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(Delivery Date: Oct. 2020)
BRAND NEW CONSTRUCTION Absolute NNN Investment Opportunity
REPRESENTATIVE PHOTO
826 NC 71 HIGHWAY NORTH
MAXTON NORTH CAROLINA
REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP
EXCLUSIVELY MARKETED BY
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
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
Broker in Charge: Patrick Nutt, SRS Real Estate Partners – SOFLO LLC | NC Licence No. 281618
REPRESENTATIVE PHOTO 3 NATIONAL NET LEASE GROUP
4INVESTMENT SUMMARY
Offering Summary | Investment Highlights
7PROPERTY OVERVIEW
Aerials | Site Plan | Location Map
12AREA OVERVIEW
Demographics
14FINANCIALS
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 Maxton, 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 Fall of 2020.
Dollar General is located along State Highway 71, a major commuter thoroughfare averaging 9,700 vehicles passing by daily and less than one mile north of Interstate 74 which averages 22,500 vehicles passing by daily. The site benefits from excellent visibility via significant street frontage and a large pylon sign, providing ease and convenience for customers. 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 $26 billion in 2019. 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 5-mile trade area is supported by more than 10,000 residents and 3,000 daytime employees. Residents within 5 miles of the subject property have a $46,000 average household income.
INVESTMENT SUMMARY
REPRESENTATIVE PHOTO 5 NATIONAL NET LEASE GROUP
Parcel Map
OFFERING SUMMARY Offering
Property Specifications
RENTABLE AREA 9,002 SF
LAND AREA 2.00 Acres
PROPERTY ADDRESS 826 NC 71 Hwy N Maxton, NC 28364
YEAR BUILT 2020
PARCEL NUMBER 11020105001
OWNERSHIP Fee Simple (Land & Building Ownership)
PRICING $1,427,400
NET OPERATING INCOME $89,928
CAP RATE 6.30%
GUARANTY Corporate
TENANT Dolgencorp, LLC
LEASE TYPE Absolute NNN
LANDLORD RESPONSIBILITIES None
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• Ideal, low-management investment for a passive investor
Directly off Interstate 74 | Excellent Visibility | Strong Operator | 1,000 New Stores In 2020
• Located along State Highway 71 (9,700 VPD), a major commuter thoroughfare serving the immediate area
• Dollar General is less than 1 mile from the access ramp of Interstate 74 which averages 22,500 vehicles passing by daily
• The site benefits from excellent visibility via significant street frontage and a large pylon sign
• Dollar General Stores are an American chain that has become one of the most profitable stores in the rural United States with revenue reaching around $26 billion in 2019
• The company plans to open 1,000 new stores across the U.S. in 2020, expanding its presence to 46 states throughout the country
Local Demographics in 5-Mile Trade Area• Nearly 10,000 residents and 3,000 employees support the trade area• $46,000 average household income
INVESTMENT HIGHLIGHTS
Location
Parking
Access
Parcel
Traffic Counts
Year Built
Improvements
Zoning
Located inMaxton, NC
Robeson County
There are approximately 31 parking spaces
on the owned parcel.
The parking ratio is approximately 3.44 stalls per
1,000 SF of leasable area.
Bryants Circle 1 Access Point
Parcel Number: 11020105001
Acres: 2.00
Square Feet: 87,300 SF
State Highway 71 9,700 Cars Per Day
Interstate 74 22,500 Cars Per Day
2020
There will be approximately 9,002 SF of building area
Commercial
7 NATIONAL NET LEASE GROUP
PROPERTY OVERVIEW
BYRANTS CIR.BYRANTS CIR.
STAT
E HI
GHW
AY 7
1
STAT
E HI
GHW
AY 7
1
AIRBASE RD.AIRBASE RD.
CARS PER DAY1,400
CARS PER DAY9,700
8 NATIONAL NET LEASE GROUP
STAT
E HI
GHW
AY 7
1
STAT
E HI
GHW
AY 7
1
STAT
E HI
GHW
AY 13
0
STAT
E HI
GHW
AY 13
0
BRYANTS CIR.
BRYANTS CIR.
AIRBASE RD.
AIRBASE RD.
INTERSTATE 74/ U.S. HIGHWAY 74
INTERSTATE 74/ U.S. HIGHWAY 74
U.S. HIGHWAY 74 BUSINESS
U.S. HIGHWAY 74 BUSINESS
CARS PER DAY9,700
CARS PER DAY22,500
CARS PER DAY6,700
LAURINBURG-MAXTON LAURINBURG-MAXTON AIRPORTAIRPORT
R. B. DEAN R. B. DEAN ELEMENTARY ELEMENTARY
SCHOOLSCHOOLTOWNSEND TOWNSEND
ELEMENTARY ELEMENTARY SCHOOLSCHOOL
9 NATIONAL NET LEASE GROUP
BRYANTS CIR.
BRYANTS CIR.
