1523 Zebulon Rd Griffin GA 30224 - Matthews · associated with the sponsorship of certain auto racing activities. Because Dollar General’s customers typically live in small towns,

Dollar General1 5 2 3 Z e b u l o n R d | G r i f f i n , G A

O F F E R I N G M E M O R A N D U M

™ Representative Photo

2 | O f f e r i n g M e m o r a n d u m

™

Representative Photo

c o n t e n t s0 4

0 5

1 0

0 6

E X E C U T I V E S U M M A R Y

f i n a n c i a l O V E R V I E W

a r e a O V E R V I E W

t e n a n t o v e r v i e wK y l e M at t h e w sBROKER OF RECORD

LIC # 67120

e x c l u s i v e ly l i s t e d b y

A n d r e w G r o s sCapital [email protected] (310) 955-1773MOB (435) 659-1404LIC # 01987860 (CA)

J O S H B I S H O PVP & [email protected] (214) 692-2289MOB (315) 730-6228LIC # 688810 (TX)

™


e x e c u t i v e s u m m a r y


i n v e s t m e n th i g h l i g h t s

P r o p e r t y d e ta i l s

• Just under 5 Years remaining on NN+ lease with an additional 10% increase in their five (5) year option

• Attractive 8.75% Cap Rate

• Dollar General pays an additional $1,800 annum for parking area maintenance

• Ideal 1031 Exchange property for prospective buyers

• Dollar General extended the lease early, proving their commitment to the site

T e n a n t d e ta i l s

• S&P Credit Rating: BBB (Upgraded from BBB- in 2015)

• Dollar General is the only investment grade credit dollar store

• Dollar General currently operates over 13,500 locations nationally with plan for further expansion in future years

• Secure Corporate Guaranteed Lease

l o c at i o n d e ta i l s

• Steady population growth since 2000, within a 1,3, & 5-mile radius of the property, indicates a flourishing region of this Atlanta submarket for future years

• Very attractive Median household income of just nearly $75,000.00 in the 1-mile radius; ideal demographics for a Dollar General location

• Located Just 5 minutes away from the Griffin-Spalding County Airport

• This site services the largest industrial park in the area, situated just 1.5 miles away

• Nearly 10,000 employed residents within a 3-mile radius

D o l l a r G e n e r a l , G r i f f i n , G A | 5

D o l l a r G e n e r a l1523 Zebulon RdGriffin, GA 30224

List Price .................................................................................................$482,743

CAP Rate - Current ..................................................................................... 8.75%Gross Leasable Area ......................................................................... ± 8,125 SF Lot Size .............................................................................................. ± 1.18 AcresYear Built ........................................................................................................ 2002

Annualized Operating DataMonthly Rent Annual Rent Rent/SF Cap Rate

Current $3,520 $42,240 $5.20 8.75%

Option 1 $3,872 $46,464 $5.72 9.62%

Tenant Summary

Tenant Trade Name Dollar General

Type of Ownership Fee Simple

Lease Guarantor Corporate

Lease Type NN

Roof and Structure Owner Responsibility

Original Lease Term 10 Years

Rent Commencement Date 4/1/2001

Lease Expiration Date 3/31/2022

Term Remaining on Lease ± 4.50 Years

Increases 10% increase

Options One, 5-Year Option

f i n a n c i a lo v e r v i e w

stag

ecoa

ch d

r


T e n a n to v e r v i e w



Te n a n t O v e r v i e wDollar General is the fast-growing retailer that boasts roughly 13,500 discount stores in over 40 US states, mostly in the South, East, the Midwest, and the Southwest. It generates about 75% of its sales from consumables (including refrigerated, shelf-stable, and perishable foods) and another 10% from seasonal items. The stores also offer household products and apparel. Pricing its items at $10 or less, Dollar General targets low-, middle-, and fixed-income shoppers while selling brand-name products from manufacturers such as Procter & Gamble, Kimberly-Clark, Unilever, Kellogg’s, General Mills, Nabisco, Hanes, PepsiCo, and Coca-Cola. The retailer devotes its dollars to promotional circulars, targeted circulars that support new stores, television and radio advertising, in-store signage, and costs associated with the sponsorship of certain auto racing activities. Because Dollar General’s customers typically live in small towns, the company doesn’t allocate ample amounts of money to advertising. It has spent increasingly more on advertising in recent years, however, as the company expands its stores’ footprint.

