Dollar General Market – Lakeland, FL
Fortis Net Lease is pleased to present this brand new 12,774 SF. Dollar General Market store located in Lakeland (Crystal Lake), Florida. Dollar General Market stores sell produce and fresh meats and are a necessary addition to the areas they serve. The property is secured with a 15 year Absolute NNN Lease leaving zero landlord responsibilities. The lease contains 5% rent increases every 5 years including at each of
the 5 (5 year) options to renew. 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 & store opening on track for May 2024.
This Dollar General Market is highly visible as it is strategically positioned off of Skyview Drive which sees 8,200 cars per day, near the signalized intersection of County Road 33A which sees 16,200 cars per day. Crystal Lake is a dynamic, culturally diverse neighborhood southeast of downtown Lakeland. It is anchored by Southeastern University (1.5 Miles from site) to the north, Bartow Road and CSX railroad tracks to the west, and its namesake lake to the east – adjacent to this site. The store is surrounded by residential. The 5 mile population from the site is 117,113 while the 3 mile average household income is $59,651 per year, making this location ideal for a Dollar General. This area is experiencing steady growth with the 5 mile population growth rate nearly 4%. Additionally the 5 mile consumer spending is $1.2 Billion! 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 small box discount retailer. List price reflects a 6.00% cap rate based on the initial NOI of $206,316.
INVESTMENT HIGHLIGHTS
• New 15 Year Absolute NNN Lease | Zero Landlord Responsibilities
• 5% RENT INCREASES EVERY 5 YEARS!!
• Adjacent to Crystal Lake | 1.5 Miles to Southeastern University
• Dollar General Market | Produce and Fresh Meats
• 8,200 ADTC on Skyview Dr. | 16,200 ADTC on CR 33A
• Near Signalized Intersection
• 2024 BTS Plus Size | Upgraded Architectural Design
• 5 (5 Year) Options | 5% Increases At Each Option
• Three Mile Household Income $59,651
• Five Mile Consumer Spending $1.2 Billion
• Five Mile Population 117,113 | 3.98% Expected Growth
• Investment Grade Dollar Store With “BBB” Credit Rating
Instate Broker of Record: Michael Houghton | Oak Realty Advisors