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DOLLAR GENERAL4885 W. HWY 326OCALA, FL 34482
FranklinSt.com
CONFIDENTIAL OFFERING MEMORANDUM
Representative Photos
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DOLLAR GENERAL I OCALA, FL
CONFIDENTIALITY AGREEMENTThis is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest into the acquisition of the Subject Property.
This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of state of affairs of the Owner or the Property, to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition, and other factors beyond the control of the Owner or Franklin Street Real Estate Services, LLC. Therefore, all projections, assumptions, and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to all interested and qualified prospective purchasers. Neither the Owner or Franklin Street Real Estate Services, LLC. , nor any of their respective directors, officers, affiliates or representatives are making any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your own investigations and inspections of the Property in evaluating a possible purchase of the real property.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered, and approved by the Owner and any obligations therein have been satisfied or waived.
By receipt of the Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or the Franklin Street Real Estate Services, LLC. Furthermore, you agree not to use this Memorandum or any of its contents in a manner detrimental to the interest of the Owner or Franklin Street Real Estate Services, LLC.
In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are so advised and expected to review all such summaries and other documents of whatever nature independently and not to rely on the contents of this Memorandum in any manner.
ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR FRANKLIN STREET REAL ESTATE SERVICES, LLC AGENT FOR MORE DETAILS.
3384 Peachtree Road NE, Suite 650Atlanta, GA 30326
EXCLUSIVELY LISTED BY:
Mac McCallRegional Managing [email protected]
Bryan BelkSenior [email protected]
John TennantSenior [email protected]
DEBT AND EQUITY:
Danny YorkPresident, Capital [email protected]
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DOLLAR GENERAL I OCALA, FL
TABLE OF CONTENTSINVESTMENT OVERVIEW..............................................................OVERVIEWINVESTMENT HIGHLIGHTS
4
PROPERTY/MARKET OVERVIEW.................................................9
DEMOGRAPHICS......................................................................... 13
ABOUT FRANKLIN STREET............................................................ 14
INVESTMENT OVERVIEW
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DOLLAR GENERAL I OCALA, FL
INVESTMENT OVERVIEWINVESTMENT HIGHLIGHTS
NEW 15-YEAR NNN LEASE
INVESTMENT GRADE CORPORATE GUARANTEE
10% RENT INCREASES IN OPTION PERIODS
SURROUNDED BY SUPPORTING, DENSE RESIDENTIAL AND MINIMAL COMPETITION IN IMMEDIATE VICINITY
HIGH QUALITY CONSTRUCTION WITH UPGRADED ARCHITECTURAL FEATURES
EASY ACCESS TO COUNTY RD 326 AND INTERSTATE 75
FLORIDA HAS NO STATE INCOME TAX
FREE AND CLEAR OF DEBT
Franklin Street is pleased to present this newly constructed Dollar General located in Ocala, Florida. Ocala is located in North Central, Florida, approximately 90 miles northwest of Orlando. Ocala is the county seat of Marion County, Florida and is home to several national companies including: Closet Maid and E-One. The subject property is located just off the interchange of Interstate 75 and County Road 326. The interchange is a major truck stop along Interstate 75 with numerous service stations. The store will have minimal competition for necessity-based retailers and will support the surrounding rural communities and large farms to the west.
Dollar General has signed a new 15-year NNN lease with 10% rent increases during each of the four, 5-year option periods. The store is new construction and will be completed and open by January 2016. Dollar General will be responsible for all maintenance, repairs, taxes and insurance for the premises, offering a passive investment for the Landlord.