STRATEGYWith its small-box stores typically measuring some 9,100 sq. ft, Dollar General targets cost-conscious consumers that prefer easier and quicker access to items than at super-sized competitors such as Wal-Mart and Costco (which are also often much farther away). Indeed, Dollar General’s strategy of catering to the value conscious has paid off big, both during and after the recession. The discount retailer boasted its 26th consecutive year of same-store sales growth in 2016 (ended January), attributable to its value and convenience proposition.

OPERATIONSDollar General’s massive stores network is supported by 13 distribution centers that are strategically located throughout its geographic footprint. Dollar General owns several trademarks, including Dollar General, Dollar General Market, Clover Valley, DG, DG Deals, Smart & Simple, trueliving, Forever Pals, I*Magine, OT Sport, and Sweet Smiles. It also boasts a few licenses, such as Bobbie Brooks and Fisher Price for clothing and Rexall for health and beauty aids.

GEOGRAPHIC REACHDollar General operates nearly 13,500 stores in 43 US states in 2015. About 10% of its stores are in Texas and another 20% are spread across Florida, Georgia, Ohio, and North Carolina.

Company Name Dollar General

Parent Company Trade Name Dollar General Corporation (NYSE: DG)

Ownership Public

Credit Rating (S&P) BBB

No. of Locations ± 13,500

No. of Employees ± 113,400

Headquartered Goodlettsville, TN

Website www.dollargeneral.com

Year Founded 1939


P r o p e r t yo v e r v i e w



Site Description

Number of Stories One

Year Built 2002

Type of Ownership Fee Simple

Gross Leasable Area (GLA) ± 8,125 SF

Lot Size ± 1.18 (51,401 SF)

Parking ± 40 Surface Spaces

Parking Ratio 4.92 : 1,000 SF

Landscaping Professional

Topography Generally Level

Property Name Dollar General

Property Address 1523 Zebulon RdGriffin, GA 30224

Assessor’s Parcel Number 233-03-004-D

THE OFFERING PARCEL MAP

ZEBULO

N RD

Construction

Exterior Brick / MetalFoundation Concrete Slab

Framing Steel

Roof Flat

1 0 | O f f e r i n g M e m o r a n d u m

a r e ao v e r v i e w

D o l l a r G e n e r a l , G r i f f i n , G A | 1 1

d e m o g r a p h i c s

POPULATION 1 Mile 3 Mile 5 Mile

2022 Projection 1,777 19,792 40,282

2017 Estimate 1,741 19,131 39,501

2010 Census 1,728 18,638 39,733

2000 Census 1,352 13,533 36,428

HOUSEHOLDS 1 Mile 3 Mile 5 Mile

2022 Projection 666 7,219 14,624

2017 Estimate 658 7,001 14,342

2010 Census 664 6,934 14,489

2000 Census 534 5,229 13,454

INCOME 1 Mile 3 Mile 5 Mile2017 Estimated Average Household Income $74,632 $64,183 $56,794

GRIFFIN, GA

Griffin is a city in and the county seat of Spalding County in the U.S. state of Georgia. It is part of the Atlanta metropolitan area. Griffin was founded in 1840 and named for landowner Col. Lewis Lawrence Griffin. Griffin Technical College, a branch of Southern Crescent Technical College, and a branch of the University of Georgia are all located in Griffin.

