Property Details

• Description: A 9,014 square foot build-to-suit retail store for Dollar General.

• Site: ±1.21 acre corner site with approximately 165 feet of frontage on NC Hwy 41 and 270 feet of frontage on East Pine Street (second access point) in downtown Fairmont. This is a relocation on a successful in-line store that has been operating in Fairmont for many years.

• Lease: Fifteen (15) years net lease commencing November 1, 2009. Expiration October 31, 2024 at the following annual rental rates:

$70,900Years 1-10
$73,027 Years 11-15 (Option 1)
$80,330 Years 16-20 (Option 2)
$88,363Years 21-25 (Option 3)
$97,200Years 26-30 (Option 4)
$10,6920 Years 31-35 (Option 5)

Tenant responsible for taxes and insurance (full pass-throughs) and interior maintenance (to include glass). Landlord responsible for roof/structure, parking lot (unless damage caused by tenant). Landlord is reimbursed $300 per month for exterior maintenance (primarily landscaping and sweeping parking lot) in year one. Reimbursement is adjusted after year one according to actual costs incurred.

• Price: $860,000

 

 

Dollar General Store
701 N Walnut (NC Hwy 41)
Fairmont NC

• Build-to-suit for Dollar General in November 2009 occupancy. Fifteen (15) year net lease with five 5-year options (each with 10% increases).

• Dollar General was founded in 1955. The company currently operates over 8,200 corporate stores in 32 states, primarily in the Southern, Eastern and Midwestern United States. They have also expended into the Southwestern US. Sales for the last twelve months were in excess of $10 Billion.

On March 12, 2007 Kohlberg Kravis Roberts (KKR), a large NYC-based private-equity firm, offered to purchase Dollar General for approximately $7.3 Billion. The Dollar General board unanimously approved the deal and recommended that shareholders vote for it. shareholders approved the transaction in May and the sale closed on July 6, 2007. Dollar General has performed extremely well in the current econmic downturn. Same store sales have been increasing at double digit rates for the last few quarters. Current S&P credit rating is "B" with a Positive outlook.

• Pre-engineered metal building with decorative split-face block and glass storefront.

• Improvements measure 9,014 square feet. On-site parking for 35 automobiles.

• Excellent 1031 exchange or investment opportunity.

For more information contact:
Anne Wilkins Brooks
Southern Visions Realty, Inc.
955 Old Cherokee Road,
Lexington SC 29072
803.359.9571
"Serving Lexington & Lake Murray, SC"
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