Dollar General – Green Bay, VA
Fortis Net Lease is pleased to present this brand new construction, 9,100 SF Dollar General store located in Green Bay, Virginia. The property is encumbered with a Fifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The lease contains Five (5) Yr. ptions 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 a rent commencement date in May 2020.
This Dollar General is highly visible and is strategically positioned on Patrick Henry Highway which sees 5,075 vehicles per day. The ten mile population from the site is 12,256 residents, while the three mile average household income is $60,635 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 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 6.50% cap rate based on NOI of $101,231.88.
• Absolute NNN Lease | 15 Year Primary Term
• Brand New Construction | Brick Facade and Accents
• 5 (5 Year) Options | 10% Increases at Each Option
• Three Mile Household Income $60,635
• Ten Mile Population 12,256
• 5,075 Cars Per Day on Patrick Henry Highway
• Investment Grade Dollar Store with “BBB” Credit Rating
• Dollar General Reported 31 Consecutive Quarters of Same Store Sales Growth
• No Competition With an 8 Mile Radius
Instate Broker of Record: Joseph P. Whittle, Jr. | Whittle & Roper Inc., Realtors | License # 225069103