Dollar General | Alba, TX
Dollar General | Alba, TX 259 W Greenville Street Alba, TX 75410
$1,126,775 – 7% CAP ■
12 Years Remaining, NN Lease
■
Dollar General Corporate Guarantee
■
3% Increase in Primary Term
■
Located on Highway 69
Branson Blackburn Director [email protected] 817.768.6377 0611825
Ken Wimberly, CCIM Managing Director [email protected] 817.635.1013 0503180
Noble Crest Property Group Phone: (817) 200-7620 ●Fax: (817) 962-2638 ●2525 Ridgmar Blvd., Suite 240 ●Fort Worth, TX 76116 ●www.ncpgtexas.com
REAL ESTATE INVESTMENT
ANALYSIS Analysis Date
November 2013
PROPERTY Property Property Address Year Built
Dollar General | Alba, TX 259 W Greenville Street Alba, TX 75410 2010
PURCHASE INFORMATION Property Type Purchase Price Tenants Total Rentable Sq. Ft.
FINANCIAL INFORMATION Commercial $1,126,775 1 9,014
All Cash
LOANS Debt
Term
Amortization
Rate
Payment
LO Costs
All Cash
INCOME & EXPENSES Gross Operating Income Monthly GOI Total Annual Expenses
CONTACT INFORMATION $78,873 $6,573 $0
Branson Blackburn 817.768.6377 [email protected] 0611825 Ken Wimberly, CCIM 817.635.1013 [email protected] 0503180
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
29 W Greenville Street Alba, TX 75410
KW Commercial | Noble Crest Property Group is pleased to present a single tenant NN leased Dollar General in Conroe, TX. The property consists of a 9,014 square foot structure on 1.49 acres located on E Davis Street/Highway 105. The property is currently NN leased with a corporate guarantee from Dollar General. There are currently 12 years remaining on a 15 year lease. The lease provides for a rent increase of 3% on 10/01/2020.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
PROPERTY DESCRIPTION
29 W Greenville Street Alba, TX 75410
PROPERTY DESCRIPTION
About Alba, Texas Alba, Texas is a great little quiet
Population Summary
1 mile
3 miles
5 miles
country town, located just 80
2010 Total Population
657
1,851
3,858
miles east of the Dallas/Fort
2013 Total Population
689
1,944
4,052
Worth Metroplex, 90 miles west
2018 Total Population
718
2,029
4,225
..83%
.86%
.84%
of Shreveport, Louisiana and
% of Growth
just down the road from the Premier Bass Fishing Lake in the Nation, Lake Fork. Lake Fork is also known to have some of the best catfish and crappie fishing in North Texas. Just off Highway 69, Alba offers a variety of opportunities for business, weekend getaways, sport fishing, and much more.i Lake Fork Reservoir Lake Fork Reservoir is located 65 miles east of Dallas on the on Lake Fork Creek, a major tributary of the Sabine River between Quitman, Alba, Emory, and Yantis, Texas. At 27,690 acres and 315 miles of shoreline, Lake Fork is one of the 10 largest lakes in Texas. Completed by the Texas Parks and Wildlife in 1980, Lake Fork was designed a premier bass fishing lake and currently holds records for 34 out of the Top 50 largemouth bass caught in Texas.ii Over 300,000 people visit Lake Fork Reservoir each yeariii Median Household Incomeiv
1 mile
3 miles
5 miles
2013
$52,629
$51,830
$51,516
2018
$58,200
$57,272
$56,636
11%
10%
10%
% of Increase i
http://www.albatexas.org/ http://lakehub.com/visitors-guide-texas-lakes/ iii http://www.sra.dst.tx.us/ iv Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. ii
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
TENANT DESCRIPTION
Fast Facts
Goodlettsville, Tenn.-based Dollar General Corporation is the nation’s largest small-box discount retailer. We make shopping for everyday needs simpler and hassle-free by offering a carefully edited assortment of the most popular brands at low everyday prices in small, convenient locations. Dollar General ranks among the largest retailers of top-quality brands made by America’s most-trusted manufacturers, such as Procter & Gamble, Kimberly-Clark, Unilever, Kellogg’s, General Mills, Nabisco, Hanes, PepsiCo and Coca-Cola.
