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Dollar General, Erie, PA

Dollar General

Price $1,500,000
Cap Rate 6.55%
NOI $98,208
Lease Term 15 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure, And Parking Lot
Rental Increases 10% Rental Increases In Option Periods
Year Built 2019
Building Size 9,100 SF
Lot Size 1.83 Acres (79,844 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 featuring latest Dollar General prototype

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
» Dollar General operates more than 15,000 locations in 44 states and has plans for significant future growth

EASILY ACCESSIBLE LOCATION IN DENSELY POPULATED AND AFFLUENT RETAIL CORRIDOR
» Beneficial proximity to Interstate 90 (31,917 AADT)
» 21-foot pylon sign facing Wattsburg Road
» 58,482 residents within a five-mile radius
» $81,986 average household income within one mile of the property

CENTRAL LOCATION NEAR MULTIPLE TOURIST ATTRACTIONS AND COMMUNITY HUBS
» Gateway to Lake Erie ($40.6 million annual economic impact in Pennsylvania, 11 million annual visitors)
» Five miles from Presque Isle Downs & Casino, 272-acre casino with 1,600 slots machines, a 1+-mile synthetic horse racetrack, and sportsbook with 50 self-betting kiosks
» Eight miles from Downtown Erie, and Erie Zoo (400,000 visitors a year), Mercyhurst University (4,363 students and 168 employees), Saint Vincent Hospital (385 beds and 2,500 employees), and Gannon University (4,400+ students and 200 employees)



Property Description

The property has an easily accessible location at Wattsburg Road. The site has a beneficial proximity to Interstate 90, a major east-west thoroughfare through Pennsylvania connecting Washington and Massachusetts which experiences a high traffic count of 31,917 vehicles per day. 58,482 people live within a five-mile radius of the site, and the average household income within one mile of the property is $81,986. Visibility is increased by the strong mix of surrounding local retailers and a prominent 21-foot pylon sign facing Wattsburg Road.

The property is located just minutes from several recreational areas and tourist attractions, including Lake Erie, which generated $40.6 million of annual economic impact in Pennsylvania, and drew 11 million annual visitors. Traffic to the site is increased by its proximity to multiple parks, State Game Lands, and camping sites. The property benefits from its location near the Erie School District, which has a combined 12,000+ students and 800+ teachers. The location is also within five miles of Mercyhurst University (4,363 students) and Penn State Behrend (4,700 students). It also has a close proximity to Erie Zoo (400,000+ annual visitors, $4 million annual revenue). And is five miles from Presque Isle Downs & Casino, 272-acre casino with 1,600 slots machines, a 1+-mile synthetic horse racetrack, and sportsbook with 50 self-betting kiosks.

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