Dollar General Linwood, Nc Offering Summary
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REPRESENTATIVE PHOTO RENDERING OFFERING MEMORANDUM DOLLAR GENERAL LINWOOD, NC OFFERING SUMMARY ADDRESS TBD Hwy 150, Linwood, NC 27299 PRICE $1,664,000 6.25% CAP RATE Winston-Salem Greensboro NOI $103,992 RENTABLE SQUARE FEET 9,100 High Point PRICE/SF $183 YEAR BUILT 2020 Lexington LOT SIZE 4.1 AC Linwood TENANT TRADE NAME Dollar General LEASE GUARANTOR Corporate Salisbury LEASE TYPE NNN ROOF & STRUCTURE Tenant LEASE TERM 15 Years RENT COMMENCEMENT DATE February 2020 LEASE EXPIRATION DATE February 2035 TERM REMAINING ON LEASE 15 Years INCREASES 10% Increase Each Option Charlotte OPTIONS Four, 5-Year Options BASE RENT Years 1-15 $103,992 Years 16-20 (Option 1) $ 1 1 4 , 3 9 1 Years 21-25 (Option 2) $125,830 OPTION RENT Years 26-30 (Option 3) $138,413 Years 31-35 (Option 4) $152,254 TENANT RESPONSIBILITIES Taxes, CAM, Insurance, Roof & Structure DEMOGRAPHIC SUMMARY 1-MILE 3-MILE 5-MILE POPULATION 548 4,652 16,610 LANDLORD 100% No Landlord Responsibilities RESPONSIBILITIES AVG. HOUSEHOLD INCOME $58,905 $58,450 $58,410 POPULATION GROWTH 9.56% 9.72% 9.71% INVESTMENT HIGHLIGHTS NEW UPGRADED CONSTRUCTION STORE • Brand New 9,100 SF build-to-suit Dollar General in Linwood, NC. • This store has upgraded construction and is scheduled for delivery February 2020. • LOCATED OFF I-85 • This Dollar General is well located off Interstate 85 (79,000 VPD) at the intersection of Hwy 150 (4,500 VPD) and Old Salisbury Road (1,200 VPD). • As the second-longest interstate in the state, it links the three largest metropolitan areas in North Carolina: Metrolina, The Piedmont Triad, and the Research Triangle. • Nine of the twenty largest municipalities in the state lie along I-85, and it connects those cities to Richmond, VA to the north, and Upstate SC and Atlanta, GA to the south. • Three major transportation systems serve the area: Interstate 85, the Davidson County Airport, and Norfolk Southern Railway’s Spencer classification yard. BETWEEN LEXINGTON & SALISBURY • Linwood is well positioned approximately 9 miles south of Lexington in Davidson County and 9 miles north of Salisbury. • Lexington is the county seat of Davidson County and is centrally located in the heart of the Piedmont Triad area, 30 minutes from Winston-Salem, Greensboro and High Point. • Lexington is developing into a residential bedroom community for these nearby cities and, to a lesser extent, Charlotte and its northeastern suburbs. • Salisbury is in the Piedmont region of North Carolina, is located 44 miles northeast of Charlotte and is part of its MSA. • Salisbury is the oldest continually populated colonial town in the western region of North Carolina and is the county seat of Rowan County since 1753. • Salisbury is the home to North Carolina soft drink, Cheerwine, regional supermarket, Food Lion, and Rack Room Shoes. LONG TERM CORPORATE ABSOLUTE NNN LEASE • Brand new, 15-year corporate guaranteed lease with Dollar General. • Tenant 100% responsible for all expenses, which include taxes, CAM, insurance, roof and structure. • 10% rent increase in each of the four, 5-year option periods. INVESTMENT GRADE TENANT • Dollar General is a publicly traded (NYSE: DG) Fortune 500 company and is BBB investment grade rated. • Currently over 16,000 locations in 45 states with 975 new locations expected to be opened this year. • Dollar General has been in business for 80 years and has a current net worth of over $6.2 billion. REPRESENTATIVE PHOTO TENANT SUMMARY BBB DG $6.2 B 80 16,000+ 975 S&P CREDIT RANKING PUBLICLY NET YEARS STORES IN NEW STORES INVESTMENT GRADE TRADED COMPANY WORTH IN BUSINESS 45 STATES BY YEAR END STOCK PRICE OVER TIME $108 $93 $74 $70 $71 $61 $45 $41 $31 2010 2011 2012 2013 2014 2015 2016 2017 2018 Walgreens LEXINGTON Lexington Middle School 653 students Lexington HS 769 students High Rock Lake Wake Forest Baptist Health - Lexington LINWOOD Distribution 4,500 VPD Center 79,000 VPD 150 North Rowan High School - 616 students SALSIBURY Rowan-Cabarrus Community College, Boone’s Cave Park Livingston College 5,819 Students 1,156 students DEMOGRAPHIC SUMMARY 1-MILE 3-MILE 5-MILE POPULATION 548 4,652 16,610 AVG. HOUSEHOLD INCOME $58,905 $58,450 $58,410 POPULATION GROWTH 9.56% 9.72% 9.71% SITE PLAN CONFIDENTIALITY & DISCLAIMER NOTICE The information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap Real Estate Investment Services of Florida, Inc. (“Marcus & Millichap”) and should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB’s or asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. NON-ENDORSEMENT NOTICE Marcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in this marketing package. The presence of any corporation’s logo or name is not intended to indicate or imply affiliation with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of providing tenant lessee information about this listing to prospective customers. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. THIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we make no representations or warranties, express or im- plied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2019 Marcus & Millichap. All rights reserved. MARCUS & MILLICHAP REAL ESTATE INVESTMENT INC. BENJAMIN YELM | BROKER OF RECORD | 303785 | 843-952-2300 | [email protected] RENDERING Dated: Don McMinn Phone: (678) 808-2762 Marcus & Millichap Fax: (815) 550-1286 1100 Abernathy Road, NE, Suite 600 [email protected] Atlanta, GA 30328 Re: TBD Hwy 150 Linwood, NC 27299 (Dollar General) Dear Don: Please accept this offer to purchase the above referenced Property. This letter expresses Purchaser’s interest in purchasing the Property under the following terms and conditions: Purchaser ____________________________________________________ Purchaser’s Address ____________________________________________________ Purchaser’s Phone/Fax ____________________________________________________ Purchaser’s Email Address ____________________________________________________ Offer Price ____________________________________________________ Earnest Money $25,000 earnest money deposit due within forty-eight (48) hours of the Effective Date of the Contract. The Earnest Money shall be increased to $50,000 at the expiration of the Inspection Period and shall become non-refundable barring any other listed contingencies. Inspection Period 21 Calendar Days from the Effective Date, which shall mean the date on which the latter of the parties executes a Contract. All available Due Diligence Documents (“Documents”) will be forwarded immediately upon the Effective Date of the Contract. Purchaser’s Initials ______ Seller’s Initials ______ Financing Period ☐ All Cash (No Financing Period) (Please Check One) ☐ Financing: Purchaser shall have ten (10) days from the Effective Date of the Contract to apply for and obtain a financing commitment. In addition, Purchaser shall have 30 days from the effective date of the contract to complete loan processing. Purchaser shall use its best efforts to secure and obtain a new first mortgage loan in the amount of $______________ on terms which are acceptable to Purchaser. Closing Date ☐ New Property: Within 10 Calendar Days after rent (Please Check One) commencement and receipt of tenant estoppel. ☐ Existing Property Within 10 Calendar Days after the expiration of the Inspection Period (or Financing Period if applicable). Closing Costs Seller shall pay for the transfer tax. Buyer shall pay for