The file photo above shows a building with 70’ width. Actual width is 130’, almost double! NNN Dollar General — TAMPA TENANT IS NOW INVESTMENT GRADE HIGH DENSITY, HIGH TRAFFIC, AND HIGH INCOME
Absolutely Superior Real Estate
ONE OF THE WORLD’S MOST SUCCESSFUL RETAILERS — Sales and Profits are Increasing Strongly. Record Earnings Just Announced — Credit Rating Increased Four Times in Recent Years
Price: $1,748,000 — 7.10% Cap Rate
New 15-Year NNN Lease — Soon to Open
For more information, please contact: In Association with:
Robert C. Sanner Rick Sanner Baron Realty, Inc. Partner/Broker Vice President Florida Licensee 415-677-0439 415-677-0429 LIC #BK3157275 [email protected] [email protected] LIC #00869657 LIC #01792433
Cassidy Turley Northern California www.ctbtnnn.com
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness.
Dollar General Tampa, Florida
LOCATION 6508 S Dale Mabry Highway, Tampa, Florida. At the southeast corner of Interbay Boulevard and S Dale Mabry Highway, near the northern entrance to MacDill AFB.
LOT SIZE Approximately 1.08 acres – 47,045+/– square feet.
IMPROVEMENTS To be completed late July 2012, a 9,100+/– square foot DOLLAR GENERAL retail store. See “About the Improvements.” The building footprint is notable because it has a full 130 feet of building width on S Dale Mabry Highway, one of Tampa’s major commercial thoroughfares.
LEASE Leased to a wholly-owned subsidiary of, and guaranteed by, DOLLAR GENERAL CORPORATION for 15 years from August 2012 until August 2027 at the annual rent of $124,092. The lease is absolute net with the tenant responsible for all taxes, insurance and general maintenance including roof, structure and parking lot. The tenant has three 5-year options to renew with 10% rental increases each option period. See “New Lease Form.”
ANNUAL INCOME YEARS ANNUAL RENT 1-15 $124,092 Option 1 $136,501 Option 2 $150,152 Option 3 $165,167
PRICE $1,748,000 — 7.10% Cap Rate
PRICE PER SQUARE FOOT $192
RENT PER SQUARE FOOT $13.64 net per year — $1.14 net per month
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
NEW LEASE FORM This is the new Dollar General lease form. By comparison, here is the lease on another Dollar General property elsewhere.
SUBJECT “OTHER PROPERTY”
Location Tampa, FL ——————
Metro Area? Yes No
Lease Term 15 years 10 years
NNN? Yes No
Roof; structure; exterior of the property except plate glass. Landlord None of this is reimbursed. None Responsibility Landlord handles parking lot and landscape maintenance but is reimbursed.
ABOUT THE This is a “metal building,” typical for this tenant. HOWEVER, all the entire front of the IMPROVEMENTS building, 130 lineal feet, is finished in stucco or concrete block, so it does not appear from the street to be metal construction. A typical Dollar General has 70’ width and 130’ depth. The subject has 130’ width and 70’ depth. Thus it has more frontage and visibility on the main street, Dale Mabry Highway.
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
ABOUT THE TENANT DOLLAR GENERAL CORPORATION (NYSE: “DG”) has been in business since (QUANTITATIVE 1939. Headquartered in a suburb of Nashville, the company is a national discount INFORMATION) variety chain operating 10,052 stores in 40 states as of May 4, 2012. Formerly privately held, the chain went public in November 2009. Dollar General is ranked #188 among the 2011 Fortune 500 companies.
Dollar General is rated “BBB–” by Standard & Poor’s. When it went public in late 2009, it was upgraded by S&P to “BB–.” It was upgraded for the second time in eight months, in June 2010, to “BB.” Thirteen months later, in July 2011, Dollar General was upgraded yet again, to “BB+.” Then, in April, 2012, it was upgraded to BBB–, which is an investment grade rating.
DG HAS MORE STORES THAN ANY OTHER RETAILER IN AMERICA.
For the quarter ended May 4, 2012, Dollar General reported sales of $3.901 billion and net income of $213.415 million.
It was a record quarter: sales were up 13%, same store sales were up 6.7%, net income was up 36%!! These percentages compare this quarter to the same quarter last year.
For the fiscal year ended February 3, 2012, Dollar General reported annual revenues of nearly $14.81 billion with net income of $766.7 million.
For that fiscal year, compared to the previous fiscal year, DG reported the following % increases:
Total Sales 13.6%
Same -Store Sales 6.00%
Net Income 22.1%
Net Worth 15.1%
In January 2012, DG announced it would add 625 new stores in 2012, with 6,000 new employees. Including 2012, the company will have created more than 21,000 jobs since 2009.
