Dollar General – Gretna, FL

Pricing & Financial Analysis
Location
15830 Blue Star Highway
Gretna, FL 3232
Sold: $900,000
Closing Date: 08/24/2015
Rentable Sq. Ft.: 9,014 Sq. Ft.
Price Per Sq. Ft.: $110.17
Cap Rate: 7.97%
Year Renovated: 2009
Lot Size: 2 Acres
Type Of Ownership: Fee Simple

Annualized Operating Data
Rent Increase
Annual Rent
Years 2015 – June 30, 2019
July 1, 2019 – June 30, 2023
CAM Fixed Payment: $5,064.96
Option Periods
 
Years 2023 – 2028
Years 2028 – 2033
Years 2033 – 2038
Real Estate Taxes: Full Reimbursement
Insurance: Full Reimbursement

Expenses
Lawn And Parking Lot:
$5,064.96
Net Operating Income: $72,000.00
Total Return: 7.33% $72,000.00

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: 6/23/2009
Rent Commencement Date: 6/23/2009
Lease Expiration Date: 6/31/2023
Term Remaining On Lease: 8.50 Years
Increases: 7.39% Increase on June 30, 2019 AND 10.0% Increases Every Five Years during the Options Periods
Options: Three, Five-Year Options
 

INVESTMENT & LOCATION OVERVIEW

Highlights

  • Proven Location – Renewed Lease Early
  • 7.39% Rental Increase in 4.5 Years
  • FLORIDA – TAX FREE STATE
  • Corporate Guaranteed ($16.01 Billion Sale/ $3.3 Billion Net Worth approximately)
  • Dollar General: #195 in Fortune 500 – S&P BBB- Rating – Investment Grade
  • 9,014 SF – Larger Store Format
  • All HVAC Units are tenant responsible for repair & replacement
  • Three, Five-Year Option Remaining
  • Gretna is suburb northwest of Quincy & Tallahassee, FL MSA
  • Low Price per Square Foot for Florida
  • Gretna/Quincy local retail includes Walmart Supercenter, McDonalds, Advance Auto Parts, Verizon
    Wireless and Bank of America
  • Dollar General has enrolled this store in its national insurance program

The Dollar General # 11,366 – is a proven location. The property is located at 15380 Blue Star Highway Gretna, FL located 6 miles northeast of Quincy. The property is located near U.S. Hwy 90 – a major thoroughfare to and from Tallahassee, FL and Mobile, AL. The Dollar General property is a 9,014
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 7.20% Cap Rate.
Minimal maintenance is required with 7.39% increase in 4.5 years and 10% increases during the three,
five-year options.

Gretna, FL – Gretna is a suburb 6 miles northwest of Quincy & 35 miles northwest of Tallahassee, FL. Gretna is part of the Quincy/Tallahassee MSA.


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