The Griffin Commercial Historic District, among the National Register of Historic Places listings in Spalding County, Georgia, is generally bounded by Central Alley, Sixth Street, Taylor Street and Eighth Street. The district includes the Griffin Grocery Company Building, now the Griffin Regional Welcome Center. Griffin has also been featured or used as a production site in several movies and television shows, including Driving Miss Daisy, Murder in Coweta County, Mississippi Burning, The Fighting Temptations, Rectify The Walking Dead, and The Hunger Games.


s u r r o u n d i n g a r e a

at l a n ta , g a

Atlanta is the capital of and the most populous city in the U.S. state of Georgia, with an estimated 2013 population of 447,841. Atlanta is the cultural and economic center of the Atlanta metropolitan area, home to 5,522,942 people and the ninth largest metropolitan area in the United States. Atlanta is an “alpha-” or “world city”, exerting a significant impact upon commerce, finance, research, technology, education, media, art, and entertainment. It ranks 36th among world cities and 8th in the nation with a gross domestic product of $270 billion. Atlanta is home to professional franchises for three major team sports: the Atlanta Braves of Major League Baseball, the Atlanta Hawks of the National Basketball Association, and the Atlanta Falcons of the National Football League. Due to the more than 30 colleges and universities located in the city, Atlanta is considered a center for higher education.

E c o n o m yEncompassing $304 billion, the Atlanta metropolitan area is the eighth largest economy in the country and 17th-largest in the world. Atlanta’s economy is considered diverse, with dominant sectors including logistics, professional and business services, media operations, and information technology. Corporate operations comprise a large portion of the Atlanta’s economy, with the city serving as the regional, national, or global headquarters for many corporations. Atlanta contains the country’s third largest concentration of Fortune 500 companies, and the city is the global headquarters of corporations such as The Coca-Cola Company, The Home Depot, Delta Air Lines, AT&T Mobility, Chick-fil-A, UPS, and Newell-Rubbermaid. Over 75 percent of Fortune 1000 companies conduct business operations in the Atlanta metropolitan area, and the region hosts offices of about 1,250 multinational corporations.


T o u r i s mAtlanta is one of the most visited cities in America, with over 37 million visitors per year. In 2015 alone, the tourism industry generated $58.9 billion in business sales. Although the most popular attraction among visitors to Atlanta is the Georgia Aquarium, the world’s largest indoor aquarium, Atlanta’s tourism industry mostly driven by the city’s history museums and outdoor attractions. Atlanta contains a notable amount of historical museums and sites, including the Martin Luther King, Jr. National Historic Site, which includes the preserved childhood home of Dr. Martin Luther King, Jr., as well as his final resting place.

The Atlanta Cyclorama & Civil War Museum, which houses a massive painting and diorama in-the-round, with a rotating central audience platform, depicting the Battle of Atlanta in the Civil War; the World of Coca-Cola, featuring the history of the world famous soft drink brand and its well-known advertising; the College Football Hall of Fame which honors college football and its athletes; the National Center for Civil and Human Rights, which explores the Civil Rights Movement and its connection to contemporary human rights movements throughout the world; the Carter Center and Presidential Library, housing U.S. President Jimmy Carter’s papers and other material relating to the Carter administration and the Carter family’s life; and the Margaret Mitchell House and Museum, site of the writing of the best-selling novel Gone with the Wind.

Atlanta also contains various outdoor attractions. The Atlanta Botanical Garden, adjacent to Piedmont Park, is home to the 600-foot-long Kendeda Canopy Walk, a skywalk that allows visitors to tour one of the city’s last remaining urban forests from 40-foot-high. The Canopy Walk is considered the only canopy-level pathway of its kind in the United States. Zoo Atlanta, located in Grant Park, accommodates over 1,300 animals representing more than 220 species. Home to the nation’s largest collections of gorillas and orangutans, the Zoo is also one of only four zoos in the U.S. to house giant pandas. Festivals showcasing arts and crafts, film, and music, including the Atlanta Dogwood Festival, the Atlanta Film Festival, and Music Midtown, respectively, are also popular with tourists.