In addition to the 625 new stores, the company plans in 2012 to remodel or relocate 550 stores and open an additional distribution center.
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
ABOUT THE TENANT The following is paraphrased from a recent company press release: (GENERAL BACKGROUND) Dollar General Corporation has been delivering value to shoppers for more than 70 years. Dollar General helps shoppers “Save time. Save money. Every day!®” by offering products that are frequently used and replenished, such as food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares and seasonal items at low everyday prices in convenient neighborhood locations...In addition to high-quality private brands, Dollar General sells products from America’s most- trusted manufacturers such as Proctor & Gamble, Kimberly-Clark, Unilever, Kellogg’s, General Mills, Nabisco, Hanes, PepsiCo and Coca-Cola.
Learn more about Dollar General at www.dollargeneral.com
DOLLAR STORES The four largest “dollar store” chains, by market cap and annual sales are: BEATING UP ON WAL-MART APPROXIMATE ANNUAL SALES MARKET CAP *
Dollar General (tenant) — “DG” $16.03 Billion $14.81 Billion
Dollar Tree — “DLTR” $11.74 Billion $ 6.63 Billion Family Dollar — “FDO” $ 7.82 Billion $ 8.5 Billion
* As of late May, 2012
From a recent internet article:
“{The dollar stores} have been revamping up service efforts and offerings {such as } Kraft brands.
“[An advantage of dollar stores compared to Wal-Mart]...is location and operating cost. While Wal-Mart is mostly suburban and rural based, {dollar stores] can be tucked into strip malls with low rent and overhead, {while Wal- Mart} requires giants swaths of land.”
“The Dollar General CEO said, ‘Our difference is our low price in a convenient location.’”
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
DOLLAR STORES From a page one article in the NY Times, September 22, 2010, entitled “In Hard BEATING UP ON WAL-MART Times, $1 Items Lure Shoppers, and Retailers Scramble”: (CONTINUED) “Dollar stores have best been able to capitalize on the downmarket trend because of the strategies they embraced during the recession, when the stores kept things cheap and expanded their merchandise...shoppers often could not afford regular-size detergent [so] the [dollar] stores worked with manufacturers to create smaller packages which cost less...[a certain Dollar General shopper said the reason she goes to dollar stores instead of Wal-Mart is] ‘you don’t have the big crowds and it is cheap’...same store sales at the dollar stores have increased 10 straight quarters and declined at Wal-Mart five straight quarters...dollar stores have switched out merchandise like trinkets for necessities like food and detergent because consumers have really curtailed discretionary spending out of necessity.”
According to an item in the Wall Street Journal, December 5, 2011,
“Dollar stores have been doing well in part because they are winning market share from Wal-Mart Stores, as lower-income shoppers switch to smaller, more frequent shopping trips from bigger, more time-consuming ones. This trend is likely to continue given that wage and employment gains remain generally subpar. So budget pressures [of families] are likely to persist. And bargain-hunting clearly gives dollar stores the edge. Recent surveys...show prices at Dollar General run 9% to 10% below Wal-Mart’s, on average.”
The Wall Street Journal had a very recent article on this same topic. This article, from June 4, 2012, is part of this offering package.
SITE INFORMATION The subject property is located on a signalized corner with access from both South Dale Mabry Highway and Interbay Boulevard. It is just north of the main entrance to MacDill Air Force Base, across from a busy McDonald' s and Circle K. Traffic counts on Dale Mabry are 34,000 AADT* (Annual Average Daily Traffic). S Dale Mabry is two lanes each way, with an additional left turn lane at the intersection. Interbay Boulevard is one lane each way, with an additional left turn lane at the intersection.
* Source of traffic information is Florida Department of Transportation (2010)
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
ABOUT THE AREA Tampa is located on the west coast of Florida, on the Gulf of Mexico. The population of Tampa in 2010 was 335,709.
Tampa is a part of the metropolitan area most commonly referred to as the Tampa Bay Area. Tampa is part of the Tampa-St. Petersburg-Clearwater, Florida MSA. The four-county area is composed of roughly 2.7 million residents, making it the second largest metropolitan statistical area in the state, and the fourth largest in the Southeastern United States. The “Greater Tampa Bay” area has just over 4 million residents and generally includes both the Tampa and Sarasota metro areas.
