Single. Tenant ABSOLUTE OPPORTUNITY. Akeley, Minnesota NNN INVESTMENT REPRESENTATIVE PHOTO

Transcription

1 Single Tenant ABSOLUTE NNN INVESTMENT OPPORTUNITY Akeley, Minnesota

2 CONTENTS 2 CONTENTS INVESTMENT SUMMARY...3 HIGHLIGHTS...4 PROPERTY DESCRIPTION...5 AERIAL VIEW & SITE PLAN...6 AREA OVERVIEW...9 RENT ROLL...10 EXCLUSIVELY MARKETED BY PIERCE MAYSON Vice President 3400 Peachtree Road NE, Suite 1100 Atlanta, GA DL: Pierce.Mayson@srsre.com License No MATTHEW MOUSAVI Managing Principal SRS National Net Lease Group 610 Newport Center Drive, Suite 400 Newport Beach, CA DL: M: Matthew.Mousavi@srsre.com License No JOHN TOPPING Associate 3400 Peachtree Road NE, Suite 1100 Atlanta, GA DL: John.Topping@srsre.com License No PATRICK R. LUTHER, CCIM Managing Principal SRS National Net Lease Group 610 Newport Center Drive, Suite 400 Newport Beach, CA DL: M: Patrick.Luther@srsre.com License No This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

3 INVESTMENT SUMMARY 3 DOLLAR GENERAL - AKELEY, MINNESOTA SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land and building) in a newly constructed, freestanding, corporate guaranteed, absolute NNN, single tenant, Dollar General located in Akeley, MN. The lease is guaranteed by the corporate company, Dollar General Corp. (NYSE: DG), with an S&P investment grade credit rating of BBB. The tenant recently executed a brand new long-term 15-year lease with (5-year) option periods, demonstrating their longterm commitment to the location. The lease features rental increases at the beginning of each 5-year option period, which generates steady NOI growth and hedges against inflation. The Dollar General is slated to open in July of this year. The Dollar General is located along State Hwy 34 (5,000 vehicles per day) with excellent visibility. The highway is the primary thoroughfare throughout the city of Akeley. Additionally, the site serves approximately 1,560 customers with an average household income of $57,039 which is an ideal demographic for a Dollar General store. OFFERING Pricing: $1,300,000 Net Operating Income: $86,431 Cap Rate: 6.65% Guaranty: Credit Rating: Lease Type: Landlord Responsibilities: Corporate S&P: BBB Abs. NNN None PROPERTY SPECIFICATIONS Rentable Area: 9,100 SF Land Area: 1.12 Acres Property Address: 10 Hulet Avenue SW, Akeley, MN Year Built: 2016 Ownership: Fee Simple (Land and Building)

4 HIGHLIGHTS 4 New 15-Year Corporate Guaranteed Lease / Brand New Construction Dollar General Corp. (NYSE: DG) corporate guaranteed, 15-year lease S&P Investment Grade Credit Rating: BBB Brand new building with high quality 2016 construction Slated to open July of this year Absolute NNN Lease / Fee Simple Ownership / Zero Landlord Responsibilities Tenant pays for CAM, insurance, and taxes, and maintains all aspects of the building Ideal, management-free investment for an out of state, passive investor No landlord responsibilities Excellent Visibility Along Main Thoroughfare Situated along State Hwy 34 / (5,000 vehicles per day) State Hwy 34 is the primary thoroughfare for the city of Silver Lake Large pylon sign further increases visibility for the subject property Ideal Demographics For a Family Dollar Store 1,560 customers within a 5-mile radius of the property Average household income of $57,039 Limited competition within the trade area

5 PROPERTY DESCRIPTION 5 PROPERTY DESCRIPTION PARCEL Acres: 1.12 Square Feet: 48,787 SF ZONING Commercial ACCESS There is only one (1) access point along Hulet Avenue SW. TRAFFIC COUNTS Hulet Avenue SW:...NA Broadway St. W / State Highway 34:...5,000 IMPROVEMENTS There is approximately 9,100 SF of existing building area. PARKING There are approximately 30 parking spaces on the owned parcel. The parking ratio is approximately 3.3 per 1,000 SF of leasable area. YEAR BUILT 2016

