Dollar General + Land – Taft, CA
Fortis Net Lease is pleased to present this brand new 10,640 SF. Upgraded Dollar General Plus store AND 2 additional parcels (1.68 acres & 2.69 acres) adjacent to the store located in Taft, California. The Dollar General 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 October 2023. The 2 additional parcels are vacant and provide plenty of upside potential!
These sites are highly visible as they are strategically positioned off of Taft Highway (seeing 8,005 cars per day) on Gardner Field Road which sees 2,045 cars per day. Adjacent to the Taft County Airport where Skydive Taft operates, this site will benefit from the year-round visitors this operation brings in. The 10 mile population from the site is 18,854 while the 3 mile average household income is $55,135 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 & the opportunity to develop 2 additional parcels. 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 5.50% cap rate based on NOI of $166,248.
INVESTMENT HIGHLIGHTS
• Dollar General & 2 Vacant Parcels | Totaling 5.57 Acres
• Plenty of Upside Potential with Vacant Parcels!
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• Bakersfi eld Market | 2023 BTS Plus Size & Upgraded Design
• 3 (5 Year) Options | 10% Increases At Each Option
• Three Mile Household Income $55,135
• Ten Mile Population 18,854
• Located Off of Taft Hwy Seeing 8,005 VPD
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• Adjacent to Skydive Taft | Site Will Benefit from Tourist Draw
Instate Broker of Record: Brian Brockman | Bang Realty