Embed Size (px)
Citation preview
SINGLE TENANT ABSOLUTE NNN Investment Opportunity
ACTUAL SITE
330 CLARKS FALLS ROAD
NORTH STONINGTON CONNECTICUT
REPRESENTATIVE PHOTO 2 NATIONAL NET LEASE GROUP
ANDREW FALLONExecutive Managing DirectorSRS National Net Lease Group
1765 Greensboro Station Place Tower 1, Suite 900McLean, VA 22102 M [email protected] VA License No. 0225193951
EXCLUSIVELY MARKETED BYReal Estate Broker: Dan Richman - SRS Real Estate Partners-Northeast, LLC CT License #REB.0790882
PYLON SIGN
REPRESENTATIVE PHOTO 3 NATIONAL NET LEASE GROUP
Parcel Map
OFFERING SUMMARY Offering
Property Specifications
ASKING PRICE $1,848,958
CAP RATE 6.60%
NET OPERATING INCOME $122,031
PROPERTY ADDRESS 330 Clarks Falls Road, North Stonington, CT 06359
RENTABLE AREA 9,100 SF
LAND AREA 2.1 Acres
YEAR BUILT 2018
OWNERSHIP Fee Simple (Land & Building)
TENANT Dolgencorp, LLC
GUARANTY Corporate
LEASE TYPE Absolute NNN
LANDLORD RESPONSIBILITIES None
LEASE TERM 15 Years
INCREASES 10% at Beg. of Each Option
OPTIONS 3 (5-Years)
RENT COMMENCEMENT 10/4/2018
LEASE EXPIRATION 10/31/2033
REPRESENTATIVE PHOTO 4 NATIONAL NET LEASE GROUP
Lease Term Rental Rates
TENANT NAMESQUARE
FEETLEASE START
LEASE END
BEGIN INCREASE MONTHLY PSF ANNUALLY PSFRECOVERY
TYPEOPTIONS
Dolgencorp, LLC 9,100 10/4/2018 10/31/2033 Current - $10,169 $1.12 $122,031 $13.41 Absolute NNN 3 (5-Year)
(Corporate Guranty) - 10% Increase at Beg.
of Each Option
RENT ROLL & INVESTMENT HIGHLIGHTS
13 Years Remaining | Corporate Guaranty | Investment Grade Tenant (S&P: BBB) |Scheduled Rental Increases | Significant Store Expansion
• Corporate guaranteed by Dollar General (S&P: BBB)• Dollar General currently has more than 13 years remaining with 3 (5-year) option periods to extend• The lease features 10% rental increases every 5 years throughout the initial team and at the beginning of
each option period, generating NOI growth and hedging against inflation• Dollar General is expected to open 1,000 new stores in 2020, expanding to 46 states nationwide
Absolute NNN Leased | Fee Simple Ownership | Zero Landlord Responsibilities• Tenant pays for CAM, taxes, insurance and maintains all aspects of the premises• Zero landlord responsibilities• Ideal, management-free investment for a passive investor
Quick Access to I-95 | Excellent Visibility | Extremely Limited Competition | • Nearby on/off ramp access to Interstate 95 (31,900 VPD), the primary north/south interstate highway
traveling the entire eastern coast of the U.S. from Miami, FL to Portland, ME.• The site benefits from excellent visibility via significant street frontage and a large pylon sign• Virtually no competition in the surrounding 5-mile trade area, creating a large consumer draw for the store• Upgraded masonry brick on front and sides of building
Strong Demographics in 5-Mile Trade Area• Approximately 27,000 residents and 9,700 daytime employees support the trade area• $88,000 average household income
5 NATIONAL NET LEASE GROUP
PROPERTY OVERVIEW
Location
Parking
Access
Parcel
Traffic Counts
Year Built
Improvements
Zoning
Located inNorth Stonington, CTNew London County
There are approximately37 parking spaces
on the owned parcel. The parking ratio is
approximately 4.0 stalls per 1,000 SF of leasable area.
Clarks Falls Road 1 Access Point
Parcel Number:102 112-4527
Acres: 2.1 Square Feet: 91,650 SF
Clarks Falls Road 3,300 Cars Per Day
Interstate 95 31,900 Cars Per Day
2018
There is approximately 9,100 SF of existing building area
HC: Highway Commercial
6 NATIONAL NET LEASE GROUP
TRINITY LUTHERAN TRINITY LUTHERAN CHURCH-PRESCHOOLCHURCH-PRESCHOOL
STATE HIGHWAY 3
STATE HIGHWAY 3
STATE HIGHWAY 184
STATE HIGHWAY 184
INTERSTATE 95
INTERSTATE 95
INTERSTATE 95
INTERSTATE 95
HTP-MEDS
CLARKS FALLS RD./STATE HIGHWAY 216
CLARKS FALLS RD./STATE HIGHWAY 216
CARS PER DAY8,100
CARS PER DAY3,300
CARS PER DAY8,700
CARS PER DAY31,900
CONN
ECTI
CUT
CONN
ECTI
CUT
RHO
DE IS
LAND
RHO
DE IS
LAND
CONN
ECTI
CUT
CONN
ECTI
CUT
RHO
DE IS
LAND
RHO
DE IS
LAND
BETHEL2 mins 0.7 miles away
PYLON SIGNCLARKS FALLS RD.
CLARKS FALLS RD.
CARS PER DAY3,300
7 NATIONAL NET LEASE GROUP
8 NATIONAL NET LEASE GROUP
PROVIDENCE40 min 37 miles
WARWICK39 min 31 miles
STONINGTON14 min 10 miles
LOCATION MAP
2019 ESTIMATED POPULATION
3 Mile 5,914
5 Mile 27,055
10 Mile 74,095
2019 AVERAGE HOUSEHOLD INCOME
3 Mile $99,574
5 Mile $88,821
10 Mile $103,394
2019 ESTIMATED TOTAL EMPLOYEES
3 Mile 1,806
5 Mile 9,795
10 Mile 29,595
NORTH STONINGTON
9 NATIONAL NET LEASE GROUP
AREA DEMOGRAPHICS
3 MILE 5 MILES 10 MILES
2019 Estimated Population 5,914 27,055 74,095
2024 Projected Population 5,931 27,058 74,190
2019 Estimated Households 2,312 11,144 30,440
2024 Projected Households 2,324 11,169 30,537
2019 Estimated White 94.98% 93.03% 93.46%
2019 Estimated Black or African American 0.96% 1.29% 1.18%
2019 Estimated Asian or Pacific Islander 1.39% 2.44% 2.15%
2019 Estimated American Indian or Native Alaskan 0.93% 0.96% 1.01%
2019 Estimated Other Races 0.83% 1.18% 0.98%
2019 Estimated Hispanic 3.03% 4.17% 3.77%
2019 Estimated Average Household Income $99,574 $88,821 $103,394
2019 Estimated Median Household Income $83,682 $68,171 $79,194
2019 Estimated Per Capita Income $39,122 $36,810 $42,597
2019 Estimated Total Businesses 202 1,075 3,272
2019 Estimated Total Employees 1,806 9,795 29,595
BRAND PROFILE Dollar General dollargeneral.com
Dollar General Corporation has been delivering value to shoppers for 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 was founded in 1939 and is based in Goodlettsville, Tennessee.
COMPANY TYPE 2019 EMPLOYEES 2019 REVENUE
Public (NYSE: DG) 135,000 $25.63 B2019 NET INCOME 2019 ASSETS 2019 EQUITY CREDIT RATING
$1.59 B $13.20 B $6.42 B S&P: BBB
10 NATIONAL NET LEASE GROUP
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
