Dollar General
NJ, USA
| Price | $2,787,490 |
| 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 | 2018 |
| Building Size | 7,646 SF |
| Lot Size | 0.45 Acres (19,602 SF) |
| Status | Sold |
| Lead Broker Information | Michael T. Yuras, CCIM Executive Managing Director 415.481.0788 michael.yuras@cushwake.com CA RE License #01823291 Scott Crowle Managing Director 415.604.4288 scott.crowle@cushwake.com CA RE License #01318288 Vincent Aicale Executive Director 415.690.5522 vince.aicale@cushwake.com CA RE License #01728696 Ryan Forsyth Executive Director 415.413.3005 ryan.forsyth@cushwake.com CA RE License #01716551 |
Investment Highlights
CORPORATE GUARANTEED LEASE WITH SCHEDULED RENT INCREASES
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» Scheduled rental increases in option periods, providing a hedge against inflation
» New 2018 upgraded construction with corner entry and wainscoting
ABSOLUTE TRIPLE NET LEASE
» Tenant is responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» No landlord management
» Ideal investment opportunity for an out-of-area investor
MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s yearly revenues exceed $21 billion
» Dollar General operates 14,000 locations in 44 states and has plans for significant future growth
DOWNTOWN LOCATION NEAR LARGE SCHOOLS, MAJOR EMPLOYERS, AND POPULAR RECREATIONAL AREAS
» Excellent visibility and access at signalized hard corner
» Within walking distance of downtown Wildwood’s retail district, which features a healthy mix of local retailers, hotels, and tourist attractions
» Wildwood Middle and High School, with 421 students, and Glenwood Avenue Elementary (462 students) are just a few blocks from the property
» Close to Morey’s Piers, three theme parks that have 1,500 employees and are visited by 3.5 million people each year
» Minutes from United States Coast Guard Training Center Cape May, which trains 3,500 new recruits annually
Property Description
SOLD
The property is conveniently located at the signalized intersection of Spencer Avenue and New Jersey Avenue, with excellent visibility and access to 10,711 vehicles per day directly in front of the property. The property is within walking distance of downtown Wildwood’s retail district, which features a healthy mix of local retailers, hotels, and tourist attractions. A number of national and regional retailers are located near the property, including Rite Aid, Acme Markets, CVS, McDonald’s, Wawa, and more. The property is also a short drive from several large shopping centers in nearby Rio Grande, which are tenanted by national brands like Lowe’s, Walmart, PetSmart, Ross, GameStop, Aldi, and Bed Bath & Beyond, amongst others.
The property benefits from its close proximity to several schools, major employers, and popular recreational areas. Wildwood Middle and High School, with 421 students, and Glenwood Avenue Elementary (462 students) are just a few blocks from the property. The property is within walking distance of Morey’s Piers. The three theme parks have 1,500 employees and are visited by 3.5 million people each year. Additionally, the property is near other major recreational areas, including Wildwood’s beaches, Byrne Community Center, and Wildwood Convention Center.
