Dollar General – Bear Lake, MI
Fortis Net Lease is pleased to present this brand new 10,640 SF. Dollar General Plus size store located in Bear Lake, Michigan. The property is secured with a 15 year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains 5 (5 year) 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 has successfully completed construction & opened for business in early February 2023.
This Dollar General is highly visible as it is strategically positioned on Pleasanton Highway (Highway 31) which sees 5,687 cars per day near the corner of Glovers Lake Road. It is only a 5 minute drive to the popular tourist attraction, Bear Lake. The ten mile population from the site is 10,772 while the three mile average household income is $69,889 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the three mile population growth rate at 5.41%. 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 6.00% cap rate based on NOI of $91,266.
INVESTMENT HIGHLIGHTS
• 15 Yr Absolute NNN Lease | Zero Landlord Responsibilities
• 2023 BTS Construction | Now Open!
• Rare Upgraded Construction
• Five (5 Year) Options | 10% Rent Increases At Each Option
• Three Mile Household Income $69,889
• Ten Mile Population 10,772
• 5,687 Cars Per Day on Pleasanton Highway (Highway 31)
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Years of Same Store Sales Growth
• 5 Minute Drive to Bear Lake | Popular Tourist Attraction
• Limited Competition Area