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Dollar General, Mays Landing, NJ

Dollar General

Price $2,160,000
Cap Rate
NOI
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 Options
Year Built 2019
Building Size 9,346 SF
Lot Size 3.4 acres (147,713 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

NEW 15-YEAR 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

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 $25.6 billion
» Dollar General operates more than 15,000 locations in 44 states and has plans for significant future growth

HIGH-EXPOSURE LOCATION ON MAJOR THOROUGHFARE
» Visibility and access to 28,145 vehicles per day directly in front of the property on Harding Highway
» $94,612 average household income within a one-mile radius of the property
» Gateway to Atlantic City (27 million annual visitors, $2.86 billion generated in annual gaming revenue)
» Minutes from Lake Lenape

BENEFICIAL PROXIMITY NEAR LARGE EMPLOYERS AND SCHOOLS
» Four miles from Hamilton Mall (139 stores, 1.1 million SF of retail space)
» Within five miles of Atlantic County Institute of Technology (1,495 students), Atlantic Cape Community College (5,905 students), William Davies Middle School (1,021 students), Oakcrest High School (1,011 students), and Shaner School (602 students)

UPGRADED 2019 CONSTRUCTION
» High-quality building upgrades
» Features Dollar General’s latest prototype


Property Description

SOLD

The property is conveniently located on Harding Highway, which experiences a high traffic count of 28,145 vehicles per day directly in front of the location. The site resides along U.S. Route 40, a major east-west thoroughfare connecting Utah and New Jersey. The property benefits from its location in a highly affluent area, with an average household income of $94,612 within a one-mile radius of the site. Visibility is increased by the location’s proximity to Atlantic City, a major U.S. tourist destination drawing 27 million annual visitors and generating $2.86 billion in gaming revenue in 2018. Atlantic City has experienced three straight years of gaming revenue growth.

The property is surrounded by a mixture of well-established local businesses, recreational establishments, and communal meeting areas. The location is directly adjacent to Babcock Creek Preserve, a primary Mays Landing attraction featuring 94 acres of hunting grounds. The site is also minutes from Lake Lenape, offering recreational boating, camping, fishing, skiing, hunting, in-line skating, and much more. The property is centrally located near large schools and employers, including Hamilton Mall, which features 139 stores and 1.1 million SF of retail space. The location is also within five miles of several highly attended schools, including Atlantic County Institute of Technology (1,495 students), Atlantic Cape Community College (5,905 students), William Davies Middle School (1,021 students), Oakcrest High School (1,011 students), and Shaner School (602 students).

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