NORTHSTAR RETAIL GROUP OFFERING MEMORANDUM

Transcription

1 NORTHSTAR RETAIL GROUP OFFERING MEMORANDUM NORTH, SOUTH CAROLINA Presented By OF

2 INVESTMENT SUMMARY PRICE $1,010, % CAP Rate ADDRESS 4479 Savannah Highway North, SC NET OPERATING INCOME $72,809 ($8.00/SF) APN LEASE TERM REMAINING 8.5 Years LEASE TYPE Absolute NNN BUILDING/LOT SIZE 9,100 SF / 0.98 Acres TYPE OF OWNERSHIP Fee Simple YEAR BUILT 2010 Marcus and Millichap is pleased to present Dollar General located in North, South Carolina. Situated on the main north-south thoroughfare, Dollar General has direct access to US Highway 321 which links Savannah, GA (population 150,000) and Columbia, SC (population 132,000). Dollar General sees over 5,500 vehicles per day. Built in 2010, this property features a 9,100 square foot building fully occupied by Dollar General. Dollar General is operating on an absolute NNN lease, leaving no landlord responsibilities, and has 8.5 years remaining on the lease. The property features two access points to the parking lot, one directly off Highway 321 and another off Stafford Avenue. The parking lot is asphalt construction in good condition with minimal wear signs. This property features a pitched metal roof for long lasting durability. Highlights: Absolute NNN Lease 2010 Construction 9,100 SF Building Dual Access Parking Lot Direct Access to US Highway Years Lease Term Remaining

3 INVESTMENT SUMMARY RENT SCHEDULE LEASE SUMMARY Lease Type Roof & Structure Lease Term Remaining Options Absolute NNN Tenant 8.5 Years Lease Commencement Date 3/1/2011 Four 5-Year Options Lease Expiration 2/28/2026 Date Range Annual Rent Monthly Rent Per SF CURRENT 3/1/2011-2/28/2026 $72, $6, $8.00 OPTION 1 3/1/2026-2/28/2031 $80, $6, $8.80 OPTION 2 3/1/2031-2/28/2036 $88, $7, $9.68 OPTION 3 3/1/2036-2/28/2041 $96, $8, $10.65 OPTION 4 3/1/2041-2/28/2046 $106, $8, $11.71 OPTION 5 3/1/2046-2/28/2051 $117, $9, $12.89

4 TENANT SUMMARY Dollar General Corporation, a discount retailer, provides various merchandise products in the southern, southwestern, midwestern, and eastern United States. The company offers consumable products, packaged food products, health and beauty products, pet products, and seasonal products. In addition, the company offers apparel for infants, toddlers, girls, boys, women, and men. As of October 2015, it operates 12,396 stores in 43 states. The company was formerly known as J.L. Turner & Son, Inc., changing its name to Dollar General Corporation in Dollar General Corporation was founded in 1939 and is based in Goodlettsville, Tennessee. TENANT SUMMARY Ownership Public Tenant Trade Name Dollar General Tenant Dollar General Sales Volume $20+ Billion Lease Guarantor Dollar General Credit Rating BBB Rating Agency Standard & Poor s No. of Locations 12,500+ Headquartered Goodlettsville, TN Years in the Business 50 Website In the News Dollar General Names Carman Wenkoff as Executive Vice President and Chief Information Officer Dollar General Corporation Celebrates Grand Opening in Janesville, Wisconsin, of its 14th Distribution Center Dollar General Corporation Reports First Quarter 2017 Financial Results

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8 AERIAL

9 PROPERTY SUMMARY LOCAL MAP CITY MAP

10 MARKET SUMMARY Noted for its unusual place name, North, South Carolina is a town in Orangeburg County. The town was founded in 1891 as a result of the railroad when local citizens donated acreage to the South Bound Railroad Company. Until 1946, North remained one of the best cotton markets in the area. The North Air Force Auxiliary Field is located just outside North city limits. The United States Air Force uses the field for practice cargo drops and also for training runs from Charleston.

11 DEMOGRAPHICS 1 Mile 3 Miles 5 Miles 2000 Population 1,077 2,079 3, Population 1,021 1,989 3, Population 1,012 1,969 3, Population 1,010 1,967 3, Households , Households , Households , Households , Daytime Population Owner Occupied Housing Units 70.51% 71.79% 74.23% 2014 Renter Occupied Housing Units 29.49% 28.21% 25.77% 2014 Vacant 19.97% 19.60% 18.21% 2019 Owner Occupied Housing Units 70.27% 71.57% 74.02% 2019 Renter Occupied Housing Units 29.73% 28.43% 25.98% 2019 Vacant 20.55% 20.18% 18.72% $0-$14, % 23.9% 21.6% $15,000-$24, % 20.2% 18.7% $25,000-$34, % 13.5% 14.1% $35,000-$49, % 18.4% 17.9% $50,000-$74, % 13.6% 14.7% $75,000-$99, % 5.2% 6.3% $100,000-$124, % 2.1% 2.7% $125,000-$149, % 1.2% 1.5% $150,000-$199, % 1.3% 1.5% $200,000-$249, % 0.3% 0.5% $250, % 0.4% 0.5% 2014 Median Household Income $27,601 $29,196 $31, Per Capita Income $16,833 $16,368 $17, Average Household Income $37,836 $39,077 $42,574

12 CONTACT Presented By GRANT KALLEVIG Associate (952) SEAN DOYLE First Vice President Investments (952) MATT HAZELTON Vice President Investments (952) ADAM AJ PRINS Vice President Investments (952) CORY VILLAUME Vice President Investments (952) BROKER OF RECORD Raj Ravi M&M REIS of Atlanta Inc. License: OF