S 78TH STREET, TAMPA, FL 33619€¦ · 30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334 248.254.3410 S 78TH STREET, TAMPA, FL 33619 5 MILE CONSUMER SPENDING AT $1.257

30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

S 78TH STREET, TAMPA, FL 33619

5 MILE CONSUMER SPENDING AT $1.257 BILLION

D O L L A R G E N E R A L I N H U G E G R O W T H A R E A

BRYAN BENDERMANAGING DIRECTOR

D: [email protected]

BENJAMIN SCHULTZSENIOR DIRECTOR


REPRESENTATIVE STORE

http://fortisnetlease.com/


BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM DISCLAIMER // 2

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, financialperformance 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 theany materials or information provided, derived, or received. Materials and information from any source, whether written or verbal, that may be furnished for revieware 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 notinvestigate 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 investigationsincluding 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 independentprofessionals. FNL makes no warranties and/or representations regarding the veracity, completeness, or relevance of any financial data or assumptions. FNL doesnot serve as a financial advisor to any party regarding any proposed transaction. All data and assumptions regarding financial performance, including that used forfinancial 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 donot necessarily mean that rents can be established at or increased to that level. Parties must evaluate any applicable contractual and governmental limitations aswell 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 taxattorney. Title questions should be discussed by the party with a title officer or attorney. Questions regarding the condition of the property and whether theproperty complies with applicable governmental requirements should be discussed by the party with appropriate engineers, architects, contractors, otherconsultants and governmental agencies. All properties and services are marketed by FNL in compliance with all applicable fair housing and equal opportunity laws.

BRYAN BENDER BENJAMIN SCHULTZMANAGING DIRECTOR SENIOR DIRECTORD: 248.419.3810 D: [email protected] [email protected]

MICHAEL HOUGHTONOAK REALTY ADVISORS

1643 WILLIAMSBURG SQUARELAKELAND , FL 33803

863.226.1301

EXCLUSIVELY L ISTED BY: STATE BROKER OF RECORD:

S 78TH STREET, TAMPA, FL 33619DOLLAR GENERAL

mailto:[email protected]



https://buildout.com/website/Dollar-General-Tampa-FL-For-Sale?tab=map

BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM INVESTMENT OFFERING // 3

INVESTMENT SUMMARY

List Price: $2,388,218

Current NOI: $131,352.00

Initial Cap Rate: 5.5%

Land Acreage: +/- 1.025

Year Built 2020

Building Size: 7,849 SF

Price PSF: $304.27

Lease Type: Absolute NNN

Lease Term: 15 Years

Average CAP Rate: 5.5%

INVESTMENT OFFERINGFortis Net Lease is pleased to present this brand new construction, 7,849 SF. metrostyle Dollar General store located in Tampa, Florida. The property is encumbered with aFifteen (15) Year Absolute NNN Lease, leaving zero landlord responsibilities. The leasecontains 4 (5) Yr. Options to renew, each with a 10% rental rate increase. The lease iscorporately guaranteed by Dollar General Corporation which holds a credit rating of“BBB”, which is classified as Investment Grade. The store is currently underconstruction with rent commencing in July 2020.

This Dollar General is highly visible as it is strategically positioned on S. 78th Streetwhich sees 3,600 cars per day. The five mile population from the site is 59,116 while theone mile average household income $53,955 per year, making this location ideal for aDollar General. This area is experiencing great growth with the three mile populationgrowth rate at 10.55%. The Subject offering represents an ideal opportunity for a 1031exchange buyer or a “passive” investor to attain the fee simple ownership of DollarGeneral. This investment will offer a new owner continued success due to the financialstrength and the proven profitability of the tenant, the nation’s top dollar store. Listprice reflects a 5.50% cap rate based on NOI of $131,352.

PRICE $2,388,218

CAP RATE 5.5%

LEASE TYPE Absolute NNN

TERM REMAINING 15 Years

INVESTMENT HIGHLIGHTS• 15 Year Absolute NNN Lease | Zero Landlord Responsibilities

• Brand New Metro Style Construction

• 4 (5 Year) Options | 10% Increases At Each Option

• One Mile Household Income $53,955

• Five Mile Population 59,116 | Expected 10.31% Growth

• Three Mile Population Growth Rate at 10.55%

• 3,600 Cars Per Day on S. 78th Street

• $1.257 Billion in 5 Mile Consumer Spending

• Investment Grade Dollar Store with "BBB" Credit Rating

• DG Reported 31 Consecutive Quarter of Same Store Sales Growth






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM PROPERTY & LEASE // 4

LEASE SUMMARYTenant: Dollar General

Lease Type: Absolute NNN

Primary Lease Term: 15 Years

Annual Rent: $131,352.00

Rent PSF: $16.73

Landlord Responsibilities: None

Taxes, Insurance & CAM: Tenant

Roof, Structure & Parking: Tenant

Lease Start Date: 7/1/2020

Lease Expiration Date: 6/30/2035

Lease Term Remaining: 15 Years

Rent Bumps: 10% at Each Option

Renewal Options: Four (5 Year)

