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BRAND NEW CONSTRUCTION Absolute NNN Investment Opportunity
39 BULLOCKSVILLE PARK ROAD
MANSON NORTH CAROLINAREPRESENTATIVE PHOTO
REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP
Broker in Charge: Patrick Nutt, SRS Real Estate Partners – SOFLO LLC | NC Licence No. 281618
EXCLUSIVELY MARKETED BY
BRITT RAYMONDVice PresidentSRS National Net Lease Group
366 Madison Avenue, 5th FloorNew York, NY 10017D 929.229.2614 M [email protected] NY License No. 10401234463
KYLE FANTFirst Vice PresidentSRS National Net Lease Group
366 Madison Avenue, 5th FloorNew York, NY 10017D 929.229.2613 M [email protected] NY License No. 10401281546
REPRESENTATIVE PHOTO 3 NATIONAL NET LEASE GROUP
4INVESTMENT SUMMARY
Offering Summary | Investment Highlights
7PROPERTY OVERVIEW
Aerials | Site Plan | Location Map
11AREA OVERVIEW
Demographics
13FINANCIALS
Rent Roll | Brand Profile
CONTENTS
REPRESENTATIVE PHOTO 4 NATIONAL NET LEASE GROUP
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in an absolute NNN leased, investment grade (S&P: BBB), corporate guaranteed, Dollar General investment property located in Manson, North Carolina. The tenant, Dolgencorp, LLC, recently executed a brand new 15-year lease with 5 (5-year) options to extend, demonstrating their long-term commitment to the site. The lease features 10% rental increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is corporate guaranteed (S&P: BBB) and is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. Dollar General is currently under construction and is estimated to open for business by Spring 2020.
Dollar General is located along State Highway 1366, a major commuter thoroughfare serving Warren County. The site benefits from excellent visibility via significant street frontage and a large pylon sign, providing ease and convenience for customers. With zero grocery/convenience stores within 5 miles of the property, Dollar General virtually has no competition, creating a large residential consumer base from which to draw. Dollar General is an American chain of variety stores that has become one of the most profitable stores in the rural United States with revenue reaching around $21 billion in 2017. The company plans to open 1,000 new stores across the U.S. in 2020, expanding its presence to 46 states throughout the country. The property is just 3.25 miles east of Kerr Lake State Recreation Area, a state park featuring 3,376 acres of woodlands along the shores of the 50,000-acre man-made lake. The state park is a collective of seven access areas that feature hundreds of campsites for tourists, providing a direct consumer base from which to draw. The 10-mile trade area is supported by more than 26,000 residents and 6,200 daytime employees. Residents within 3 miles of the subject property have an average household income of $62,000.
INVESTMENT SUMMARY
REPRESENTATIVE PHOTO 5 NATIONAL NET LEASE GROUP
Offering
Property Specifications
PRICING $1,318,500
NET OPERATING INCOME $84,384
CAP RATE 6.40%
GUARANTY Corporate
TENANT Dolgencorp, LLC
LEASE TYPE Absolute NNN
LANDLORD RESPONSIBILITIES None
RENTABLE AREA 9,002
LAND AREA 2.80 Acres
PROPERTY ADDRESS 39 Bullocksville Park Road Manson, NC 27553
YEAR BUILT Under Construction
PARCEL NUMBER 0587 03004
OWNERSHIP Fee Simple (Land & Building)
Parcel Map
OFFERING SUMMARY
REPRESENTATIVE PHOTO 6 NATIONAL NET LEASE GROUP
Brand New 15-Year Lease | Corporate Guaranteed | Investment Grade Tenant | Scheduled Rental Increases
• Corporate guaranteed by Dollar General (S&P: BBB)• Dollar General recently executed a brand new 15-year lease with 5
(5-year) option periods to extend, demonstrating their long-term commitment to the site
• The lease features 10% rental increases at the beginning of each option period, generating NOI growth and hedging against inflation
Absolute NNN | Fee Simple Ownership | Zero Landlord Responsibilities
• Tenant pays for CAM, taxes, and insurance• No landlord responsibilities
Located Along State Highway 1366 | Excellent Visibility | Strong Operator | Kerr Lake State Recreation Area
• Located along State Highway 1366, a major commuter thoroughfare serving Warren County
