Quality investment opportunity: This long-term, corporate-guaranteed Absolute NNN lease features no landlord responsibilities and multiple options to renew with structured 10 percent increases. The Property has high visibility and full ingress/egress along the main retail corridor within the town of Wells, Maine.
Major architectural upgrades: The town of Wells has an in-place retail development moratorium which means this construction has substantial architectural upgrades that include clapboard siding, masonry knee-wall, a peaked roof and windows. This is a high barrier-to-entry market with strict construction codes, rigorous design requirements and a difficult permitting process.
Investment grade tenant: Dollar General is the only dollar store with investment grade credit (S&P: BBB) and is an attractive tenant given its lower price point, strong sales record and solid expansion strategy in a growing market segment. Dollar General currently operates more than 14,000 stores in 44 states, and has plans to complete approximately 2,000 real estate projects by February 2019 (including the opening of 900 new store locations).
Strategic store locations: The Property sits directly off Post Road (9,950 ADT) and is close to the Maine Turnpike. Traffic generators to the site include a UPS Customer Center and a collection of schools. Nearby national and regional retailers include Wells IGA, Dairy Queen, People’s United Bank and Cumberland Farms. There are no dollar store competitors within the immediate area, the closest being more than 10 miles away. This strategic store placement makes this Dollar General property the only national retailer of its kind to serve the community.