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DOLLAR GENERAL, Allentown, PA

DOLLAR GENERAL

Price $1,854,000
Cap Rate
NOI
Lease Term 15 Years
Lease Type Absolute NNN, With Tenant Responsible For All Taxes, Insurance, And Maintenance, Including Roof, Structure And Parking Lot
Rental Increases 10% Rental Increases In Option Periods
Year Built 2020
Building Size 7,489 SF
Lot Size 1.27 Acres (55,321 SF)
Status Sold
Lead Broker Information Michael T. Yuras, CCIM
Cushman & Wakefield
415.481.0788
michael.yuras@cushwake.com
CA RE License #01823291

Scott Crowle
Senior Director
415.604.4288
scott.crowle@cushwake.com
CA RE License #01318288

Vincent Aicale
Cushman & Wakefield
415.690.5522
vince.aicale@cushwake.com
CA RE License #01728696

Ryan Forsyth
Cushman & Wakefield
415.413.3005
ryan.forsyth@cushwake.com
CA RE License #01716551

Investment Highlights

NEW 15-YEAR NNN LEASE WITH CORPORATE GUARANTY
» Guaranteed by Dollar General Corporation (NYSE: “DG”)
» No landlord management with tenant responsible for taxes, insurance, and all maintenance, including roof, structure, and parking lot
» Ideal investment opportunity for an out-of-area investor

MAJOR NATIONAL TENANT WITH STRONG FINANCIALS
» Dollar General Corporation is rated “BBB” by Standard & Poor’s and “Baa2” by Moody’s
» Dollar General’s yearly revenues exceed $27.8 billion
» Dollar General operates more than 16,350 locations in 45 states and has plans for significant future growth

IRREPLACEABLE INFILL LOCATION WITH LARGE CUSTOMER BASE
» 227,815 residents live within five miles of the property, providing a large customer base for the site
» Located on Walbert Avenue (10,577 AADT), with immediate access to U.S. Highway 22/Lehigh Valley Thruway, a primary east-west thoroughfare traversing Allentown (77,728 AADT)
» Beneficial proximity to highly trafficked Pennsylvania thoroughfares, including Interstate 78 (92,896 AADT)

CENTRAL LOCATION NEAR LARGE EMPLOYERS, RETAILERS, AND COMMUNITY HUBS
» Located within five miles of 11 major shopping centers with a combined 438 stores and 4.8 million SF of retail space
» Beneficial proximity to several highly attended schools and universities, like Lehigh University (7,119 students) and Muhlenberg College (2,225 students)
» Near Lehigh Valley Hospital – Cedar Crest (1,189 beds, 3,529 employees)
» 10-minute drive from Lehigh Valley International Airport (approximately 800,000 annual travelers)

NEW 2020 CONSTRUCTION
» High-quality construction completed in 2020
» Built to Dollar General’s exact specifications, demonstrating long-term commitment to the location
» New building, limiting near-term deferred maintenance or capital costs


Property Description

SOLD

The property has an irreplaceable infill location along Walbert Avenue, with excellent visibility and access to 10,577 vehicles per day. The location maintains immediate access to U.S. Highway 22/ Lehigh Valley Thruway (77,728 AADT) and has a beneficial proximity to Interstate 78 (92,896 AADT). The site also benefits from its central location in a highly populated area, with 227,815 residents living within a five-mile radius of the location. The property is primed to grow along with the surrounding area, with a projected 15 percent average annual household income increase within five miles of the site in the next five years.

The property is located within five miles of 11 major shopping centers with a combined 438 stores and 4.8 million SF of retail space, attracting impactful amounts of shoppers to the area. Traffic to the site is also increased by its proximity to several highly attended schools and universities, including Lehigh University (7,119 students) and Muhlenberg College (2,225 students). The location is primed
to serve a large tourist customer base, as the property is centrally located between multiple popular tourist attractions including Lehigh Valley Zoo, Da Vinci Science Center, and Dorney Park & Wildwater Kingdom (1.5 million annual visitors). The site also experiences increased traffic from its location five miles from Lehigh Valley Hospital – Cedar Crest (1,189 beds, 3,529 employees) and its nearby access to Lehigh Valley International Airport (approximately 800,000 annual travelers).

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