Address: 769 Central Avenue, Florence, Wisconsin, United States 54121
Type: Discount Store
Cap Rate: 6.75%
Lease Type: Triple-Net (NNN)
Annual Rent: $83,240
Net Operating Income: $83,240
Lease Term Remaining: 15 Years
Rental Increases: 10 Percent Every Five Years
Options: Six, Five- Year Options
Year Built: 2015
Rentable Sq/Ft: 8,400 SF
Rent Sq/Ft: $9.91
Price Sq/Ft: $147
Lot Size: 1.09 Acres
Marcus & Millichap is pleased to present the exclusive listing for a Family Dollar located at 769 Central Avenue in Florence, Wisconsin. The property consists of 8,400 square feet of building space and sits on 1.09 acres of land. This Family Dollar is currently being constructed built-to-suit and will be completed in Summer 2015.
The property is subject to a new 15-Year Triple Net (NNN) lease. The base rent is $83,240 with ten percent rental increases every five years starting year eleven. The increases will continue through the six, five-year tenant renewal options. The tenant is Family Dollar Stores of Ohio, Incorporated and the lease has a Family Dollar Corporate guarantee.
Family Dollar is one of the fastest growing discount store chains in the United States. Their merchandising strategy is what drives their growth and provides customers with attractive values on basic goods for the family and home in a small-box, neighborhood format. The Company has been a publicly held corporation since 1970 and its Common Stock is listed on the New York Stock Exchange under the ticker symbol FDO.
The subject property is a Family Dollar located at 769 Central Avenue in Florence, Wisconsin. Florence is located in the North Eastern most corner of Wisconsin, bordering Michigan. Florence is surrounded by many natural resources including the Ottawa, Nicolet and Hiawatha National Forests’. Florence is also South of Lake Superior and West of Lake Michigan.
Florence is home to a mixture of local and nationally recognized retailers. Located in the highest traffic area of the town, this property can benefit from neighboring properties occupied by IGA Grocery, Subway, First Niagara Bank, BP and Car Quest among others. This property benefits from the lack of direct competition in the area and consumers in the Florence area will shop at this Family Dollar for their everyday needs.
To the South of Florence, Green Bay Wisconsin is the third largest City in the state with a population of 105,000. Located along Lake Michigan and home to the Green Bay Packers, Green Bay is known for having the largest and most loyal fan base in the NFL.
North of Florence, Northern Minnesota University is located in Marquette, Minnesota and has nearly 10,000 students enrolled. Founded in 1675, Marquette has recently been named a top place to retire in the United States by CBS Money Watch.
To the West of Florence, Minneapolis, Minnesota is the second largest city in the Midwest, falling behind Chicago. Minneapolis is home to Minneapolis-Saint Paul International Airport, serving over 23 airline carriers. Among other attractions in Minneapolis are three major league sports teams including the Timberwolves
(NBA), Vikings (NFL) and Twins (MLB).
Broker of Record: Todd Lindblom – License # 56163