SINGLE TENANT ABSOLUTE NNN INVESTMENT OPPORTUNITY (NYSE: DG) GREENVILLE NEW HAMPSHIRE MANCHESTER-NASHUA MSA
EXCLUSIVELY MARKETED BY ANDREW CALLAHAN 374 Congress Street, Suite 305 Boston, MA 02210 DL: 857.957.0734 M: 617.894.4499 andrew@vrpartners.com NH License No. 064567 ADVISORS MATTHEW MOUSAVI DL: 949.698.1116 M: 714.404.8849 Matthew.Mousavi@srsre.com CA License No. 01732226 PATRICK R. LUTHER, CCIM DL: 949.698.1115 M: 480.221.4221 Patrick.Luther@srsre.com CA License No. 01209944 JIM SCHUCHERT M: 310.971.3892 Jim.Schuchert@srsre.com CA License No. 01969414 JOE SCHUCHERT M: 310.971.3116 Joe.Schuchert@srsre.com CA License No. 01973172
TABLE OF CONTENTS 4 INVESTMENT SUMMARY OFFERING SUMMARY INVESTMENT HIGHLIGHTS 8 PROPERTY OVERVIEW AERIALS SITE PLAN LOCATION MAP 12 AREA OVERVIEW DEMOGRAPHICS 14 FINANCIALS RENT ROLL BRAND PROFILE
INVESTMENT SUMMARY Venture Retail Partners is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a brand-new construction Dollar General located in Greenville, New Hampshire. Built in 2018, the lease has 15 years in the initial term with four (4) five (5) year option periods at 10% rental increases. The lease is absolute NNN in nature with ZERO management responsibilities as Dollar General is responsible for ALL operating expenses, insurance, and property taxes. The lease is guaranteed by Dollar General Corp (NYSE: DG) with an investment grade credit rating of BBB from Standard and Poor s. The subject property is strategically located at the intersection of Blanch Farm Road and Fitchburg Road (NH Route 31) one of the main thoroughfares in town. Greenville is located 23 miles west of Nashua NH, 35 miles southwest of Manchester NH, and 58 miles northwest of Boston MA. Greenville is located in Hillsborough County the most populous county in the state of New Hampshire. Hillsborough county is the manufacturing center of the state because of the industrial cities that line the Merrimack River valley: Manchester, Nashua, Merrimack, and Hudson. The 7-mile trade area is supported by a growing population of 22,746 residents with an affluent average household income in excess of $106,000. 4 INVESTMENT SUMMARY VENTURE RETAIL PARTNERS.
OFFERING SUMMARY OFFERING PRICING: $1,760,738 NET OPERATING INCOME: $114,448 CAP RATE: 6.50% GUARANTY: Corporate TENANT: Dollar General LEASE TYPE: Absolute NNN LANDLORD RESPONSIBILITIES: None PROPERTY SPECIFICATIONS RENTABLE AREA: 9,100 SF LAND AREA: 1.97 Acres PROPERTY ADDRESS: 3 Blanch Farm Road, Greenville, NH 03048 YEAR BUILT: 2018 PARCEL NUMBER: 01-045-0000 OWNERSHIP: Fee Simple (Land and Building) 5 OFFERING HIGHLIGHTS VENTURE RETAIL PARTNERS.
