Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in Spring Hill, Florida. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 4 (5) Yr. 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 is currently under construction, with rent commencing in February 2020.
This Dollar General is highly visible as it is strategically positioned on Spring Hill Dr, which sees 27,844 cars per day. Positioned near multiple new apartment developments. The five mile population from the site is 97,122 and the one mile population is expected to grow 9.62%, while the one mile average household income is $59,183 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 a 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 dollar store. List price reflects a 5.80% cap rate based on NOI of $129,576.60.