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DOLLAR GENERAL, Conneaut Lake, PA

DOLLAR GENERAL

Price $1,426,000
Cap Rate 6.65%
NOI $94,808
Lease Term 15 years, with 14 years remaining
Lease Type Absolute NNN, with tenant responsible for all taxes, insurance, and maintenance
Rental Increases 10% rental increases in option periods
Year Built 2019
Building Size 9,026 SF
Lot Size 1.6 acres (69,696 SF)
Status Available
Lead Broker Information 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

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

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, including roof, structure, and parking lot
» No landlord management
» Ideal investment opportunity for an out-of-area investor
» New 2019 construction

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s annual revenue exceeds $25.6 billion
» Ranked #119 on Fortune 500 list (11 consecutive years of Fortune 500 ranking growth)
» Dollar General operates more than 15,370 locations in 44 states and has plans for significant future growth

EASILY ACCESSIBLE LOCATION IN POPULOUS AND GROWING AREA
» Located along State Route 618, a primary thoroughfare traversing the entirety of Conneaut Lake
» 19-foot lighted pylon sign facing State Route 618, increasing traffic to the site
» 66,257 residents within a 15-mile radius of the property
» Projected 11 percent AHI increase within five miles of the site in the next five years, poising Conneaut Lake for significant growth

CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS AND COMMUNITY HUBS
» Across the street from Conneaut Lake Amusement Park (highest recorded revenue of $1.3 million in 2019)
» Walking distance from Conneaut Lake Park Beach and neighbored by Conneaut Lake Park Camperland (campsite featuring store, laundromat, free hot showers, flush toilets, playground, and nearby public boat launch)
» Located at the confluence of several State Game Lands hunting grounds, attracting impactful amounts of outdoor recreationists (outdoor recreation generates $29.1 billion in Pennsylvania consumer spending)
» Gateway to Lake Erie ($40.6 million annual economic impact in Pennsylvania, 11 million annual visitors)



Property Description

The property has an easily accessible location at the intersection of Reed Avenue and State Route 618, a primary thoroughfare traversing the entirety of Conneaut Lake. The site benefits from its central location in a populous area, with 66,257 residents living within a 15-mile radius of the location. The property is primed to grow along with the surrounding area, with a projected 11 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 the 19-foot lighted pylon sign facing State Route 618.

The location is across the street from Conneaut Lake Amusement Park, which achieved its highest recorded revenue of $1.3 million in 2019. The property is also located at the confluence of several State Game Lands hunting grounds, attracting impactful amounts of outdoor recreationists. Outdoor recreation generates $29.1 billion in Pennsylvania consumer spending. Traffic to the site is also increased by its proximity to Conneaut Lake Park Beach and Conneaut Lake Park Camperland, a popular local camping destination featuring a store, laundromat, free hot showers, flush toilets, playground, and a nearby public boat launch. The site also experiences increased traffic from its location as a gateway to Lake Erie ($40.6 million annual economic impact in Pennsylvania, 11 million annual visitors).

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