$16.02 billion in sales in fiscal 2012
10,000+ stores in 40 states
BBB- S&P Credit Rating
10,000 - 12,000 total stock keeping units (SKUs) per store from America’s most-trusted manufacturers
12 distribution centers
90,000+ employees
About Dollar General
Cal Turner founded J. L. Turner & Son, Inc. in 1939, and opened the first Dollar General store in Scottsville, Kentucky in June 1955. Today, Dollar General Corporation operates as the country’s largest small-box discount retailer with stores in the southern, southwestern, midwestern, and eastern United States. The stores are typically located in local neighborhoods and small communities deemed “too small” for big-box retailers.
In 2007 Kohlberg Kravis Roberts & Co. (KKR) acquired Dollar General, privatized the company for restructuring, and took the company public again in 2009. As of March 1, 2013, Dollar
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
TENANT DESCRIPTION
General operated 10,557 stores in 40 states. The company ranks 183rd within the Fortune 500 Companies. Fiscal 2012 revenues exceeded $16.02 billion (up 8.21% from 2011) with profits of $952.66 million (up 24.25% from 2010). The company’s current market value is estimated to be $16.58 billion.
History
A novel idea transformed a local enterprise into an industry leading discount retailer. James Luther (J.L.) Turner’s father died in an accident in 1902 when J.L. was only 11. J.L. quit school so he could work on the family farm and help provide for his mother and siblings and never completed his education. J.L. knew his limited education demanded that he become a quick study of the world around him. After two unsuccessful attempts at retailing, J.L. became a traveling dry goods salesman for a Nashville wholesale grocer. J.L. left the sales job after 10 years and settled his family in Scottsville, Ky. During the Depression, he began buying and liquidating bankrupt general stores. J.L.’s only child, Cal Turner Sr., accompanied his father to these closeouts at a young age, gaining valuable business knowledge and skills. In October 1939, J.L. and Cal opened J.L. Turner and Son Wholesale with an initial investment of $5,000 each. Wholesaling quickly gave way to retailing – J.L.’s third and final attempt at retailing. The switch to retailing resulted in annual sales above $2 million by the early 1950s, and the rest is history.
The first Dollar General store opened in Springfield, Ky. on June 1, 1955, and the concept was simple – no item in the store would cost more than one dollar. The idea became a huge success and other stores owned by J.L. Turner and his sons Cal Turner Sr. were quickly converted. By 1957, annual sales of Dollar General’s 29 stores were $5 million.
J.L. passed away in 1964. Four years later, the company he co-founded went public as Dollar General Corporation, posting annual sales of more than $40 million and net income in excess All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
TENANT DESCRIPTION
of $1.5 million. In 1977, Cal Turner Jr., who joined the company in 1965 as the third generation Turner, succeeded his father as president of Dollar General. Cal Turner Jr. led the company until his retirement in 2002. Under his leadership, the company grew to more than 6,000 stores and $6 billion in sales.
Today, the company is a leading discount retailer with more than 10,000 stores in 40 states. The company remains true to the humble ethic of hard work and friendly customer service embodied by the founding family.
The yellow Dollar General store sign is a popular symbol of value. Our convenient, everyday low prices model has survived and thrived through the decades. The company remains true to the humble ethic of hard work and friendly customer service embodied by the founding family. About a quarter of Dollar General's merchandise still sells for a dollar or less. The simplicity that defined our past is the engine that drives our success today.
