Single Tenant OM (L) · POPULATION 3 MILE 5 MILES 10 MILES 2017 Total Population 1,511 2,062 5,139...
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30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334 248.254.3410 8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467 BRAND NEW DOLLAR GENERAL DOLLAR GENERAL BRYAN BENDER MANAGING DIRECTOR D: 248.419.3810 [email protected] BENJAMIN SCHULTZ SENIOR ADVISOR D: 248.254.3409 [email protected] fortisnetlease.com
Transcript of Single Tenant OM (L) · POPULATION 3 MILE 5 MILES 10 MILES 2017 Total Population 1,511 2,062 5,139...
30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467
BRAND NEW DOLLAR GENERAL
DOLLAR GENERAL
BRYAN BENDERMANAGING DIRECTOR
BENJAMIN SCHULTZSENIOR ADVISORD: 248.254.3409
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] DISCLAIMER // 2
DISCLOSURE :
All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors,affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com-pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financialperformance of the property, projected financial performance of the property for any party’s intended use or any and all other matters.
Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will notinvestigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing.
ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE:
Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigationsincluding through appropriate third party independent professionals selected by such party.
All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell as market conditions, vacancy factors and other issues in order to determine rents from or for the property.
Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.
BRYAN BENDER BENJAMIN SCHULTZMANAGING DIRECTOR SENIOR ADVISORD: 248.419.3810 D: [email protected] [email protected]
EXCLUSIVELY L ISTED BY:
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] INVESTMENT OFFERING // 3
INVESTMENT SUMMARY
List Price: $1,389,970
Current NOI: $93,823.00
Initial Cap Rate: 6.75%
Land Acreage: +/- 1.33
Year Built 2018
Building Size: 9,026 SF
Price PSF: $154.00
Lease Type: NNN
Lease Term: 15 Years
Average CAP Rate: 6.75%
INVESTMENT OFFERINGFortis Net Lease is pleased to present this 9,026 SF Dollar General store located in Port Austin, MI. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Five (5) Yr. Options to renew, each with a 10% rental rate increase. The lease is corporately g uaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is open, with rent having commenced on 1/29/2018.
This Dollar General is hig hly visible as it is strateg ically positioned on Van Dyke Rd, in Port Austin, MI. The ten mile population from the site exceeds 5,000, while the three mile median household income exceeds $41,500 per year, making this location ideal for a Dollar General. The Subject offering represents an ideal opportunity for a 1031 exchang e buyer or a “passive” investor to attain the fee simple ownership of a brand new Dollar General. This investment will offer a new owner continued success due to the financial streng th and the proven profitability of the tenant, the nation’s top dollar store. List price reflects a 6.75% cap rate based on NOI of $93,823.
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LEASE TYPE NNN
PRICE $1,389,970
TERM 15 Years
CAP RATE 6.75%
INVESTMENT HIGHLIGHTS• Brand New Absolute NNN Lease
• Zero Landlord Responsibilities
• 15 Year Term | Five (5 Year) Options
• Three Mile Household Income $41,987
• Ten Mile Population Exceeds 5,000
• Only Investment Grade Dollar Store
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] PROPERTY & LEASE // 4
LEASE SUMMARY
Tenant: Dollar General
Lease Type: NNN
Primary Lease Term: 15 Years
Annual Rent: $93,823
Landlord Responsibilities: None
Taxes, Insurance & CAM: Tenant
Roof, Structure & Parking: Tenant
Lease Start Date: 1/29/2018
Lease Expiration Date: 1/31/2033
Lease Term Remaining: 15 Years
Rent Increases: 10% At Options
Renewal Options: Five (Five Year)
Lease Guarantor: Dollar General Crop.