INVESTMENT HIGHLIGHTS DOLLAR GENERAL CORPORATE GUARANTEED LEASE: Brand New Construction 15 Years of Guaranteed Lease Term Upgraded Building Architecture New Build-to-Suit Dollar General 2018 Construction Four (4) Five (5) Year Option Periods with 10% Rental Increases A TRUE COUPON CLIPPER ABSOLUTE NNN LEASE ZERO MANAGEMENT RESPONSIBILITIES: Absolute NNN with ZERO Management Responsibilities Tenant Pays for ALL Operating Expenses, Insurance & Property Taxes Ideal, Management-Free Investment for an Out-of-State, Passive Investor HILLSBOROUGH COUNTY, NEW HAMPSHIRE: The Most Populous County in the State of New Hampshire A Hilly Upland Region Drained by the Merrimack, Piscataquog, and Other Rivers and Dotted with Numerous Small Lakes, Including the Franklin Pierce Lake and Powder Mill Pond Public Lands Include Clough, Greenfield, Miller, and Silver Lake State Parks, as Well as Fox, Vincent, and Casalis State Forests The Manufacturing Center of the State Because of the Industrial Cities that Line the Merrimack River Valley: Manchester, Nashua, Merrimack, and Hudson The Economy Now Depends Upon the Manufacture of Paper Products, Iron and Steel, Computer Terminals, Electrical Equipment, and Optical Instruments Notable Natives of the County Include U.S. President Franklin Pierce (Hillsborough 1804) and Newspaper Editor Horace Greeley (Amherst 1811) NEW HAMPSHIRE LIVE FREE OR DIE : One of Nine States in the Country Without an Income Tax Among the 13 Original Colonies, New Hampshire was the Ninth to Ratify the U.S. Constitution at Statehood in 1788 #5 U.S. News and World Report Overall State Rankings (2019) - In Calculating the Rankings, Eight Separate Categories were Used - Health Care = #13 - Education = #4 - Economy = #11 - Opportunity = #1 - Infrastructure = #37 - Crime & Corrections = #2 - Fiscal Stability = #26 - Quality of Life = #4 #6 the Tax Foundation s State Business Tax Climate Index (2019) - Designed to Show How Well States Structure their Tax Systems - The Only State in the Northeast to Rank in the Top 10 PROXIMITY TO MAJOR CITIES: Nashua, New Hampshire 23 Miles 1 Hour Drive Manchester, New Hampshire 35 Miles 45 Minute Drive Boston, Massachusetts 58 Miles 1 Hour, 15 Minute Drive 6 INVESTMENT HIGHLIGHTS VENTURE RETAIL PARTNERS.
INVESTMENT HIGHLIGHTS TRADE AREA DEMOGRAPHICS: 3-Mile - 3,962 Residents - $89,689 Average Household Income 5-Mile - 11,303 Residents - $100,753 Average Household Income 7-Mile - 22,746 Residents - $106,055 Average Household Income TENANT: Dollar General (NYSE: DG) Features Investment Grade Credit BBB by S&P 15,015 Stores Located in 44 States as of August 3, 2018 Ranked #123 on the Fortune 500 List Up 5 Points From 128 Last Year (Dollar General Has Moved up the Fortune 500 Ranking for the 10th Consecutive Year) Long Term History of Same-Store Sales Growth 2017 Marked the Company s 27th Consecutive Year 7 INVESTMENT HIGHLIGHTS VENTURE RETAIL PARTNERS.
PROPERTY OVERVIEW ACCESS Blanch Farm Road:... 1 Access Point TRAFFIC COUNTS Fitchburg Road/ State Highway 31:...4,300 Cars Per Day IMPROVEMENTS There is approximately 9,100 SF of existing building area. PARKING There are approximately 32 parking spaces on the owned parcel. The parking ratio is approximately 3.52 stalls per 1,000 SF of leasable area. YEAR BUILT 2018 Parcel Number: 01-045-0000 Acres: 1.97 Square Feet: 85,988 PARCEL C-I: Commercial Industrial ZONING 8 PROPERTY OVERVIEW VENTURE RETAIL PARTNERS.
Fitchburg Rd. / State Highway 31 Blanch Farm Rd 4,300 CARS PER DAY
300 VPD G RD. - 4, FITCHBUR D. B CH LAN F R M R A
45 Minutes 35 Miles To Manchester GREENVILLE MANCHESTER 1 Hr 23 Miles To Nashua NASHUA 2018 ESTIMATED POPULATION 3 Mile... 3,962 5 Mile... 11,303 7 Mile... 22,746 2018 AVERAGE HOUSEHOLD INCOME 3 Mile...$89,689 5 Mile...$100,753 7 Mile...$106,055 2018 ESTIMATED TOTAL EMPLOYEES 3 Mile... 979 5 Mile... 2,230 7 Mile... 4,790 1 Hr 15 Minutes 58 Miles To Boston BOSTON
AREA OVERVIEW Greenville, New Hampshire The Greenville Census Designated Place had a population of 1,034 as of July 1, 2018. Greenville ranks in the lower quartile for Population Density when compared to the other cities, towns and Census Designated Places (CDPs) in New Hampshire. Once a part of Mason called Mason Village, Greenville is one of the state s newest and smallest towns, incorporated in 1872. It is located at the High Falls on the Souhegan River, whose plentiful water power provided the mill town with the state s first industries, making cotton and woolen goods. Because of the falls, Greenville was always a manufacturing center. The Columbian Manufacturing Company was established in 1826 to make textiles in both Greenville and New Ipswich. The Columbian is long gone, but its fine brick buildings still dominate the village, kept company by Queen Anne style houses on side streets. The mills are now used for other businesses and storage, and one has been converted into housing for the elderly. Hillsborough County is the most populous county in the U.S. state of New Hampshire. As of the 2017, the population was 1,342,795. Its county seats are Manchester and Nashua. Hillsborough is northern New England s most populous county as well as its most densely populated. 12 AREA OVERVIEW VENTURE RETAIL PARTNERS.