E Armstrong St

s u r r o u n d i n gt e n a n t s


r e g i o n a lm a p

l o c a lm a pSUBJECT PROPERTY

SUBJECT PROPERTY

This Offer ing Memorandum contains select informat ion pertaining to the business and af fa i rs of Dollar General located at 1523 Zebulon Rd, Griffin, GA 30224 (“Property”) . I t has been prepared by Matthews Real Estate Investment Services. This Offer ing Memorandum may not be al l - inclusive or contain a l l of the informat ion a prospect ive purchaser may desire. The informat ion contained in th is Offer ing Memorandum is conf ident ia l and furnished solely for the purpose of a review by a prospect ive purchaser of the Property. I t is not to be used for any other purpose or made avai lable to any other person without the wri t ten consent of Sel ler or Matthews Real Estate Investment Services. The mater ia l is based in part upon informat ion suppl ied by the Sel ler and in part upon f inancial informat ion obtained from sources i t deems rel iable. Owner, nor their of f icers , employees, or agents makes any representat ion or warranty, express or impl ied, as to the accuracy or completeness of th is Offer ing Memorandum or any of i ts contents and no legal l iabi l i ty is assumed or shal l be impl ied with respect thereto. Prospect ive purchasers should make their own project ions and form their own conclusions without rel iance upon the mater ia l contained herein and conduct their own due di l igence.

By acknowledging your receipt of th is Offer ing Memorandum for the Property, you agree:

1 . The Offer ing Memorandum and i ts contents are conf ident ia l ;

2 . You wi l l hold i t and treat i t in the str ictest of conf idence; and

3. You wi l l not , d i rect ly or indirect ly, d isclose or permit anyone else to disclose this Offer ing Memorandum or i ts contents in any fashion ormanner detr imental to the interest of the Sel ler.

Owner and Matthews Real Estate Investment Services expressly reserve the r ight , at their sole discret ion, to reject any and al l expressions of interest or of fers to purchase the Property and to terminate discussions with any person or ent i ty reviewing this Offer ing Memorandum or making an of fer to purchase the Property unless and unt i l a wr i t ten agreement for the purchase and sale of the Property has been ful ly executed and del ivered.

I f you wish not to pursue negot iat ions leading to the acquis i t ion of the Property or in the future you discont inue such negot iat ions, then you agree to purge al l mater ia ls relat ing to th is Property including this Offer ing Memorandum.

A prospect ive purchaser ’s sole and exclusive r ights with respect to th is prospect ive t ransact ion, the Property, or informat ion provided herein or in connect ion with the sale of the Property shal l be l imited to those expressly provided in an executed Purchase Agreement and shal l be subject to the terms thereof. In no event shal l a prospect ive purchaser have any other c la ims against Sel ler or Matthews Real Estate Investment Services or any of their af f i l iates or any of their respect ive of f icers , Directors , shareholders, owners, employees, or agents for any damages, l iabi l i ty, or causes of act ion relat ing to th is sol ic i tat ion process or the market ing or sale of the Property.

This Offer ing Memorandum shal l not be deemed to represent the state of af fa i rs of the Property or const i tute an indicat ion that there has been no change in the state of af fa i rs of the Property s ince the date this Offer ing Memorandum.

C O N F I D E N T I A L I T Y & D I S C L A I M E R S TAT E M E N T


BROKER OF RECORD

Dollar General1 5 2 3 Z e b u l o n R d | G r i f f i n , G A

™

K y l e M at t h e w sBROKER OF RECORD

LIC # 67120

e x c l u s i v e ly l i s t e d b y

A n d r e w G r o s sCapital [email protected] (310) 955-1773MOB (435) 659-1404LIC # 01987860 (CA)

J O S H B I S H O PVP & [email protected] (214) 692-2289MOB (315) 730-6228LIC # 688810 (TX)

Documents

1523 Zebulon Rd Griffin GA 30224 - Matthews · associated with the sponsorship of certain auto racing activities. Because Dollar General’s customers typically live in small towns,