Industry
The Discount, Variety Stores are divided into two basic segments, big box retailers (Wal-Mart and Costco) and small box retailers (Dollar General, Family Dollar, Dollar Tree, and others). Together they total $605.74 billion in sales for 2012 (Big Box $572B; Small Box $33.45B), and both segments are expecting substantial growth over the coming years. This industry is less affected by recession because these stores become the ideal place to shop during a down economy. Dollar General’s competitive advantage in the Discount Store industry is that they have already established themselves in smaller towns that cannot support multiple stores and have therefore captured those markets. They are the premiere small box discount retailer and lead their sector in number of locations and annual revenue and work diligently to maintain their edge by planning to open an additional 635 stores in 2013.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
29 W Greenville Street Alba, TX 75410
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
MAPS AND AERIALS
29 W Greenville Street Alba, TX 75410
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
MAPS AND AERIALS
259 W Greenville Street Alba, TX 75410
EXECUTIVE SUMMARY
ACQUISITION COSTS Purchase Price, Points and Closing Costs Investment - Cash
$1,126,775 $0
INVESTMENT INFORMATION Purchase Price Price per Tenant Price per Sq. Ft.
$1,126,775 $1,126,775 $125.00
INCOME, EXPENSES & CASH FLOW Gross Scheduled Income Total Vacancy and Credits Operating Expenses Net Operating Income Debt Service Cash Flow Before Taxes
$78,873 $0 $0 $78,873 $0 $78,873
FINANCIAL INDICATORS Debt Coverage Ratio Capitalization Rate Gross Income / Square Feet
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
N/A 7.00% $8.75
259 W Greenville Street Alba, TX 75410
FINANCIAL SUMMARY
Asking Price $1,126,775
Cap Rate 7.0%
259 W Greenville Street | Alba, TX 75410
Net Operating Income
$78,873
Rent/Month
$6,573
Rentable Square Feet
9,014
Land Area
1.49 acres
Ownership Type
Fee Simple
Lease Type
NN
Landlord Responsibilities
Roof, Structure, Parking Lot
Store Open Date
10/2010
Lease Term
11 years
Tenant Name
Dollar General
Credit Rating
BBB-
Rent Commencement
10/01/2010
Stock Symbol
DG
Lease Expiration Date
09/30/2025
Guarantor Web Site
Dollar General Corporate
7KUHH ), Five (5) year
Options
www.dollargeneral.com
INVESTMENT HIGHLIGHTS ❖
12 Years Remaining, NN Lease
❖
3% Increase in Primary Term
❖
Dollar General Corporate Guarantee
❖
Located on Highway 69
RENT SCHEDULE Term
1-7 8 9-10 11 Option 1 12 13-15
Increase
3.00% 3.00% 10%
Annual Rent
Monthly Rent
PER/SF
$78,873 $79,070 $81,239 $81,442
$6,572.71 $6,589.14 $6,769.89 $6,786.82
$8.75 $8.77 $9.01 $9.04
$84,373 $92,043
$7,031.10 $7,670.29
$9.36 $10.21
NOTES Tenant pays $3,600 in annual CAM payments.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
352)(66,21$/%,2*5$3+,(6
KEN WIMBERLY, CCIM Kenneth F. Wimberly serves as Managing Director for KW Commercial (Noble Crest Property Group), specializing in investment sales with a strong background in site selection, syndications, land sales, lot sales/acquisitions, and bank REO’s. His clients include commercial developers, private investors, institutional funds, and banks. Prior to joining KW Commercial, Wimberly served as a Senior Advisor at Sperry Van Ness. He is founder and president of a real estate investment firm, Noble Crest Capital, Inc. (NCC), and previously served as an agent for Ritter and Associates Real Estate, specializing in land sales. Wimberly served his country as an aircrew member flying aboard EP-3E aircraft as a CTR (cryptologist technician – Morse code) for the United States Navy, stationed in Misawa, Japan. He has also worked in the insurance/investment field and has held the Series 6, Series 7, and Series 63 investment licenses and the Group I insurance license. He received his CCIM designation in 2010 and is a member of the International Council of Shopping Centers (ICSC). Wimberly is a member of the Greater Fort Worth Association of Realtors, the Texas Association of Realtors, and the Society of Commercial Realtors. Additionally, he served as the 2008 Chairman of the Board of Directors for the Society of Commercial Realtors in Fort Worth. He was presented with the 2012 Charles D. Tandy Award for his exemplary professional standards as a commercial Realtor. He previously served on the RCA/Governing Council of the Texas Association of Realtors. Wimberly received the 2012 William C. Jennings Award for the most outstanding commercial transaction in the entire state of Texas. He is also one of only ten members across the country to serve on the executive committee of the Commercial Leadership Council for KW Commercial. He is active in his community and volunteers his time as a “Big” in the Big Brothers/Big Sisters program. He lives in Fort Worth with his wife Amber and his two children, Grace and Knox. The family enjoys spending their time travelling, snow skiing, playing board games, hunting, and playing Texas Hold’em Poker!
