Dollar General Market – Richland, MI
Fortis Net Lease is pleased to present this brand new 12,480 SF RELOCATION Dollar General Market store located in Richland, Michigan – part of the West Michigan Market! 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 store opening & rent on track to start in October 2024.
This Dollar General Market is highly visible as it is strategically positioned on the hard signalized corner of M-89 & N 34th Street – seeing 13,173 cars per day. It is the only dollar store serving this community! The 10 mile population from the site is 97,517 while the 3 mile average household income is $110,207 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. 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 6.65% cap rate based on NOI of $128,803.
INVESTMENT HIGHLIGHTS
• Brand New 15 Year Absolute NNN Lease
• Zero Landlord Responsibilities
• RELOCATION STORE | PROVEN SUCCESS IN THE MARKET!
• Dollar General Market | Produce and Fresh Meats
• 5% RENT INCREASES EVERY 5 YEARS!!
• Hard Signalized Corner | 13,173 Cars Per Day!
• 2024 BTS Construction | Corner Entry Market Store
• 5 (5 Year) Options | 5% Increases At Each Option
• Three Mile Household Income $110,207
• Ten Mile Population 97,517
• Investment Grade Dollar Store With “BBB” Credit Rating
• Corporate Guaranty! | Limited Competition Area