AREA DEMOGRAPHICS DEMOGRAPHICS 3 MILES 5 MILES 7 MILES 2018 Estimated Population 3,962 11,303 22,746 2023 Projected Population 4,032 11,603 23,582 2010 Census Population 3,908 10,915 21,441 Projected Annual Growth 2018 to 2023 0.35% 0.53% 0.72% Historical Annual Growth 2010 to 2018 0.17% 0.42% 0.72% 2018 Estimated Households 1,588 4,132 8,204 2023 Projected Households 1,616 4,238 8,497 2010 Census Households 1,563 3,994 7,756 Projected Annual Growth 2018 to 2023 0.35% 0.51% 0.70% Historical Annual Growth 2010 to 2018 0.19% 0.41% 1.30% 2018 Estimated White 97.5% 97.2% 96.1% 2018 Estimated Black or African American 0.4% 0.4% 0.6% 2018 Estimated Asian or Pacific Islander 0.3% 0.6% 0.8% 2018 Estimated American Indian or Native Alaskan 0.3% 0.2% 0.2% 2018 Estimated Other Races 0.3% 0.4% 0.4% 2018 Estimated Hispanic 2.6% 2.6% 2.5% 2018 Estimated Average Household Income $89,689 $100,753 $106,055 2018 Estimated Median Household Income $70,688 $80,833 $86,389 2018 Estimated Per Capita Income $34,596 $37,065 $38,537 2018 Estimated Total Businesses 160 368 710 2018 Estimated Total Employees 979 2,230 4,790 13 AREA DEMOGRAPHICS VENTURE RETAIL PARTNERS.
RENT ROLL LEASE TERM RENTAL RATES TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF RECOVERY TYPE OPTIONS Dollar General 9,100 Dec. 2018 Dec. 2033 Year 1 - $9,537 $1.05 $114,448 $12.58 Absolute NNN 4 (5-Year) (Corporate Guaranty) (est.) (est.) Opt. 1: $125,893/Yr Opt. 2: $138,483/Yr Opt. 3: $152,331/Yr Opt. 4: $167,564/Yr FINANCIAL INFORMATION Price:...$1,760,738 Net Operating Income:...$114,448 Cap Rate:...6.50% Lease Type:... Absolute NNN PROPERTY SPECIFICATIONS Year Built:...2018 Rentable Area:... 9,100 SF Land Area:... 1.97 Acres Address:...3 Blanch Farm Road, Greenville, NH 03048 14 RENT ROLL VENTURE RETAIL PARTNERS.
BRAND PROFILE DOLLAR GENERAL Dollar General Corporation is an American chain of discount retail stores headquartered in Goodlettsville, Tennessee. Dollar General operated 15,015 stores in 44 states as of August 3, 2018. Dollar General helps shoppers Save time. Save money. Every day! by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares and seasonal items at everyday low prices in convenient neighborhood locations. In addition to high quality private brands, Dollar General sells products from America s mosttrusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg s, General Mills, and PepsiCo. Dollar General Corporation was founded in 1939. Company Type:...Public (NYSE: DG) 2018 Employees:...129,000 2018 Revenue:...$23.47 Billion 2018 Net income:...$1.54 Billion 2018 Assets:...$12.52 Billion 2018 Equity:...$6.13 Billion Credit Rating:... S&P: BBB 15 BRAND PROFILE VENTURE RETAIL PARTNERS.
This Offering Memorandum has been prepared by Venture Retail Partners (VRP) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor VRP 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 VRP 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.