BRANSON BLACKBURN Branson D. Blackburn joined KW Commercial | Noble Crest Property Group in 2011 as an Associate. Within Noble Crest Property Group's single tenant net lease focus, he has taken the lead on the discount retail segment. Branson began his career in commercial real estate with Mark Horn Enterprises, where he assisted in property development, site analysis and management processes. Branson received his BBA in Marketing from Abilene Christian University, where he participated as a member of and consultant for the university's student-led investment group, STAR. He is Vice-President and co-founder of a real estate investment fund - Blackburn, Inc. LLC. Branson and his wife, Kate reside in Fort Worth, TX. He is an active member of The Hills West Fort Worth campus, where he volunteers with the Financial Freedom Ministries program. He is also a member of Need YPO, a young professional’s organization which works to advocate for improving the lives of the underprivileged in North Texas.
INFORMATION ABOUT BROKERAGE SRVICES
B
efore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of sub agency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with the Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) Shall treat all parties honestly; (2) May not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) May not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) May not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License act or a court order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under the Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding..
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
$1,126,775 – 7% CAP ■
12 Years Remaining, NN Lease
■
Dollar General Corporate Guarantee
■
3% Increase in Primary Term
■
Located on Highway 69
Branson Blackburn Director [email protected] 817.768.6377 0611825
Ken Wimberly, CCIM Managing Director [email protected] 817.635.1013 0503180
Noble Crest Property Group Phone: (817) 200-7620 ●Fax: (817) 962-2638 ●2525 Ridgmar Blvd., Suite 240 ●Fort Worth, TX 76116 ●www.ncpgtexas.com
REAL ESTATE INVESTMENT
ANALYSIS Analysis Date
November 2013
PROPERTY Property Property Address Year Built
Dollar General | Alba, TX 259 W Greenville Street Alba, TX 75410 2010
PURCHASE INFORMATION Property Type Purchase Price Tenants Total Rentable Sq. Ft.
FINANCIAL INFORMATION Commercial $1,126,775 1 9,014
All Cash
LOANS Debt
Term
Amortization
Rate
Payment
LO Costs
All Cash
INCOME & EXPENSES Gross Operating Income Monthly GOI Total Annual Expenses
CONTACT INFORMATION $78,873 $6,573 $0
Branson Blackburn 817.768.6377 [email protected] 0611825 Ken Wimberly, CCIM 817.635.1013 [email protected] 0503180
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
29 W Greenville Street Alba, TX 75410
KW Commercial | Noble Crest Property Group is pleased to present a single tenant NN leased Dollar General in Conroe, TX. The property consists of a 9,014 square foot structure on 1.49 acres located on E Davis Street/Highway 105. The property is currently NN leased with a corporate guarantee from Dollar General. There are currently 12 years remaining on a 15 year lease. The lease provides for a rent increase of 3% on 10/01/2020.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
PROPERTY DESCRIPTION
29 W Greenville Street Alba, TX 75410
PROPERTY DESCRIPTION
About Alba, Texas Alba, Texas is a great little quiet
Population Summary
1 mile
3 miles
5 miles
country town, located just 80
2010 Total Population
657
1,851
3,858
miles east of the Dallas/Fort
2013 Total Population
689
1,944
4,052
Worth Metroplex, 90 miles west
2018 Total Population
718
2,029
4,225
..83%
.86%
.84%
of Shreveport, Louisiana and
% of Growth
