Dollar General – DeFuniak Springs, FL

Pricing & Financial Analysis
Location
10700 U.S. 90 Highway
DeFuniak Springs, FL 32433
Sold: $1,080,000
Closing Date: 08/24/2015
Rentable Sq. Ft.: 9,100 Sq. Ft.
Price Per Sq. Ft.: $130.96
Cap Rate: 7.97%
Year Renovated: 2009
Lot Size: 2 Acres
Type Of Ownership: Fee Simple

Highlights
HVAC – Tenant pays for Repairs & Replacement – Full Tenant Expense
Parking Lot – Capital Repairs, Reseal & Restripe in June 2014
LEASE – RENEWED EARLY thru June 30, 2023
Annualized Operating Data
Rent Increase
Annual Rent
Years 2015 – June 30, 2019
July 1, 2019 – June 30, 2023
CAM Fixed Payment: $6,254.77
Option Periods
 
Years 2023 – 2028
Years 2028 – 2033
Years 2033 – 2038
Real Estate Taxes: Full Reimbursement
Insurance: Full Reimbursement

Expenses
Lawn And Parking Lot:
$6,254.77
Net Operating Income: $86,400.00
Total Return: 7.30% $86,400.00

Tenant Summary
Tenant Trade Name: Dollar General Corp.
Ownership: Public
Tenant: Corporate
Lease Guarantor: Corporate, Public, NYSE: DG
Lease Type: Double Net & One Half Lease (NN1/2)
Roof And Structure: Landlord Responsible
Lease Term: 8.50 Years*
Lease Commencement Date: 06/16/2009
Rent Commencement Date: 06/16/2009
Lease Expiration Date: 06/30/2023
Term Remaining On Lease: 8.50 Years
Increases: 2.78% Increase on June 30, 2019 AND 10.0% Increases Every Five Years during the Options Periods
Options: Three, Five-Year Options
 

*Please Request Lease Agreements for further clarifications.


INVESTMENT & LOCATION OVERVIEW

Highlights

  • Strong Sales – no Percentage (%) Rent – over $1.75 million in sales in 2014
  • Proven Location – Renewed Lease Early
  • 2.78% Rental Increase in 4.5 Years
  • FLORIDA – TAX FREE STATE
  • Corporate Guaranteed ($16.01 Billion Revenue / $3.3 Billion Net Worth approximately)
  • Dollar General: #195 in Fortune 500 – S&P BBB- Rating – Investment Grade
  • 9,100 SF – Larger Store Format
  • All HVAC Units are tenant responsible for repair & replacement
  • Three, Five-Year Option Remaining
  • DeFuniak Springs is suburb off U.S. Hwy 10 between Pensacola & Tallahassee FL
  • Low Price per Square Foot for Florida
  • DeFuniak Springs local retail includes Wal-Mart Supercenter, Lowe’s, McDonalds, Walgreens, Sun
    Trust Bank, and AutoZone
  • Dollar General has enrolled this store in its national insurance program

The Dollar General # 11,388 – is a proven location. The property is located at 10700 U.S. Highway 10 DeFuniak Springs, FL located just off U.S. Hwy 10 between Pensacola & Tallahassee. The Dollar General property is a 9,100 Square Foot property built in 2009. The rent is a double & one half net (NN1/2) lease with landlord responsible for Roof Structure – no HVAC responsibility. The property is offered at an 7.15% Cap Rate. Minimal maintenance is required with 2.78 increase in 4.5 years and 10% increases during the three, five-year options.

DeFuniak Springs, FL – DeFuniak Springs is a suburb off U.S. Highway approximately 80 miles east of Pensacola & 121 miles west of Tallahassee, FL.


CORPORATE DESCRIPTION

Dollar General Corporation is the nation’s largest small-box discount retailer. We make shopping for everyday needs simpler and hassle-free by offering a carefully edited assortment of the most popular brands at low everyday prices in small, convenient locations. Dollar General ranks among the largest retailers of top-quality brands made by America’s most-trusted manufacturers, such as Procter & Gamble, Kimberly Clark, Unilever, Kellogg’s, General Mills and Nabisco.

$17.79 billion in sales in fiscal 2013
11,000+ stores in 40states
About 12,000 core products from America’s most-trusted manufacturers
9+ distribution centers
85,900+ employees
BBB Rating by Standard & Poor’s
Headquarter are located in 100 Mission Ridge Goodlettsville, TN 37072