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DOLLAR GENERAL I OCALA, FL
PRICING AND FINANCIALS
Location 4885 W. Hwy 326, Ocala, FL 34482
Year Built 2016
Site Size 2.32±
Rentable SF 9,000
Current Occupancy Under Construction
Investment Type Fee Simple / NNN Lease
PricingAsking Price $2,127,400
Cap Rate 6.00%
Price per SF $236.38
Property Information
OFFERING SUMMARY
Base Rent $127,644
CTI + Utilities $0.00
Gross Potential Income $127,644
Total Expenses $0.00
Net Operating Income $127,644
Cash Flow Analysis
Tenant Square Feet Lease End Date
Dollar General 9,000 1/22/2031
Rent Roll Summary
Debt Information
Loan Type Proposed All Cash
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DOLLAR GENERAL I OCALA, FL
TENANT AND LEASE OVERVIEW
Dollar General is the largest retailer in the US with over 11,000 stores in 40 states. The company was started over 75 years ago and helps shoppers not only save money but also save time. Dollar General offers both name brand and generic merchandise — including off-brand goods and closeouts of name-brand items—in the same store, often on the same shelf. Although it has the word “dollar” in the name, Dollar General is not a dollar store. Most of its products are priced at more than $1.00. However, goods are usually sold at set price points the range of 50 to 60 dollars, not counting phone cards and loadable store gift cards.
Dollar General often serves communities that are too small for Walmarts and competes in the dollar store format with national chains Family Dollar and Dollar Tree, regional chains such as Fred’s in the southeast, and numerous independently owned stores.
Dollar General recently reported their highest sales ever with increased YOY sales of over 4.4% and a total increase in sales over 10.5% to over $12B annually.
Tenant: Dollar General Corp. Credit: Rating BBB (Investment Grade) Ownership: Public (NASDAQ: DG) Headquarters: Goodlettsville, TN Revenue: $16.022B (2013) Gross Profit: $5.09B EDITDA: $2.06B Enterprise Value: $21.79B Number of Locations: 11,500+
Lease Years Annual Rent
1-15 $127,644
16-20 (Option 1) $140,408
21-25 (Option 2) $154,449
26-30 (Option 3) $169,894
31-35 (Option 4) $186,884
Rent Schedule
Tenant Dollar General
GLA 9,000
Lease Commencement 1/23/2016
Lease Expiration 1/22/2031
Initial Lease Term 15 Years
Options 4 Five-Year Options
Lease Type NNN Lease
Guarantor Corporate
Rent Increase 10% Every Five Years During the Option Periods
PROPERTY/MARKET OVERVIEW
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DOLLAR GENERAL I OCALA, FL
MARKET AERIAL MAP
62,500 VPD
HIGHWAY 326 16,800 VPD
GTO Airboats &Outdoor Sporting Goods
Highland Tractor
TML Truck andTrailer Repair
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DOLLAR GENERAL I OCALA, FL
DEMOGRAPHICSPOPULATION 1 Mile 3 Miles 5 Miles2015 Population 483 6,396 24,324
2020 Population 499 6,524 24,717
2000-2010 Annual Rate 2.02% 1.79% 2.13%
2010-2015 Annual Rate 0.60% 0.27% 0.57%
2015-2020 Annual Rate 0.65% 0.40% 0.32%
2015 Male Population 47.8% 48.0% 46.0%
2015 Female Population 52.0% 52.0% 54.0%
2015 Median Age 39.2 42.3 43.2
RACE AND ETHNICITY2015 White Alone 63.0% 65.8% 65.8%
2015 Black Alone 27.5% 26.7% 28.5%
2015 American Indian/Alaska Native Alone 0.2% 0.2% 0.3%
2015 Asian Alone 1.0% 0.6% 0.7%
2015 Pacific Islander Alone 0.0% 0.0% 0.0%
2015 Other Race 5.4% 4.3% 3.0%
2015 Two or More Races 2.9% 2.3% 1.7%
2015 Hispanic Origin (Any Race) 12.6% 11.9% 9.5%
HOUSEHOLDS2015 Total Households 199 2,459 8,281
2020 Total Households 206 2,513 8,467
2000-2010 Annual Rate 2.31% 1.73% 1.60%
2010-2015 Annual Rate 0.78% 0.31% 0.33%
2015-2020 Annual Rate 0.69% 0.44% 0.45%
2015 Average Household Size 2.43 2.51 2.34
1 Mile 3 Miles 5 Miles
Population
2010 Census 468 6,306 23,612
2015 Population 483 6,396 24,324
2020 Projection 499 6,524 24,717
Growth 2000-2015 2.62% 2.06% 2.70%
Growth 2015-2020 0.65% 0.27% 0.57%
Household Income
2015 Average Income $44,630 $46,701 $48,881
2015 Median Income $35,368 $36,208 $36,748
>$100,000 1.0% 5.2% 8.6%
Households
2015 Households 199 2,459 8,281