just down the road from the Premier Bass Fishing Lake in the Nation, Lake Fork. Lake Fork is also known to have some of the best catfish and crappie fishing in North Texas. Just off Highway 69, Alba offers a variety of opportunities for business, weekend getaways, sport fishing, and much more.i Lake Fork Reservoir Lake Fork Reservoir is located 65 miles east of Dallas on the on Lake Fork Creek, a major tributary of the Sabine River between Quitman, Alba, Emory, and Yantis, Texas. At 27,690 acres and 315 miles of shoreline, Lake Fork is one of the 10 largest lakes in Texas. Completed by the Texas Parks and Wildlife in 1980, Lake Fork was designed a premier bass fishing lake and currently holds records for 34 out of the Top 50 largemouth bass caught in Texas.ii Over 300,000 people visit Lake Fork Reservoir each yeariii Median Household Incomeiv
1 mile
3 miles
5 miles
2013
$52,629
$51,830
$51,516
2018
$58,200
$57,272
$56,636
11%
10%
10%
% of Increase i
http://www.albatexas.org/ http://lakehub.com/visitors-guide-texas-lakes/ iii http://www.sra.dst.tx.us/ iv Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2013 and 2018. ii
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
TENANT DESCRIPTION
Fast Facts
Goodlettsville, Tenn.-based Dollar General Corporation is the nation’s largest small-box discount retailer. We make shopping for everyday needs simpler and hassle-free by offering a carefully edited assortment of the most popular brands at low everyday prices in small, convenient locations. Dollar General ranks among the largest retailers of top-quality brands made by America’s most-trusted manufacturers, such as Procter & Gamble, Kimberly-Clark, Unilever, Kellogg’s, General Mills, Nabisco, Hanes, PepsiCo and Coca-Cola.
$16.02 billion in sales in fiscal 2012
10,000+ stores in 40 states
BBB- S&P Credit Rating
10,000 - 12,000 total stock keeping units (SKUs) per store from America’s most-trusted manufacturers
12 distribution centers
90,000+ employees
About Dollar General
Cal Turner founded J. L. Turner & Son, Inc. in 1939, and opened the first Dollar General store in Scottsville, Kentucky in June 1955. Today, Dollar General Corporation operates as the country’s largest small-box discount retailer with stores in the southern, southwestern, midwestern, and eastern United States. The stores are typically located in local neighborhoods and small communities deemed “too small” for big-box retailers.
In 2007 Kohlberg Kravis Roberts & Co. (KKR) acquired Dollar General, privatized the company for restructuring, and took the company public again in 2009. As of March 1, 2013, Dollar
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
TENANT DESCRIPTION
General operated 10,557 stores in 40 states. The company ranks 183rd within the Fortune 500 Companies. Fiscal 2012 revenues exceeded $16.02 billion (up 8.21% from 2011) with profits of $952.66 million (up 24.25% from 2010). The company’s current market value is estimated to be $16.58 billion.
History
A novel idea transformed a local enterprise into an industry leading discount retailer. James Luther (J.L.) Turner’s father died in an accident in 1902 when J.L. was only 11. J.L. quit school so he could work on the family farm and help provide for his mother and siblings and never completed his education. J.L. knew his limited education demanded that he become a quick study of the world around him. After two unsuccessful attempts at retailing, J.L. became a traveling dry goods salesman for a Nashville wholesale grocer. J.L. left the sales job after 10 years and settled his family in Scottsville, Ky. During the Depression, he began buying and liquidating bankrupt general stores. J.L.’s only child, Cal Turner Sr., accompanied his father to these closeouts at a young age, gaining valuable business knowledge and skills. In October 1939, J.L. and Cal opened J.L. Turner and Son Wholesale with an initial investment of $5,000 each. Wholesaling quickly gave way to retailing – J.L.’s third and final attempt at retailing. The switch to retailing resulted in annual sales above $2 million by the early 1950s, and the rest is history.
The first Dollar General store opened in Springfield, Ky. on June 1, 1955, and the concept was simple – no item in the store would cost more than one dollar. The idea became a huge success and other stores owned by J.L. Turner and his sons Cal Turner Sr. were quickly converted. By 1957, annual sales of Dollar General’s 29 stores were $5 million.