• The site benefits from excellent visibility via significant street frontage and a large pylon sign
• Dollar General Stores is an American chain of variety stores that has become one of the most profitable stores in the rural United States with revenue reaching around $21 billion in 2017
• The company plans to open 1,000 new stores across the U.S. in 2020, expanding its presence to 46 states throughout the country
• Virtually no competition in the surrounding 5-mile trade area, creating a large consumer draw for the store
• The property is just 3.25 miles east of Kerr Lake State Recreation Area, a state park featuring 3,376 acres of woodlands along the shores of the 50,000-acre man-made lake
• The state park is a collective of seven access areas that feature hundreds of campsites for tourists, providing a direct consumer base from which to draw
Strong Demographics in 10-Mile Trade Area• More than 26,000 residents and 6,200 employees support the trade area• $62,000 average household income within 5 miles of subject property
INVESTMENT HIGHLIGHTS
7 NATIONAL NET LEASE GROUP
Location ParkingAccess
Parcel Year Built
Improvements
Zoning
Located inManson, North Carolina
Warren County
There are approximately 38 parking spaces
on the owned parcel. The parking ratio is
approximately 4.22 stalls per 1,000 SF of leasable area.
Bullocksville Park Road 1 Access Point
Parcel Number: 0587 03004 Acres: 2.80
Square Feet: 121,968 SF
Under Construction
There is approximately 9,002 of existing building area
Commercial
PROPERTY OVERVIEW
8 NATIONAL NET LEASE GROUP
BULLOCKSVILLE PARK RD.BULLOCKSVILLE PARK RD.
JACK
SONT
OWN
RD.
JACK
SONT
OWN
RD.
PYLON SIGN
COMMUNITY HAIR CARE SALON
JACK
SONT
OWN
RD.
JACK
SONT
OWN
RD.
BULLOCKSVILLE PARK RD.
BULLOCKSVILLE PARK RD.
MANSON DREWERY
MANSON DREWERY
9 NATIONAL NET LEASE GROUP
10 NATIONAL NET LEASE GROUP
LOCATION MAP
RALEIGH64 min 54 miles
DURHAM48 min 50 miles
GREENSBORO93 min 102 miles 2019 ESTIMATED POPULATION
3 Mile 1,946
5 Mile 5,267
10 Mile 26,034
2019 AVERAGE HOUSEHOLD INCOME
3 Mile $57,346
5 Mile $61,661
10 Mile $54,882
2019 ESTIMATED TOTAL EMPLOYEES
3 Mile 137
5 Mile 826
10 Mile 6,245
MANSON
11 NATIONAL NET LEASE GROUP
Manson, North Carolina
Manson is an unincorporated community in Warren County, North Carolina. The closest major airport to Manson, North Carolina is Raleigh-Durham International Airport. This airport is in Raleigh, North Carolina and is 59 miles from the center of Manson, NC.
Warren County is a county located in the northeastern Piedmont region of the U.S. state of North Carolina, on the northern border with Virginia. County had a population of 19,807 as of July 1, 2018.
Warren County’s existing industrial sectors include, but are not limited to, agricultural, automotive, banking/finance, call centers, forest/wood products, furniture, metal fabrication, nuclear engineering/ fabrication, pharmaceutical, plastics, printing, textile, higher education, and trucking. In conjunction with the Town, the EDA, utility providers, the Health Department, and VDOT, the County created the Business Development Review Committee which allows business owners an opportunity to address each entity at the same time in order to help alleviate any problems throughout the development process. The businesses that have benefited from this Committee within the past year are as follows: Farm Stand/small garden center, Fork’d and Awesome, festival permits, thermal shelters, Marriott Hotel, Shenandoah Storage, The Selah Project, microbrewery, workforce housing, Royal Farms Convenience Store, Blue Ridge Shadows, Regional Training Academy, Afton Inn, Avtex redevelopment, InterChange, daycare center expansion, church, Killahevlin Bed and Breakfast, Toray, Dulles Industries, Michaels, Café Amore, New Hope Church, Commonwealth Assisted Living, retreat center, rezoning of property on Route 522, Barnhart developments, Rob MacDougall properties on Main Street, Brotherhood of Railroad Signalmen, Backroom Brewery, Chick-FilA, Taco Bell, Burger King, Valvoline, Shore Stop Convenience Store, Cedar Park Court properties, Christendom College, Natural Gas company, Main Street Market, and Interbake.
