to the site. The 5-mile trade area is supported by over 127,000 residents and 69,000 employees, providing a direct consumer base from which to draw. Residents within a 5-mile radius of the subject property have an average household income of $91,113.

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