Dollar General – Erie, MI
Fortis Net Lease is pleased to present this 9,100 SF Dollar General store located in Erie, 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 guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. The store is under construction, with rent scheduled to commence on 12/10/2018.
This Dollar General will be highly visible as it is strategically positioned at the corner of S Dixie Hwy and Luna Pier Rd in Erie, MI. The five mile population from the site exceeds 15,500, while the two mile average household income exceeds $79,860 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 brand new 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 6.75% cap rate based on NOI of $89,998.
• Brand New Absolute NNN Lease | Zero Landlord Responsibilities
• Prototype Store Construction and Design
• Erie is between Detroit, MI and Toledo, OH
• Intersection has 5,500 and 5,400 Cars Per Day
• 15 Year Term | Five (5 Year) Options
• Two Mile Household Income $79,860
• Five Mile Population Exceeds 15,500
• Investment Grade Dollar Store