J.L. passed away in 1964. Four years later, the company he co-founded went public as Dollar General Corporation, posting annual sales of more than $40 million and net income in excess All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
TENANT DESCRIPTION
of $1.5 million. In 1977, Cal Turner Jr., who joined the company in 1965 as the third generation Turner, succeeded his father as president of Dollar General. Cal Turner Jr. led the company until his retirement in 2002. Under his leadership, the company grew to more than 6,000 stores and $6 billion in sales.
Today, the company is a leading discount retailer with more than 10,000 stores in 40 states. The company remains true to the humble ethic of hard work and friendly customer service embodied by the founding family.
The yellow Dollar General store sign is a popular symbol of value. Our convenient, everyday low prices model has survived and thrived through the decades. The company remains true to the humble ethic of hard work and friendly customer service embodied by the founding family. About a quarter of Dollar General's merchandise still sells for a dollar or less. The simplicity that defined our past is the engine that drives our success today.
Industry
The Discount, Variety Stores are divided into two basic segments, big box retailers (Wal-Mart and Costco) and small box retailers (Dollar General, Family Dollar, Dollar Tree, and others). Together they total $605.74 billion in sales for 2012 (Big Box $572B; Small Box $33.45B), and both segments are expecting substantial growth over the coming years. This industry is less affected by recession because these stores become the ideal place to shop during a down economy. Dollar General’s competitive advantage in the Discount Store industry is that they have already established themselves in smaller towns that cannot support multiple stores and have therefore captured those markets. They are the premiere small box discount retailer and lead their sector in number of locations and annual revenue and work diligently to maintain their edge by planning to open an additional 635 stores in 2013.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
29 W Greenville Street Alba, TX 75410
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
MAPS AND AERIALS
29 W Greenville Street Alba, TX 75410
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
MAPS AND AERIALS
259 W Greenville Street Alba, TX 75410
EXECUTIVE SUMMARY
ACQUISITION COSTS Purchase Price, Points and Closing Costs Investment - Cash
$1,126,775 $0
INVESTMENT INFORMATION Purchase Price Price per Tenant Price per Sq. Ft.
$1,126,775 $1,126,775 $125.00
INCOME, EXPENSES & CASH FLOW Gross Scheduled Income Total Vacancy and Credits Operating Expenses Net Operating Income Debt Service Cash Flow Before Taxes
$78,873 $0 $0 $78,873 $0 $78,873
FINANCIAL INDICATORS Debt Coverage Ratio Capitalization Rate Gross Income / Square Feet
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
N/A 7.00% $8.75
259 W Greenville Street Alba, TX 75410
FINANCIAL SUMMARY
Asking Price $1,126,775
Cap Rate 7.0%
259 W Greenville Street | Alba, TX 75410
Net Operating Income
$78,873
Rent/Month
$6,573
Rentable Square Feet
9,014
Land Area
1.49 acres
Ownership Type
Fee Simple
Lease Type
NN
Landlord Responsibilities
Roof, Structure, Parking Lot
Store Open Date
10/2010
Lease Term
11 years
Tenant Name
Dollar General
Credit Rating
BBB-
Rent Commencement
10/01/2010
Stock Symbol
DG
Lease Expiration Date
09/30/2025
Guarantor Web Site
Dollar General Corporate
7KUHH ), Five (5) year
Options
www.dollargeneral.com
INVESTMENT HIGHLIGHTS ❖
12 Years Remaining, NN Lease
❖
3% Increase in Primary Term
❖
Dollar General Corporate Guarantee
❖
Located on Highway 69
RENT SCHEDULE Term
1-7 8 9-10 11 Option 1 12 13-15
Increase
3.00% 3.00% 10%
Annual Rent
Monthly Rent
PER/SF
$78,873 $79,070 $81,239 $81,442
$6,572.71 $6,589.14 $6,769.89 $6,786.82
$8.75 $8.77 $9.01 $9.04
$84,373 $92,043
$7,031.10 $7,670.29
$9.36 $10.21
NOTES Tenant pays $3,600 in annual CAM payments.