AREA OVERVIEW
12 NATIONAL NET LEASE GROUP
3 MILE 5 MILES 10 MILES
2019 Estimated Population 1,946 5,267 26,034
2024 Projected Population 1,947 5,267 25,852
2010 Census Population 1,894 5,349 26,159
Projected Annual Growth 2019 to 2024 0.01% 0.00% -0.14%
Historical Annual Growth 2010 to 2019 0.29% -0.17% -0.05%
2019 Estimated Households 797 1,900 10,254
2024 Projected Households 801 1,906 10,211
2010 Census Households 765 1,825 10,112
Projected Annual Growth 2019 to 2024 0.10% 0.06% -0.08%
Historical Annual Growth 2010 to 2019 0.44% 0.44% 0.15%
2019 Estimated White 35.20% 36.40% 38.20%
2019 Estimated Black or African American 62.10% 59.90% 55.60%
2019 Estimated Asian or Pacific Islander 0.20% 0.30% 0.40%
2019 Estimated American Indian or Native Alaskan 0.30% 0.40% 0.40%
2019 Estimated Other Races 1.20% 1.70% 3.40%
2019 Estimated Hispanic 2.30% 3.20% 5.90%
2019 Estimated Average Household Income $57,346 $61,661 $54,882
2019 Estimated Median Household Income $35,837 $38,432 $38,830
2019 Estimated Per Capita Income $23,070 $22,572 $21,546
2019 Estimated Total Businesses 23 74 669
2019 Estimated Total Employees 137 826 6,245
AREA DEMOGRAPHICS
REPRESENTATIVE PHOTO 13 NATIONAL NET LEASE GROUP
Lease Term Rental Rates
TENANT NAMESQUARE
FEETLEASE START
LEASE END
BEGIN INCREASE MONTHLY PSF ANNUALLY PSFRECOVERY
TYPEOPTIONS
Dollar General 9,002 4/28/2020 4/30/2035 Year 1 - $7,032 $0.78 $84,384 $9.37 Absolute NNN 5 (5-Year)
(Corporate Guaranty) (Est.) (Est.)10% Increase at Beg.
of Each Option
FINANCIAL INFORMATION
Price $1,318,500
Net Operating Income $84,384
Cap Rate 6.40%
Lease Type Absolute NNN
For financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].
PROPERTY SPECIFICATIONS
Year Built Under Construction
Rentable Area 9,002
Land Area 2.80 Acres
Address 39 Bullocksville Park Road Manson, NC 27553
RENT ROLL
REPRESENTATIVE PHOTO 14 NATIONAL NET LEASE GROUP
BRAND PROFILE Dollar General dollargeneral.com
Dollar General Corporation has been delivering value to shoppers for more than 80 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 everyday low prices in convenient neighborhood locations. Dollar General operated 16,094 stores in 44 states as of November 1, 2019. In addition to high-quality private brands, Dollar General sells products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo. Dollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. Dollar General Corporation was founded in 1939.
COMPANY TYPE 2019 EMPLOYEES 2019 REVENUE
Public (NYSE: DG) 135,000 $25.63 B
2019 NET INCOME 2019 ASSETS 2019 EQUITY CREDIT RATING
$1.59 B $13.20 B $6.42 B S&P: BBB
RETAIL PROFESSIONALS
275+
OFFICES
25+
LARGEST REAL ESTATE SERVICES FIRMin North America
exclusively dedicated to retail
#1
RETAIL TRANSACTIONS
in 2019 company wide
2100+
PROPERTIES SOLD
in 2019 NNLG
485
TRANSACTION VALUE in 2019 NNLG
$1.5B
SRS NATIONAL NET LEASE GROUP IS THE EXCLUSIVE NET LEASE CAPITAL MARKETS TEAM OF SRS REAL ESTATE PARTNERS.
This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made
available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not
purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified
purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.
*Statistics are for 2019
SRSRE.COM/NNLG