Lease Guarantor Strength: BBB
Tenant Website: www.dollargeneral.com
GROSS SALES:
$21.96 BILLION
STORE COUNT:
14,321+
GUARANTOR:
DOLLAR GENERAL
S&P:
BBB
Year Built: 2018
Lot Size: +/- 1.33 Acres
Building Size: 9,026 SF
Roof Type: Standing Seam
Zoning: Commercial
Construction Style: Prototype
INCOME PER SF
Rent $93,823 $10.39
Gross Income $93,823 $10.39
EXPENSE PER SF
Expenses $0 $0.00
Gross Expenses $0 $0.00
NET OPERATING INCOME $93,823 $10.39
FINANCIAL SUMMARY
PROPERTY SUMMARY
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
Company: Dollar General
Founded: 1939
Total Revenue: $21.96 Billion
Net Income: $1.25 Billion
Net Worth: Enter $25.60 Billion
Headquarters: Goodlettsville, TN
Website: www.dollargeneral.com
OVERVIEW
• Investment Grade "BBB" Rating
• Ranked #128 on Fortune 500
• $21.986 Billion in Revenue Fiscal Year 2017
• 7.94% Increase in Sales from 2016 to 2017
• 7.55% Increase in Gross Profit from 2016 to 2017
TENANT HIGHLIGHTS
LEASE YEARS ANNUAL RENT MONTHLY RENT BUMP YIELD
1 - 15 $93,823 $7,819 - 6.75%
16 - 20 (Option 1) $103,205 $8,600 10% 7.42%
21 - 25 (Option 2) $113,526 $9,461 10% 8.16%
26 - 30 (Option 3) $124,878 $10,407 10% 8.98%
31 - 35 (Option 4) $137,366 $11,447 10% 9.88%
RENT SCHEDULE
Dollar General is the largest “small box” discount retailer in the UnitedStates. Headquartered in Goodlettsville, TN, the company was establishedin 1939. There are more than 14,000 stores with more than 114,000employees, located across 43 states. Dollar General has more retaillocations than any retailer in America. The Dollar General store format hastypically been in rural and suburban markets, now they are expanding intomore densely populated areas. Opening over 900 stores in 2017, with anexpected 1,000 opening for 2018. The Dollar General strategy is to delivera hassle-free experience to consumers, by providing a carefully editedassortment of the most popular brands in both retail and consumerproducts.
The company launched a successful IPO in 2009 (NYSE: DG). In March,2014 Dollar General reported record sales, operating profit and netincome. Most recently the year end 2017 sales rose by 7.94%, incomparison to year end 2016, to $21.986 Billion. During the same timeperiod, same store sales continued their growth trend. Dollar General’snet income and diluted earnings per share (EPS) for year end 2017 was$1.251 million and $4.51, respectively. Dollar General is ranked #128 on theFortune 500, an 11 spot jump from the previous year ranking.
DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] TENANT PROFILE // 5
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] SITE PLAN // 6
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] LOCATION MAPS // 7
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AERIAL MAP // 8
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
POPULATION 3 MILE 5 MILES 10 MILES
2017 Total Population 1,511 2,062 5,139
2022 Population 1,543 2,099 5,201
Population Growth 2.12% 1.79% 1.21%
Average Age 50.8 50.2 48.4
HOUSEHOLDS & INCOME 3 MILE 5 MILES 10 MILES
Total Households 736 991 2,380
Household Growth 1.77% 1.51% 0.97%
Average HH Income $54,663 $55,266 $54,524
Average House Value $123,298 $123,674 $112,058
Port Austin is one of the best destinations for a weekend getaway in the state ofMichigan. Located at the tip of Michigan’s “thumb,” Port Austin providesresidents and visitors with a variety of outdoor activities such as hiking andkayaking. Port Austin also holds events throughout the year, including Carfest,Thumb Artists Studio Tour, Kayak Symposium & Rendezvous and a weeklyFarmer’s Market. The Port Austin community is filled with natural wonders thatdraw visitors from near and far. The beach provides a perfect view of the sunriseand sunset over Lake Huron. Sandy beaches, dunes and unique rock formationshave contributed to Port Austin’s reputation as a “photographer’s paradise.”
Port Austin has undergone numerous projects over the past year to improve itspublic facilities and recreational areas, including Gallup Park Playscape, VeteransWaterfront Park, the Visitors Center and Farmers Market Community Center.Improvements to facilities will bolster the local economy through increasedtourism and job creation.
8237 N. VAN DYKE RD, PORT AUSTIN, MI 48467DOLLAR GENERAL
BRYAN BENDER | 248.419 .3810 | [email protected] // BENJAMIN SCHULTZ | 248.254.3409 | [email protected] AREA & DEMOGRAPHICS // 9
BRYAN BENDERMANAGING DIRECTOR
BENJAMIN SCHULTZSENIOR ADVISORD: 248.254.3409
30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410fortisnetlease.com
EXCLUSIVELY L ISTED BY:
TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN
$5.0B 2,200 150K 40
ROBERT BENDER DOUGLAS PASSON BRYAN BENDERManaging Partner Managing Partner Managing Director
RICHARD G. LUDWIG MARVIN DELAURA MICHAEL CARTER MICHAEL ORDEN MICHAEL JAWORSKI PATRICK HAMMOND BEN SCHULTZSenior Director Senior Director Senior Director Senior Director Senior Advisor Senior Advisor Senior Advisor
FRANK ROGERS KYLE CARSON JOSEPH WERNER ABRAHAM LEON GREG CAPOTE STEVE SAGMANI ANDREW BENDERSenior Advisor Senior Advisor Senior Advisor Senior Advisor Senior Advisor Senior Advisor Investment Advisor
COREY BUNCH ALEC MANOOGIAN JOE SIMON ERIC KOCHE MAXWELL MERZIN DAN MILLER AMY JONESInvestment Advisor Investment Advisor Investment Advisor Senior Advisor Investment Advisor Business Development Office/Marketing Manager