Economy Service, retail, finance, insurance, shipping by air and sea, national defense, professional sports, tourism, and real estate all play a vital role in the area's economy. Many corporations, such as large banks and telecommunications companies, maintain regional offices in Tampa. Several Fortune 1000 companies are headquartered in the metropolitan area, including OSI Restaurant Partners (Outback Steakhouse), WellCare Health Plans, Inc., TECO Energy, and Raymond James Financial. MacDill Air Force Base also remains a major employer as the parent installation for over 15,000 active uniformed military, Department of Defense (DoD) civil service and DoD contractor personnel in the Tampa Bay area. THE MAIN ENTRANCE TO MACDILL IS JUST SOUTH OF THE SUBJECT. A significant majority of the civil service and contractor personnel are, in fact, themselves retired career military personnel. In addition to the 6th Air Mobility Wing, which is "host wing" for the base, MacDill is also home to Headquarters, United States Central Command (USCENTCOM), Headquarters, United States Special Operations Command (USSOCOM), the 927th Air Refueling Wing, Headquarters, United States Marine Forces Central Command (USMARCENT), Headquarters, United States Special Operations Command Central (USSOCCENT), and numerous other military activities of the active and reserve components of the armed forces.
Tampa's port is the seventh largest in the nation and Florida's largest tonnage port, handling nearly half of all seaborne commerce that passes through the state. Tampa currently ranks second in the state behind Miami in terms of cruise ship travel. Besides smaller regional cruise ships such as Yacht Starship and SunCruz Casino, Tampa also serves as a regular port of call for four large cruise ships: Holland America's MS Veendam, Royal Caribbean's Grandeur of the Seas, and Carnival's Legend and Inspiration.
The main server farm for Wikipedia and other Wikimedia Foundation projects is located in Tampa
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
ABOUT THE AREA Tourism and Recreation (CONTINUED) Tampa operates over 165 parks and beaches covering 2,286 acres within the city limits; 42 more are in surrounding suburbs covering 70,000 acres. These areas include the Hillsborough River State Park, just northeast of the city. Tampa is also home to a number of attractions and theme parks, including Busch Gardens Tampa Bay, Adventure Island, Lowry Park Zoo, and Florida Aquarium.
Tampa's Lowry Park Zoo features over 2,000 animals, interactive exhibits, rides, educational shows and more. The zoo serves as an economic, cultural, environmental and educational anchor in Tampa.
Busch Gardens Tampa Bay is a 335-acre Africa-themed park located near the University of South Florida. It features many thrilling roller coasters, for which it is known. Visitors can also view and interact with a number of African wildlife.
Adventure Island is a 30-acre water park adjacent to Busch Gardens. It features many water rides, dining, and other attractions typical to a water park. The Florida Aquarium is a 250,000 sq ft aquarium located in the Channel District and hosts over 20,000 species of aquatic plants and animals. It is known for its unique glass architecture. Adjacent to the Aquarium is the SS American Victory, a World War II Victory ship preserved as a museum.
The Tampa Bay History Center is a museum of local history located in the Channel District. It boasts over 60,000 sq ft of exhibits through 12,000 years. It includes theaters, a map gallery, a research center and a museum store.
Well-known shopping areas include International Plaza and Bay Street, WestShore Plaza, SoHo district, and Hyde Park Village.
Colleges and Universities There are a number of institutions of higher education in Tampa. The city is home to the main campus of the University of South Florida (USF), a member of the State University System of Florida. In 2010, it had the eleventh highest individual campus enrollment in the US with over 46,000 students. The University of Tampa (UT) is a private, four-year liberal arts institution. UT has over 6,500 students attending.
Other colleges and universities in the Tampa Bay Area include Eckerd College and St. Petersburg College, both in St. Petersburg.
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
ABOUT THE AREA Sports (CONTINUED) Tampa has a number of sports teams, such as the Tampa Bay Buccaneers of the NFL, the Tampa Bay Lightning of the National Hockey League, the Tampa Bay Storm of the Arena Football League, and the Tampa Bay Rowdies of the North American Soccer League. The Tampa Bay Rays in Major League Baseball are actually based in neighboring St. Petersburg.
Commercial Airports:
5 Miles: Tampa International Airport (TPA ) – Tampa. There are 72 non-stop destinations.
15 Miles: St. Petersburg-Clearwater International Airport (PIE) – St. Petersburg Seaports The Port of Tampa is the largest port in Florida in throughput tonnage, making it also one of the busiest commercial ports in North America. Petroleum and phosphate are the lead commodities, accounting for two-thirds of the 37 million tons of total bulk and general cargo handled by the port in 2009.