Lease Guarantor: Dollar General Corporation

Lease Guarantor Strength: BBB

Tenant Website: www.DollarGeneral.com

GROSS SALES:

$26.48 BIL

STORE COUNT:

15,000+

GUARANTOR:

DG CORP

S&P:

BBB

Year Built: 2020

Lot Size: +/- 1.025 Acres

Building Size: 7,849 SF

Traffic Count: 3,600

Roof Type: Standing Seam

Zoning: Commercial

Construction Style: Metro

Parking Lot: Asphalt

Warranties Construction

HVAC Roof Mounted

INCOME PER SF

Rent $131,352.00 $16.73

Gross Income $131,352.00 $16.73

EXPENSE PER SF

Expenses $0 $0.00

Gross Expenses $0 $0.00

NET OPERATING INCOME $131,352.00 $16.73

FINANCIAL SUMMARY

PROPERTY SUMMARY






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM RENT ROLL // 5

TENANTNAME

UNITSIZE (SF)

LEASESTART

LEASEEND

ANNUALRENT

% OFGLA

RENTPER SF/YR

Dollar General 7,849 7/1/2020 6/30/2035Option 1Option 2Option 3Option 4

$131,352$144,487$158,936$174,829$192,312

100.0 $16.73$18.41$20.25$22.27$24.50

Totals/Averages 7,849 $131,352.00 $16.73

TOTAL SF7,849

TOTAL ANNUAL RENT$131,352

OCCUPANCY RATE100%

AVERAGE RENT/SF$16.73

NUMBER OF TENANTS1






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM TENANT PROFILE - Q2 2019 DG // 6






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM ELEVATIONS // 7






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM ELEVATIONS // 8






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM CONSTRUCTION STATUS PHOTOS // 9

Construction Status as of 2/12/2020

Construction Status as of 2/12/2020 Construction Status as of 2/12/2020






BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM SITE PLAN // 10







BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM LOCATION MAPS // 11





BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM AERIAL MAP // 12






























BRYAN BENDER | 248 .4 19 .3810 | BBENDER@FORT ISNETLEASE .COM // BENJAMIN SCHULTZ | 248 .254 .3409 | BSCHULTZ@FORT ISNETLEASE .COM AREA & DEMOGRAPHICS // 17

POPULATION 1 MILE 3 MILES 5 MILES

Total Population 2019 6,398 59,116 148,860

Total Population 2024 7,090 65,354 164,212

Population Growth Rate 10.82% 10.55% 10.31%

Average Age 35.6 35.2 35.6

# Of Persons Per HH 2.9 2.6 2.5

HOUSEHOLDS & INCOME 1 MILE 3 MILES 5 MILES

Total Households 2,171 22,872 57,213

Average HH Income $53,955 $69,319 $65,806

Median House Value $112,288 $161,592 $164,184

Consumer Spending (Thousands) $45,118 $517,056 $1,257,071

The population of Tampa is approximately 392,800 making it the 3rd largest city inFlorida and the 53rd largest city in the United States. Tampa is part of the metropolitanarea most commonly referred to as the "Tampa Bay Area" which has an approximatepopulation of 3 .1 million. It is located on the west coast of Florida with an averageannual temperature of 73.1 degrees. Tampa's economy is founded on a diverse base thatincludes tourism, agriculture, construction, finance, health care, government,technology, and the Port of Tampa which is the largest port in the State of Florida.

The largest university in Tampa is the University of South Florida with an enrollment of31,389 students in Tampa and 37,333 students system-wide. Hillsborough CommunityCollege has an enrollment of 47,000 students per year in several locations withinHillsborough County.

The Tampa Bay Area has several professional sports teams including the Tampa BayBuccaneers football team (2002 Super Bowl Champions), the Tampa Bay Lightninghockey team (2004 Stanly Cup), and the Tampa Bay Rays (2008 American Leaguepennant).

MacDill Air Force Base, located in south Tampa, has approximately 19,000 employeesand hosts two major unified commands: the U.S. Central Command and the U.S. SpecialOperations Command.

Tampa has been the host city for several large events. It has hosted the Super Bowlfour times, the last time was 2009, and will be hosting again in February of 2021. Tampawas the site of the 2012 Republican National Convention and the International IndianFilm Academy (IIFA) Awards in 2014.






BRYAN BENDERMANAGING DIRECTOR


BENJAMIN SCHULTZSENIOR DIRECTOR


30445 Northwestern Highway, Suite 275Farmington Hills, MI 48334248.254.3410

fortisnetlease.com

EXCLUSIVELY L ISTED BY:

TOTAL SALES VOLUME PROPERTIES SOLD BROKER & BUYER REACH STATES SOLD IN

$6B 3,000+ 345K 43

Click to Meet Team Fortis


https://fortisnetlease.com/

https://fortisnetlease.com/our-agents/

Documents

S 78TH STREET, TAMPA, FL 33619€¦ · 30445 Northwestern Highway, Suite 275 Farmington Hills, MI 48334 248.254.3410 S 78TH STREET, TAMPA, FL 33619 5 MILE CONSUMER SPENDING AT $1.257