CARS PER DAY9,700
10 NATIONAL NET LEASE GROUP
11 NATIONAL NET LEASE GROUP
CHARLOTTE108 min 101 miles
FAYETTEVILLE50 min 36 miles
RALEIGH101 min 105 miles
LOCATION MAP
MAXTON
2019 ESTIMATED POPULATION
1 Mile 359
3 Mile 4,716
5 Mile 9,661
2019 AVERAGE HOUSEHOLD INCOME
1 Mile $35,598
3 Mile $41,736
5 Mile $46,006
2019 ESTIMATED TOTAL EMPLOYEES
1 Mile 170
3 Mile 2,198
5 Mile 3,002
Maxton, North Carolina
Maxton is a town in Robeson and Scotland counties, North Carolina. Maxton is a town on the move, over the past few years strives have been made to restore the downtown area. The entire downtown area has been placed on the National Register of Historical Places. The “Avenue of Mayors”, a project that placed utility lines underground along Patterson Street and planted trees in memory and honor of former Mayors. The town offices are housed in the restored Patterson building. City has a population of 2,334 in 2020.
The largest industries in Maxton, NC are Manufacturing, Health Care & Social Assistance, and Retail Trade, and the highest paying industries are Manufacturing, Public Administration, and Educational Services. it is more blue-collar than most other communities in America of Maxton’s employed work in blue-collar jobs, while America averages only that do. Overall, Maxton is a town of production and manufacturing workers, transportation and shipping workers, and professionals. There are especially a lot of people living in Maxton who work in office and administrative support, teaching, and healthcare.
The nearest major airport is Fayetteville Regional Airport.
Robeson County is the largest county in the state of North Carolina by land area, having 949 square miles in total. Robeson County was incorporated in 1787 from Bladen County and was named for Col. Thomas Robeson of the Revolutionary War. Located approximately 1.5 hours from the beaches and 3 hours from the mountains, Robeson County is situated perfectly for day trips and family excursions. I-95 runs North-South on the Eastern Seaboard. County had a population of 130,625 as of July 1, 2019.
Scotland County is located in the heart of the Sandhills. Home to St Andrews University and Richmond Community College. I-74, Hwy 74 and Hwy 501 provide 2 and 4 lanes transportation throughout the County. County had a population of 34,823 as of July 1, 2019
12 NATIONAL NET LEASE GROUP
AREA OVERVIEW
1 MILE 3 MILES 5 MILES
2019 Estimated Population 359 4,716 9,661
2024 Projected Population 352 4,657 9,601
2010 Census Population 376 4,788 9,283
2019 Estimated Households 130 1,812 3,015
2024 Projected Households 128 1,787 2,995
2010 Census Households 136 1,863 3,019
2019 Estimated White 13.96% 12.20% 13.59%
2019 Estimated Black or African American 60.17% 39.86% 31.46%
2019 Estimated Asian or Pacific Islander 0.00% 0.08% 0.22%
2019 Estimated American Indian or Native Alaskan 22.84% 44.27% 50.79%
2019 Estimated Other Races 0.84% 0.76% 0.88%
2019 Estimated Hispanic 2.23% 2.63% 3.15%
2019 Estimated Average Household Income $35,598 $41,736 $46,006
2019 Estimated Median Household Income $21,983 $27,155 $32,239
2019 Estimated Per Capita Income $13,928 $15,426 $16,339
2019 Estimated Total Businesses 9 159 215
2019 Estimated Total Employees 170 2,198 3,002
13 NATIONAL NET LEASE GROUP
AREA DEMOGRAPHICS
Lease Term Rental Rates
TENANT NAMESQUARE
FEETLEASE START
LEASE END
BEGIN INCREASE MONTHLY ANNUALLY PSF OPTIONS
Dolgencorp, LLC 9,002 October 2020 October 2035 Current - $7,494 $89,928 $9.99 5 (5-Year)
(Corporate Gauranty) (est.) (est.)10% Increase at Beg.
of Each Option
FINANCIAL INFORMATION
Price $1,427,400
Net Operating Income $89,928
Cap Rate 6.30%
Lease Type Absolute NNN
PROPERTY SPECIFICATIONS
Year Built 2020
Rentable Area 9,002 SF
Land Area 2.03 Acres
Address 826 NC. Highway 71 NMaxton, NC 28364
REPRESENTATIVE PHOTO 14 NATIONAL NET LEASE GROUP
For financing options and loan quotes:Please contact our SRS Debt & Equity team at [email protected].
RENT ROLL
COMPANY TYPE 2020 EMPLOYEES 2020 REVENUE
Public (NYSE: DG) 143,000 $27.75 B
2020 NET INCOME 2020 ASSETS 2020 EQUITY CREDIT RATING
$1.71 B $22.83 B $6.70 B S&P: BBB
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 16,368 stores in 45 states as of February 28, 2020. 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.
REPRESENTATIVE PHOTO 15 NATIONAL NET LEASE GROUP
BRAND PROFILE
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