DEMOGRAPHICS DEMOGRAPHICS 3-MILE 5-MILE 7-MILE Population (2011) 50,120 87,679 138,189
Average HH Income $73,618 $102,751 $89,700
Growth (%)2000-2011 2.23% 2.54% 6.05%
NOTE The information set forth herein has been received by us from sources we believe to be reliable, but we have made no independent investigation of the accuracy or completeness of the information and make no representations with respect thereto. The above is submitted subject to errors, prior sale or lease, change in status, or withdrawal without notice.
FLORIDA
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
SITE PLAN
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Tampa, Florida Tampa,
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Dollar General AERIAL
Tampa, Florida Tampa,
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Dollar General MAP
Tampa, Florida Tampa,
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Dollar General MAP
Tampa, Florida Tampa,
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Dollar General MAP
Dollar General Tampa, Florida
Updated Summary Report (%) Longitude: -82.505905 May 17, 2012 Latitude: 27.872504
3 mi 5 mi 7 mi
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POPULATION 1990 Total Population 49,153 83,776 128,831 2000 Total Population 49,025 85,503 130,306 2011 Total Population 50,120 87,679 138,189 2016 Total Population 50,376 88,074 139,130 % Population Change 1990-2000 -.26% 2.06% 1.14% % Population Change 2000-2011 2.23% 2.54% 6.05% % Population Change 2011-2016 .51% .45% .68%
HOUSEHOLDS 1990 Total Households 20,986 37,302 55,277 2000 Total Households 21,969 39,367 58,049 2011 Total Households 22,574 39,994 61,370 2016 Total Households 22,839 40,462 62,278 % Households Change 1990-2000 4.68% 5.54% 5.01% % Households Change 2000-2011 2.75% 1.59% 5.72% % Households Change 2011-2016 1.18% 1.17% 1.48%
2011 RACE % 2011 White Population 79.70% 85.29% 78.39% % 2011 Black Population 9.26% 6.15% 12.83% % 2011 American Indian/Alaska Native .41% .34% .32% % 2011 Asian/Hawaiian/Pacific Islander 4.11% 3.42% 3.04% % 2011 Other Population (Incl 2+ Races) 6.52% 4.80% 5.42%
% 2011 Hispanic Population 14.67% 13.13% 19.19% % 2011 Non-Hispanic Population 85.33% 86.87% 80.81%
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1
Dollar General Tampa, Florida
Updated Summary Report (%) Longitude: -82.505905 May 17, 2012 Latitude: 27.872504
3 mi 5 mi 7 mi
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INCOME 2011 Per Capita Income $33,156 $46,869 $39,836 2011 Median Household Income $48,685 $64,824 $53,654 2011 Average Household Income $73,618 $102,751 $89,700
% 2011 Household Income < $10,000 5.87% 4.23% 7.99% % 2011 Household Income $10,000-$14,999 5.10% 3.77% 5.55% % 2011 Household Income $15,000-$19,999 5.52% 4.17% 5.77% % 2011 Household Income $20,000-$24,999 5.41% 4.09% 4.94% % 2011 Household Income $25,000-$29,999 6.49% 4.53% 5.28% % 2011 Household Income $30,000-$34,999 5.93% 4.38% 4.74% % 2011 Household Income $35,000-$39,999 5.37% 4.06% 4.27% % 2011 Household Income $40,000-$44,999 6.53% 4.91% 4.95% % 2011 Household Income $45,000-$49,999 5.12% 3.70% 3.55% % 2011 Household Income $50,000-$59,999 10.70% 8.80% 8.10% % 2011 Household Income $60,000-$74,999 10.85% 10.48% 9.15% % 2011 Household Income $75,000-$99,999 8.71% 12.22% 10.43% % 2011 Household Income $100,000-$124,999 6.08% 8.08% 7.26% % 2011 Household Income $125,000-$149,999 3.25% 5.28% 4.54% % 2011 Household Income $150,000-$199,999 3.33% 6.32% 5.17% % 2011 Household Income $200,000-$249,999 1.38% 3.50% 2.59% % 2011 Household Income $250,000-$499,999 3.78% 5.84% 4.54% % 2011 Household Income $500,000+ .58% 1.66% 1.17%
2011 Average Household Size 2.2 2.2 2.2 % 2011 Total Owner Occupied Housing Units 55.93% 61.90% 59.33% % 2011 Total Renter Occupied Housing Units 44.07% 38.10% 40.67%
2011 Total Daytime Population 40,246 75,634 218,193 2011 Total Daytime Work Population 14,925 33,651 149,727 2011 Total Establishments 1,450 4,032 11,704
The information set forth herein has been received by us from sources we believe to be reliable. We do not warrant its accuracy or completeness. RCS:dkw:0612:08:R-1