6 AERIAL VIEW 6

7 LOCATION MAP ESTIMATED POPULATION 3 Mile Mile... 1, AVERAGE HOUSEHOLD INCOME 3 Mile...$53,362 5 Mile...$57, ESTIMATED TOTAL EMPLOYEES 3 Mile Mile AKELEY FARGO

8 SITE PLAN 8 Broadway St. W Pylon Sign Hulet Ave. SW

9 HIGHLIGHTS 9 CITY OF AKELEY Akeley is a city in Hubbard County, Minnesota. Minnesota State Highways 34 and 64 are two of the main arterial routes in the community. According to the United States Census Bureau, the city has a total area of 1.5 square miles. The City of Akeley had a population of 431 as of July 1, The city of Akeley was incorporated on December 30, It was largely developed by a partnership between lumber magnate T. B. Walker and Healy C. Akeley, who formed the Red River Lumber Company in Akeley is home to the Paul Bunyan Historical Museum that can be found directly behind the large statue of Paul Bunyan. Akeley is the center for outdoor adventure. It is a home to the headwaters of the Crow Wing Chain of Lakes. It is best in riding trails, fishing, camping, hiking and hunting. It has variety of superb dining experiences within a 10 mile radius, shopping, outdoor adventures and theater DEMOGRAPHICS 1 Mile 3 Miles 5 Miles 2015 Estimated Population , Projected Population , Census Population , Census Population , Estimated Households Projected Households Census Households Census Households Estimated White 96.00% 96.00% 96.00% 2015 Estimated Black or African American 0.21% 0.21% 0.21% 2015 Estimated Asian or Pacific Islander 1.05% 1.05% 1.05% 2015 Estimated American Indian or Native Alaskan 1.26% 1.26% 1.26% 2015 Estimated Other Races 0.21% 0.21% 0.21% 2015 Estimated Hispanic 0.84% 0.84% 0.84% 2015 Estimated Average Household Income $52,400 $53,362 $57, Estimated Median Household Income $38,505 $39,157 $43, Estimated Per Capita Income $23,082 $23,481 $24, Estimated Total Businesses Estimated Total Employees

10 RENT ROLL 1 0 Dollar General Starbucks Dollar General Corporation is an American chain of variety stores Starbucks headquartered Corporation in Goodlettsville, Tennessee. As of January 2016, Dollar General operated operates Company as a roaster, Type: marketer,... Public and retailer (NYSE: DG) of specialty 2016 coffee Assets: worldwide.... The $11.26 company Billion operates over in four 12,400 segments: stores in Americas, 43 Europe, Africa, and China/Asia Pacific. Starbucks stores offer coffee and tea beverages, packaged roasted whole bean and ground coffees, and other bottled beverages. Its stores also provide fresh food states in the U.S. It competes in the dollar store format with national chains Family Dollar and 2016 Employees: , Equity:... $5.38 Billion Dollar Tree, regional chains such as Fred s in the Southeast, and numerous independently 2016 Revenue:... $20.37 Billion Ranking:...#159 in FORTUNE 500 (June owned stores. In addition to high quality private brands, Dollar offerings General sells such products as pastries, from breakfast sandwiches, and lunch items. As of August 27, 2015, Starbucks operates 21, Net Income:... $1.17 Billion 2015) America s most-trusted manufacturers such as Clorox, Energizer, stores. Procter Starbucks & Gamble, was Hanes, founded in 1985 and is headquartered in Seattle, Washington. Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg s, General Mills, and PepsiCo. Tenant Name Square Feet Lease Start Lease End Begin Monthly Annually Recovery Type Options: 4 (5-year) Dollar General 9,100 July 2016 August 2031 Year 1 $7,202 $86,431 Abs. NNN Option 1: $95,075/Yr (corporate) (est.) (est.) (est.) Option 2: $104,582/Yr Option 3: $115,040/Yr Option 4: $126,544/Yr Option 5: $139,199/Yr FINANCIAL INFORMATION Price:...$1,300,000 Net Operating Income:...$86,431 Cap Rate: % Lease Type:... Absolute NNN PROPERTY SPECIFICATIONS Address: Hulet Avenue SW, Akeley, MN Year Built: Rentable Area:... 9,100 SF

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