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Dollar General, Pennsville, NJ

Dollar General

Price $2,305,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Absolute NNN, with tenant responsible for all taxes, insurance, maintenance, and repair, including roof, structure, and parking lot
Rental Increases 10% Rental Increases in Option Periods
Year Built 2020
Building Size 10,640 SF
Lot Size 1.63 Acres (71,003 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

15-YEAR ABSOLUTE NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Tenant is responsible for taxes, insurance, and all maintenance
» No landlord management, making this asset an ideal investment opportunity for an out-of-area investor
» New 2020 construction built to Dollar General’s latest prototype

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s with an annual revenue that exceeds $27.8 billion
» Ranked #119 on Fortune 500 list (11 consecutive years of Fortune 500 ranking growth)
» Dollar General operates more than 16,350 locations in 45 states and has plans for significant future growth

EASILY ACCESSIBLE RELOCATION IN UNDERSERVED MARKET
» Store relocated closer to the Interstate 295 New Jersey Turnpike to better capture commuters to and from Wilmington and Philadelphia (94,331 AADT)
» Located along State Route 49/North Broadway, a primary northwest-southeast thoroughfare traversing Pennsville (17,073 AADT)
» 55,782 residents live within five miles of the property
» Average household income of $87,865 within a one-mile radius of the property
» Projected 15 percent AHI increase within five miles of the site in the next five years, poising Pennsville for significant growth

CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS AND COMMUNITY HUBS
» Immediate access to the Delaware River, which generates $22.5 billion in annual economic impact
» Gateway to popular area attractions such as Delaware Park Casino (2,300 slots), Riverview Beach Park, and Cowtown Farmers Market (New Jersey tourism generated $10.5 billion in 2018 revenue)
» Within four miles of five schools and colleges, with a combined enrollment of 4,241 students, increasing traffic to the location
» Neighbored by The Shoppes at Pennsville Center, a 183,000-SF retail space featuring well-established local and national retailers


Property Description

SOLD

The property has an easily accessible location along State Route 49/North Broadway, a primary northwest-southeast thoroughfare traversing Pennsville. The site benefits from its relocation closer to the Interstate 295 New Jersey Turnpike (94,331 AADT), allowing the property to better capture commuters to and from Wilmington and Philadelphia. The property is primed to grow along with the surrounding area, with a projected 15 percent average annual household income increase within five miles of the site in the next five years. Traffic to the site is also increased by its location in a highly populated area with strong incomes. 55,782 residents live within five miles of the property with an average household income of $87,865 within a one-mile radius of the site.

The property maintains immediate access to the Delaware River, a major East Coast waterway that generates $22.5 billion in annual economic impact. Traffic to the site is also increased by its proximity to popular area attractions such as Delaware Park Casino, Riverview Beach Park, and Cowtown Farmers Market. The location is primed to serve a large tourist customer base, as New Jersey tourism generated $10.5 billion in 2018 revenue. The site experiences increased traffic from its location within four miles of five schools and colleges with a combined enrollment of 4,241 students. Retail traffic to the site is increased by the neighboring Shoppes at Pennsville Center, a 183,000-SF retail space featuring well-established local and national retailers.

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