Dollar General Market – Pensacola, FL
Fortis Net Lease is pleased to present this new 12,480 SF. Dollar General Market store with an upgraded façade located in Pensacola, 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 (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 has completed construction and opened for business in July 2023. This store did NOT suffer any damage from the recent hurricanes in Florida.
This Dollar General is highly visible as it is strategically positioned on the corner of Marseille Drive and W Michigan Avenue which sees 35,500 cars per day, and surrounded by residential homes. The five mile population from the site is 160,130 while the one mile average household income $51,494 per year, making this location ideal for a Dollar General. This area is experiencing great growth with the one mile population growth rate at 6.45%. 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 5.90% cap rate based on NOI of $118,716.
INVESTMENT HIGHLIGHTS
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• Corner Location | Opened in July 2023
• Dollar General Market | Produce and Fresh Meats
• 2023 BTS Plus Size | Façade Upgrades
• 5 (5 Year) Options | 10% Increases At Each Option
• One Mile Household Income $51,494
• Five Mile Population 160,130 | Expected 5.21% Growth
• Five Mile Consumer Spending $1.5 Billion
• 35,500 VPD on W Michigan Avenue
• Investment Grade Dollar Store With “BBB” Credit Rating
• DG Reported 32 Consecutive Quarters of Same Store Sales Growth
• Surrounded by Residential Homes
Instate Broker of Record: Brian Brockman | Bang Realty