Address: 176 West State Street, Granby, Massachusetts, United States 01033
Type: Net Leased Dollar Store
Cap Rate: 6.30%
Lease Type: Triple-Net (NNN)
Annual Rent: $127,744
Net Operating Income: $127,744
Lease Term Remaining: 15 Years
Rental Increases: 10% Each Option Period
Options: Four (4), Five (5)-Year
Year Built: 2020
Rentable Sq/Ft: 7,418 SF
Rent Sq/Ft: $17.22
Price Sq/Ft: $273
Lot Size: +/- 3.62
Marcus & Millichap is pleased to present the exclusive listing for the Dollar General located at 176 West State Street, Granby, MA. The property consists of 7,418 square feet of building space and is situated on roughly 3.62 approximately acres of land.The Dollar General is set to open by the end of Q1 2020 with a rent commencement no later than March 20th, 2020. The property will be subject to a brand new 15-year absolute triple-net (NNN) lease with an initial annual rent of $127,744 that is scheduled to increase by 10% in each of the four, five-year renewal options.Founded in Goodlettsville, Tennessee, Dollar General Corporation has been delivering value to shoppers for over 75 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, clothing for the family, housewares and seasonal items at low everyday prices in convenient neighborhood locations. With over 16,000 stores in 44 states and over $27 billion in annual revenue, Dollar General is among the largest discount retailer.
The subject Dollar General is located at 176 West State Street in Granby, MA. This Dollar General is well-positioned in a suburban throughway consisting of many national and local tenants, schools, government offices, and local attractions. National and local tenants in the area include Dunkin’ Donuts, CVS Pharmacy, Subway, Cumberland Farms, U.S. Postal Service, Florence Bank, and more. Hospitality accommodations within immediate proximity to this property include The Stony Brook Lodge, Granby Motel, and Green Meadow Bed and Breakfast. The subject investment property is located within a one-mile radius of many of Granby’s government and recreational buildings, including: Granby Public Library, Granby Police Station, Granby Building Inspector Department, the Granby Tax Collectors Office, and more.
The subject investment property is located less than seven miles from The Westover Air Reserve Base. Westover Air Reserve Base has been in operation since 1940 and served as a bomber training base and port of embarkation/debarkation during World War II. Westover is the nation’s largest Air Force Reserve base and is home to more than 5,500 military and civilian workers. Furthermore, this area is known as the Five College Consortium, which consists of University of Massachusetts Amherst, Amherst College, Hampshire College, Smith College, and Mount Holyoke College. Combined, these five college have a student body of more than 38,000 students.
Granby is also part of the Springfield Metropolitan Area. Located along the Connecticut River, Springfield is the economic center of Western Massachusetts. It features the Pioneer Valley’s largest concentration of retail, manufacturing, entertainment, banking, legal, and medical groups. With 25 universities and colleges within a fifteen-mile radius from Springfield, including several of America’s most prestigious universities and liberal arts colleges, and more than six institutions within the city itself, the Hartford-Springfield metropolitan area has been dubbed the Knowledge Corridor by regional educators, civic authorities, and businessmen. Springfield is also a city of innovation and vibrancy. MGM Grand built a $950 million casino and entertainment destination, CRRC Rail Corporation built a $566 million North American hub, and there is a $94 million Union Station multi-modal transportation center, which are some of the many reasons why MSNBC counts Springfield among the top ten U.S. cities where business opportunities are rising.
Broker of Record: John Horowitz License #1000303