Dollar General – Battle Creek, MI
Fortis Net Lease is pleased to present this 11,766 SF. retrofit Dollar General store located in Battle Creek, Michigan. The property is encumbered with a Ten (10) Year Double Net (NN) Lease, leaving minimal landlord responsibilities and includes a 10% rental rate increase at year 6. 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 open with rent having commenced in March 2019.
This Dollar General is highly visible as it is strategically positioned on W. Columbia Avenue which sees 17,720 cars per day. The five mile population from the site is 73,565 while the one mile average household income $58,271 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 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 $82,824.00.
• 10 Year Double Net Lease | 9 Years Remaining on Primary Term
• Minimal Landlord Responsibilities
• 10% Rental Rate Increase in Year 6
• 4 (5 Year) Options | 10% Increases At Each Option
• One Mile Household Income $58,271
• Five Mile Population 73,565
• Three Mile Population 32,584
• 17,720 Cars Per Day on Columbia Avenue
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 31 Consecutive Quarter of Same Store Sales Growth
• 2.2 Miles From WK Kellogg Airport
• Surrounded by National Retailers on a Busy Street