Dollar General – Freeport, FL
Fortis Net Lease is pleased to present this new 10,640 SF. Dollar General Plus store with an upgraded façade located in Freeport, Florida. 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 is currently under construction with rent start and opening on track for March 2023.
This Dollar General is highly visible as it is strategically positioned on the corner of Portland Park Road and FL-20 which sees 11,100 cars per day directly across from Portland Self Storage. The ten mile population from the site is 15,538 while the three mile average household income $70,362 per year, making this location ideal for a Dollar General. This area is experiencing explosive growth with the three mile population growth rate at 27.11%. The Subject offering represents an ideal opportunity for a 1031exchange 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 5.35% cap rate based on NOI of $98,556.
INVESTMENT HIGHLIGHTS
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• 2023 BTS Plus Size | Façade Upgrades
• 5 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $70,362
• Ten Mile Population 15,538 | Expected 26.28% Growth
• Three Mile Population Growth Rate 27.11%
• 11,100 VPD on FL-20
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• On Main Thoroughfare into downtown Freeport
Instate Broker of Record: Brian Brockman | Bang Realty, Inc.