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
352)(66,21$/%,2*5$3+,(6
KEN WIMBERLY, CCIM Kenneth F. Wimberly serves as Managing Director for KW Commercial (Noble Crest Property Group), specializing in investment sales with a strong background in site selection, syndications, land sales, lot sales/acquisitions, and bank REO’s. His clients include commercial developers, private investors, institutional funds, and banks. Prior to joining KW Commercial, Wimberly served as a Senior Advisor at Sperry Van Ness. He is founder and president of a real estate investment firm, Noble Crest Capital, Inc. (NCC), and previously served as an agent for Ritter and Associates Real Estate, specializing in land sales. Wimberly served his country as an aircrew member flying aboard EP-3E aircraft as a CTR (cryptologist technician – Morse code) for the United States Navy, stationed in Misawa, Japan. He has also worked in the insurance/investment field and has held the Series 6, Series 7, and Series 63 investment licenses and the Group I insurance license. He received his CCIM designation in 2010 and is a member of the International Council of Shopping Centers (ICSC). Wimberly is a member of the Greater Fort Worth Association of Realtors, the Texas Association of Realtors, and the Society of Commercial Realtors. Additionally, he served as the 2008 Chairman of the Board of Directors for the Society of Commercial Realtors in Fort Worth. He was presented with the 2012 Charles D. Tandy Award for his exemplary professional standards as a commercial Realtor. He previously served on the RCA/Governing Council of the Texas Association of Realtors. Wimberly received the 2012 William C. Jennings Award for the most outstanding commercial transaction in the entire state of Texas. He is also one of only ten members across the country to serve on the executive committee of the Commercial Leadership Council for KW Commercial. He is active in his community and volunteers his time as a “Big” in the Big Brothers/Big Sisters program. He lives in Fort Worth with his wife Amber and his two children, Grace and Knox. The family enjoys spending their time travelling, snow skiing, playing board games, hunting, and playing Texas Hold’em Poker!
BRANSON BLACKBURN Branson D. Blackburn joined KW Commercial | Noble Crest Property Group in 2011 as an Associate. Within Noble Crest Property Group's single tenant net lease focus, he has taken the lead on the discount retail segment. Branson began his career in commercial real estate with Mark Horn Enterprises, where he assisted in property development, site analysis and management processes. Branson received his BBA in Marketing from Abilene Christian University, where he participated as a member of and consultant for the university's student-led investment group, STAR. He is Vice-President and co-founder of a real estate investment fund - Blackburn, Inc. LLC. Branson and his wife, Kate reside in Fort Worth, TX. He is an active member of The Hills West Fort Worth campus, where he volunteers with the Financial Freedom Ministries program. He is also a member of Need YPO, a young professional’s organization which works to advocate for improving the lives of the underprivileged in North Texas.
INFORMATION ABOUT BROKERAGE SRVICES
B
efore working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner's agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker who acts as a buyer's agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly. IF THE BROKER REPRESENTS THE OWNER: The broker becomes the owner's agent by entering into an agreement with the owner, usually through a written listing agreement, or by agreeing to act as a subagent by accepting an offer of sub agency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner's agent anything the buyer would not want the owner to know because an owner's agent must disclose to the owner any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent. IF THE BROKER REPRESENTS THE BUYER: The broker becomes the buyer's agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer's agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer's agent anything the owner would not want the buyer to know because a buyer's agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY: A broker may act as an intermediary between the parties if the broker complies with the Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker's obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction: (1) Shall treat all parties honestly; (2) May not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner; (3) May not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and (4) May not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License act or a court order or if the information materially relates to the condition of the property. With the parties' consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under the Act and associated with the broker to communicate with and carry out instructions of the other party. If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker's obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding..
All information furnished regarding property for sale, rental or financing is from sources deemed reliable, but no warranty or representation is made to the accuracy thereof and same is submitted subject to errors, omissions, change of price, rental or other conditions, prior sale, lease or financing or withdrawal without notice. No liability of any kind is to be imposed on the broker herein.
