Dollar General – Colfax, NC
Fortis Net Lease is pleased to present this 9,100 SF. upgraded Dollar General store located in Colfax, North Carolina. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. 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 under construction with rent scheduled to commence in July 2020.
This Dollar General is highly visible as it is strategically positioned a short distance from the I-40 exit (which sees 91,146 cars per day) on the corner of National Service Road and Sandy Ridge Road which sees 13,333 cars per day. The five mile population from the site is 57,640 while the one mile average household income $96,764 per year, making this location ideal for a Dollar General. This area is seeing above average growth with the three mile population growth rate at 4.66%. 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 5.85% cap rate based on NOI of $106,380.
• New 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• Upgraded Construction | Corner Location
• 4 (5 Year) Options | 10% Increases At Each Option
• One Mile Household Income $96,764
• Three Mile Population Growth Rate 4.66%
• Five Mile Population 57,640
• 13,333 Cars Per Day on Sandy Ridge Road
• 91,146 Cars Per Day on I-40 | Less than 1 Mile From Site
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarter of Same Store Sales Growth
• Greensboro/Winston-Salem Market
Instate Broker of Record: James Wilson | Pulliam Properties, Inc. | License #C3903