BRAND NEW DOLLAR GENERAL - ONLY DOLLAR STORE SERVING THE COMMUNITY - LoopNet
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ONLY DOLLAR STORE SERVING THE COMMUNITY
BRAND NEW DOLLAR GENERAL
REPRESENTATIVE STORE US HIGHWAY 41, TRENARY, MI 49891
30445 Northwestern Highway, Suite 275
BRYAN BENDER BENJAMIN SCHULTZ
Farmington Hills, MI 48334
MANAGING DIRECTOR SENIOR DIRECTOR
248.254.3410 D: 248.419.3810 D: 248.254.3409
fortisnetlease.com BBENDER@FORTISNETLEASE.COM BSCHULTZ@FORTISNETLEASE.COM
DOLLAR GENERAL US HIGHWAY 41, TRENARY, MI 49891 DISCLOSURE : All materials and information received or derived from Fortis Net Lease (hereinafter collectively referred to as “FNL”), its directors, officers, agents, advisors, affiliates and/or any third party sources are provided without representation or warranty by FNL its directors, officers, agents, advisors, or affiliates as to com- pleteness, veracity, or accuracy, condition of the property, compliance or lack of compliance with applicable governmental requirements, suitability, financial performance of the property, projected financial performance of the property for any party’s intended use or any and all other matters. Neither FNL its directors, officers, agents, advisors, or affiliates makes any representation or warranty, express or implied, as to accuracy or completeness of the any materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for review are not a substitute for a party’s active conduct of its own due diligence to determine these and other matters of significance to such party. FNL will not investigate or verify any such matters or conduct due diligence for a party unless otherwise agreed in writing. ALL PARTIES SHALL CONDUCT THEIR OWN INDEPENDENT INVESTIGATION AND DUE DILIGENCE: Any party contemplating or under contract or in escrow for a transaction is urged to verify all information and to conduct their own inspections and investigations including through appropriate third party independent professionals selected by such party. All financial data should be verified by the party including by obtaining and reading applicable documents and reports and consulting appropriate independent professionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL does not serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used for financial modeling purposes, may differ from actual data or performance. Any estimates of market rents and/or projected rents that may be provided to a party do not necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations as well as market conditions, vacancy factors and other issues in order to determine rents from or for the property. Legal questions should be discussed by the party with an attorney. Tax questions should be discussed by the party with a certified public accountant or tax attorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether the property complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, other consultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws. E XC L U S I V E LY L I S T E D B Y: BRYAN BENDER BENJAMIN SCHULTZ MANAGING DIRECTOR SENIOR DIRECTOR D: 248.419.3810 D: 248.254.3409 BBENDER@FORTISNETLEASE.COM BSCHULTZ@FORTISNETLEASE.COM BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM DISCLAIMER // 2
DOLLAR GENERAL
US HIGHWAY 41, TRENARY, MI 49891
INVESTMENT SUMMARY
PRICE $1,437,433
List Price: $1,437,433
Current NOI: $91,995.72
Initial Cap Rate: 6.4% CAP RATE 6.4%
Land Acreage: +/- 3.5
Year Built 2020
LEASE TYPE Absolute NNN
Building Size: 9,100 SF
Price PSF: $157.96
Lease Type: Absolute NNN TERM REMAINING 15 Years
Lease Term: 15 Years
Average CAP Rate: 6.40%%
INVESTMENT OFFERING
Fortis Net Lease is pleased to present this 9,100 SF. Dollar General store located in INVESTMENT HIGHLIGHTS
Trenary, Michigan. The property offers a brand new 15 year Absolute NNN Lease, leaving
• Absolute NNN Lease | Zero Landlord Responsibilities
zero landlord responsibilities. The lease contains five (5) Yr. Options to renew, each with
a 10% rental rate increase. The lease is corporately guaranteed by Dollar General • Brand New Construction
Corporation which holds a credit rating of “BBB”, which is classified as Investment
Grade. The store is preparing to begin construction with rent scheduled to commence • Five (5 Year) Options | 10% Rental Increase At Each Option
around February of 2021. • Three Mile Household Income $62,748
This Dollar General is highly visible as it is strategically positioned on the corner of • Ten Mile Population 1,480
Peterson Road and US Highway 41 which sees 1,700 cars per day. The ten mile • 1,700 Cars Per Day on US Highway 41
population from the site is 1,480 while the three mile average household income is
$62,748 per year, making this location ideal for a Dollar General. The Subject offering • Investment Grade Dollar Store with "BBB" Credit Rating
represents an ideal opportunity for a 1031 exchange buyer or a “passive” investor to
• DG Reported 30 Consecutive Years of Same Store Sales Growth
attain the fee simple ownership of a Dollar General. This investment will offer a new
owner continued success due to the financial strength and the proven profitability of • No Competition Within 20 Miles
the tenant, the nation’s top dollar store. List price reflects a 6.40% cap rate based on
NOI of $91,995.72.