Growth 2015-2020 0.69% 0.44% 0.45%
Estimated Average HH Size 2.43 2.51 2.34
Education level some College or greater 30.6% 35.7% 40.0%
Housing Value
Median Housing Value $104,530 $121,925 $136,840
>$150,000 25.7% 35.3% 43.0%
About Franklin Street
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DOLLAR GENERAL I OCALA, FL
ABOUT US
VALUATION ADVISORYFranklin Street provides valuation, litigation, and consultation services for all property types, focusing on commercial real estate. Our clients value our extensive market knowledge, long-term relationships with key market participants, superior analytics, and comprehensive data. We are dedicated to providing our clients with the highest level of professionalism, competence, detail, and communication throughout an assignment and pride ourselves with the amount of experience we bring to the table.
INVESTMENT SALESThrough expert knowledge of specific real estate and capital markets, our investment sales division is able to generate effective results impacting income-producing assets. By combining skilled financial analysis with the latest and most accurate valuation methods, our research team provides essential data for each client’s investment decisions. From that analysis, we structure and execute precise solutions for each phase of ownership all designed to increase value and deliver maximum benefits to the owner.
TENANT REPRESENTATIONOur tenant representation division partners closely with clients to create, implement, and deliver a strategic plan for space development and optimal market positioning. Our team executes this program in an aggressive, yet fiscally responsible manner in which our clients’ growth objectives and financial goals are at the forefront. The key to our success is a deep understanding of each client’s needs—from their immediate goals to their future objectives.
LANDLORD REPRESENTATIONWe represent owners looking to fill vacant space by establishing leasing guidelines, finding a tenant who meets the owner’s criteria, and negotiating leases on the landlord’s behalf. Our experienced team is highly effective at not only finding qualified prospective tenants, but also helping clients retain tenants long-term, which is a valuable leasing tool in itself.
CAPITAL ADVISORYIn any real estate transaction, securing capital is one of the primary drivers for a successful investment. Our capital division specializes in debt and equity placement through established partnerships with CMBS, Life, Agency, Bridge, Mezzanine, and JV Equity Investors. Our team utilizes today’s most current market information to provide timely and precise statistics for each client, resulting in aggressive loan terms and a high assurance to close.
INSURANCE SERVICESOur insurance division is exclusively positioned to serve clients with an in-depth knowledge of the property and casualty challenges and opportunities faced by property owners today. This understanding, paired with access to top regional and national carriers, allows us to develop personalized strategies and the best risk management options available for each client’s unique financial situation.
MANAGEMENT SERVICESOur comprehensive management services, coupled with deep market knowledge and the expertise of our staff, allows us to supply innovative and custom solutions to maximize performance for each asset, no matter what the condition. Our management division utilizes industry-leading software streamlining the financial and operational performance of all commercial property types.
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DOLLAR GENERAL I OCALA, FL
ABOUT FRANKLIN STREET
OUR LOCATIONS
FranklinSt.com
Tampa Headquarters500 N. Westshore Blvd.
Suite 750Tampa, FL 33609
Phone: 813.839.7300Fax: 813.839.7330
Atlanta404.832.1250
Jacksonville904.271.4120
South FloridaMiami: 786.292.3188
Ft. Lauderdale: 954.640.1100
Key West813.915.1569
FOR MORE INFORMATIONMac McCall
Regional Managing Partner
404.832.1250
FranklinSt.com
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