Marcus & Millichap is pleased to present the exclusive net lease offering for a Dollar General located at 24 Main Avenue in Hawley, Pennsylvania. The property consists of 12,965 square feet of building space and is situated on a 2.79-acre parcel.
This investment is subject to an original 10-year double-net (NN) lease that was recently extended for five years and has approximately 9.5 years remaining. This is a corporate location and is guaranteed by Dollar General corporate (NYSE: DG), which has an investment grade credit rating (S&P BBB, Stable). The base rent is $108,250 and is subject to 10 percent rental escalations in each tenant renewal option. Tenant shall be entitled to extend the term of the lease for three successive periods of five years each.
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 17,000 stores in 46 states Dollar General is among the largest discount retailer.
- Landlord Responsibilities:
• Roof and Structure – maintenance, repair and replacement including, but not limited to, the exterior walls (including all patching and painting), foundations, roof, gutters, downspouts, exterior and all structural portions, and plumbing, electrical, gas, sprinkler and sewage systems located below or within the floor slab of the Premises, inside the walls, above the ceiling or not exclusively serving the Premises. * Tenant shall be responsible for the maintenance and repair of any fire sprinkler system that exclusively serves the Premises.
• HVAC Repairs – in the event of a replacement of the HVAC is necessary during the term of this Lease, the replacement cost will be amortized over 120 months and the Tenant shall be responsible for an amount equal to (i) the number of months remaining in the Term divided by 120, multiplied by (ii) the cost of the replacement of the HVAC. In the event Tenant later exercises Tenant’s option to extend the Lease Term, Tenant shall, upon Landlord’s request, reimburse Landlord for the difference between Tenant’s payment at the time of reimbursement and the amount Tenant would have paid had the remaining Term included the exercised Option Period.
About the Investment:
- Tenant Recently Extended the Term of the Lease for Five Years Demonstrating their Commitment to the Location | 9.5+ Years Remaining
- Double-Net (NN) Lease; Strategic Investment Offering a Long-Term Security of Cash Flow
- 10% Rental Increases In Each Option Period
- Two (2), Five (5)-Year Options & One (1), Four (4)-Year and 11-Month Option Extending the Potential Lease Term to 30 Years
- Corporate Location | Corporate Guaranty
About the Location:
- Limited Competition: The Nearest Dollar General is Located Approximately 6.5 Miles Away
- Freestanding Property | Benefits from Excellent Frontage & Ease of Access
- Strong Educational Presence | Wallenpaupack Area School District | Total Enrollment Exceeding 3,000 Students | Located Within 2.5 Miles of Subject Property
- Moses Taylor Hospital and Geisinger Community Medical Center | General and Medical Facilities | Combined Total: 520 Beds | Located Within a 30-Mile Radius
- Wilkes Barre Scranton International Airport | Annual Passenger Arrival: 250,000 |Fifth-Largest Airport In Pennsylvania | Located 38 Miles From Subject Property
About the Tenant/Brand:
- Well-Suited against Covid-19 with Grocery-Related Products and Low Price-Points in Recessionary Times
- Lease Guaranteed by Dollar General Corporate (NYSE: DG) | 17,000+ Locations in 46 States
- Only Dollar Store With Investment Grade Credit (S&P:BBB)
- 29 Consecutive Years of Same-Store Sales Growth
- Dollar General has Opened ~1,000 Stores in Each of the Last Three Years