Family Dollar - Greensboro

Asset Type

Retail

Address
601 Martin Luther King Jr Dr Greensboro, NC United States 27406-1625
Asking Price

S$2,184,000

Sq Footage

9,180

Year Built

2016

Cap Rate

6.38%

Additional Attributes
Current / Passing Rent S$139,300
Escalations 10% increase in year 10
Guarantor Family Dollar Store, Incorporated
Lease Commencement 2016-01-01
Lease Type NNN
Moody's Credit Rating Baa3
Options 6, 5-year options
S & P Credit Rating BBB-
Tenant Family Dollar Store, Incorporated

Property Description

Family Dollar, a freestanding, single-tenant property for sale, located in Greensboro, North Carolina. The fee-simple interest Property sits proximate to the Greensboro CBD, just 0.5 miles away in a residential neighborhood to the southeast. This provides significant residual value in the real estate, as the Property sits on a large 1.28-acre parcel on a hard corner along Martin Luther King Junior Drive. With 31,000 vehicles passing daily, the Property benefits from strong visibility from passing vehicles as well as a dense residential population in the immediate area. Daytime population in the area is over 143,000 residents, with over 82,000 within a 3-mile radius. It is in close proximity to Bennet College, so the area benefits from a large student population as well. This offering presents an outstanding opportunity to acquire a long term, completely passive investment with an investment grade guarantor and strong residual value in the underlying real estate.

Investment Highlights

  • Fee simple interest
  • Property includes an absolute NNN lease structure with over 11 years of primary term remaining
  • Six 5-year options for renewal with 10% rental increases on the primary term and each option
  • Completely passive investment opportunity
  • Population of Greensboro is anticipated to grow by 1.18% annually over the next 5 years, outpacing the national average by 40%
Listing Contacts
Jordan Uttal
Jordan Uttal
VP, Capital Markets
+65 3159 4021
CA - 1856260
Michael Longmore
Michael Longmore
JLL Capital Markets, Retail
+65 3159 4021
NC - 159332
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