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM INVESTMENT OFFERING // 3
DOLLAR GENERAL
US HIGHWAY 41, TRENARY, MI 49891
FINANCIAL SUMMARY LEASE SUMMARY
INCOME PER SF Tenant: Dollar General
Rent $91,995.72 $10.11 Lease Type: Absolute NNN
Gross Income $91,995.72 $10.11 Primary Lease Term: 15 Years
Annual Rent: $91,995.72
EXPENSE PER SF
Rent PSF: $10.11
Expenses $0 $0.00
Gross Expenses $0 $0.00 Landlord Responsibilities: None
Taxes, Insurance & CAM: Tenant
NET OPERATING INCOME $91,995.72 $10.11
Roof, Structure & Parking: Tenant
PROPERTY SUMMARY Lease Start Date: 2/1/2021
Year Built: 2020 Lease Expiration Date: 1/31/2036
Lot Size: +/- 3.5 Acres Lease Term Remaining: 15 Years
Building Size: 9,100 SF Rent Bumps: 10% at Each Option
Traffic Count: 1,700 Renewal Options: Five (5 Year)
Roof Type: Standing Seam Lease Guarantor: Dollar General Corporation
Zoning: Commercial Lease Guarantor Strength: BBB
Construction Style: Prototype Tenant Website: www.DollarGeneral.com
Parking Lot: Asphalt
Warranties Construction
HVAC Roof Mounted
GROSS SALES: STORE COUNT: GUARANTOR: S&P:
$27.8 BILLION 16,500+ DG CORP BBB
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM PROPERTY & LEASE // 4
DOLLAR GENERAL
US HIGHWAY 41, TRENARY, MI 49891
TENANT UNIT LEASE LEASE ANNUAL % OF RENT
NAME SIZE (SF) START END RENT GLA PER SF/YR
Dollar General 9,100 2/1/2021 1/31/2036 $91,995.72 100.0 $10.11
Option 1 $101,195.29 $11.12
Option 2 $111,314.82 $12.23
Option 3 $122,446.30 $13.46
Option 4 $134,690.93 $14.80
Option 5 $148,160.03 $16.28
Totals/Averages 9,100 $91,995.72 $ 10.11
TOTAL SF TOTAL ANNUAL RENT OCCUPANCY RATE AVERAGE RENT/SF NUMBER OF TENANTS
9,100 $91,995.72 100.0% $10.11 1
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM RENT ROLL // 5
DOLLAR GENERAL US HIGHWAY 41, TRENARY, MI 49891 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM DG TENANT PROFILE 2020 Q1 // 6
DOLLAR GENERAL US HIGHWAY 41, TRENARY, MI 49891 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM SITE PLAN // 7
DOLLAR GENERAL US HIGHWAY 41, TRENARY, MI 49891 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM LOCATION MAPS // 8
DOLLAR GENERAL US HIGHWAY 41, TRENARY, MI 49891 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AERIAL MAP // 9
DOLLAR GENERAL US HIGHWAY 41, TRENARY, MI 49891 BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AERIAL MAP // 10
DOLLAR GENERAL
US HIGHWAY 41, TRENARY, MI 49891
POPULATION 3 MILES 5 MILES 10 MILES
Total Population 2020 358 745 1,480
Median Age 47.5 47.7 49.1
# Of Persons Per HH 2.3 2.3 2.3
HOUSEHOLDS & INCOME 3 MILES 5 MILES 10 MILES
Total Households 130 274 586
Average HH Income $62,748 $61,951 $63,519
Median House Value $147,368 $147,435 $144,834
Consumer Spending $3.1M $6.4M $13.9M
Trenary is located in the Upper Peninsula of Michigan and about 25 miles south
of Munising. It was named after Levi Trenary, who came from Indiana in 1886
and settled in the U.P., opening a lumber business. He was also a blacksmith,
funeral officiator, and Sunday School teacher. It is an unincorporated community
with the town's name being familiar to many in the Upper Midwest, especially in
the Upper Peninsula of Michigan. A food product from Trenary is "Trenary Toast",
a style of Finnish rusk bread, based on the original korppu. The original bakery
still stands in town today (pictured above).
Trenary was a railway stop along the Minneapolis, St. Paul & Sault Ste. Marie
Railroad; it got it’s own post office in 1903, with Alanson Clark as first
postmaster. Levi Trenary was also a postmaster.
Just outside the Hiawatha National Forest, Trenary averages 120 inches of
snowfall per year, an outdoor, winter, lovers paradise. Winter hikes and
snowshoeing in Pictured Rocks National Lakeshore, should be on everyone's
bucket list.
BRYAN BENDER | 248.419.3810 | BBENDER@FORTISNETLEASE.COM // BENJAMIN SCHULTZ | 248.254.3409 | BSCHULTZ@FORTISNETLEASE.COM AREA & DEMOGRAPHICS // 11TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN
$6B 3,000+ 345K 43
Click to Meet Team Fortis
30445 Northwestern Highway, Suite 275 E XC L U S I V E LY L I S T E D B Y:
Farmington Hills, MI 48334 BRYAN BENDER BENJAMIN SCHULTZ
248.254.3410 MANAGING DIRECTOR SENIOR DIRECTOR
D: 248.419.3810 D: 248.254.3409
fortisnetlease.com
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