single tenant - loopnet · 2018. 10. 12. · the timken company, timkensteel, diebold nixdorf...

ACTUAL SITE

U N I O N T O W N

OHIO

SINGLETENANT

___________________

ABSOLUTE NNNINVESTMENT OPPORTUNITY

EXCLUSIVELY MARKETED BY

ACTUAL SITE

JIM SCHUCHERT | FIRST VICE PRESIDENTSRS NATIONAL NET LEASE GROUP

610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660 M: 310.971.3892

[email protected] | CA License No. 01969414

JOE SCHUCHERT | FIRST VICE PRESIDENTSRS NATIONAL NET LEASE GROUP

610 Newport Center Drive, Suite 1500 | Newport Beach, CA 92660 M: 310.971.3116

[email protected] | CA License No. 01973172

Broker of Record: John M. Hoty, Hoty Enterprises OH License No. 2001013563

SRS National Net Lease Group is pleased to present the opportunity to acquire the fee simple interest (land and building ownership) in a Dollar General property located in Uniontown, Ohio. Built in 2014, the lease has approximately 11.25 years remaining in the initial term with four (4) – five (5) year option periods at 10% rental increase. The lease is absolute NNN in nature with ZERO management responsibilities as Dollar General is responsible for ALL operating expenses, insurance, and property taxes. The lease is guaranteed by Dollar General Corp (NYSE: DG) with an investment grade credit rating of BBB from Standard and Poor’s.

The subject property is strategically located on one of the main thoroughfares in town, Cleveland Ave NW (four-lane highway), boasting traffic counts in excess of 13,000 vehicles per day. Uniontown is located 14 miles north of Canton OH and 12 miles south of Akron OH. Uniontown is located in Stark County – home to bustling cities, quaint Midwestern towns, rolling farmland and suburban neighborhoods within driving distance of one another. The 5-mile trade area is supported by dense growing population of 71,840 residents with an affluent average household income in excess of $86,604.

4 | INVESTMENT SUMMARY | SRS NATIONAL NET LEASE GROUP .

INVESTMENT SUMMARY

ACTUAL SITE

PRICING: $1,437,538

NET OPERATING INCOME: $93,440

CAP RATE: 6.50%

GUARANTY: Corporate

LEASE TYPE: Absolute NNN

LANDLORD RESPONSIBILITIES: None

OFFERING

5 | OFFERING HIGHLIGHTS | SRS NATIONAL NET LEASE GROUP .

ACTUAL SITE

OFFERING SUMMARY

RENTABLE AREA: 9,238 SF

LAND AREA: 1.72 Acres

PROPERTY ADDRESS: 11186 Cleveland Ave NW, Uniontown, OH 44685

YEAR BUILT: 2014

PARCEL NUMBER: 10-005292

OWNERSHIP: Fee Simple (Land and Building)

PROPERTY SPECIFICATIONS

INVESTMENT HIGHLIGHTSDOLLAR GENERAL CORPORATE GUARANTEED LEASE:

• Approximately 11.25 Years Remaining in the Initial 15 Year Lease Term• Newer Build-to-Suit Dollar General – 2014 Construction• Four (4) – Five (5) Year Option Periods with 10% Rental Increases

A TRUE COUPON CLIPPER | ABSOLUTE NNN LEASE | ZERO MANAGEMENT RESPONSIBILITIES:

• Absolute NNN with ZERO Management Responsibilities• Tenant Pays for ALL Operating Expenses, Insurance & Property Taxes• Ideal, Management-Free Investment for an Out-of-State, Passive Investor

UNIONTOWN, OHIO:• Located 12 Miles North of Canton OH and 14 Miles South of Akron OH• Located in Starke County, Ohio• Part of the Canton-Massillon, OH Metropolitan Statistical Area• Uniontown was Named #69 on CNN Money’s “Best Places to Live” List

STARK COUNTY, OHIO:• Named in Honor of the Oldest Surviving General of the Revolutionary War, General

John Stark• Stark County is Nationally Recognized for Serving as the Location of the NFL

Professional Football Hall of Fame• Stark County is the World Headquarters for Several Large Corporations Including

the Timken Company, TimkenSteel, Diebold Nixdorf Corporation, the Kenan Advantage Group, Shearer’s Foods, and LG Fuel Cell Systems, Inc.

AKRON-COUNTY AIRPORT (4.5 MILES FROM SUBJECT PROPERTY):• 1,265,855 Total Passengers in 2017• In the Midst of Its 10-year, $110-Million CAK 2018 Capital Improvement Plan

• The Most Ambitious Improvement Plan in the Airport’s History and Includes Expanded Parking Lots, a Wider Entrance Road, a Spacious TSA Security Checkpoint, a Customs and Border Patrol Facility, an Extended Upper Level Concourse and the Construction of the Port Green Industrial Park

• Offers Non-Stop/Direct Flights to New York City (LGA), Washington D.C. (DCA)., Charlotte, Philadelphia, Chicago, Atlanta, Detroit, Orlando, Tampa, Fort Myers, Newark, and Houston

PRO FOOTBALL HALL OF FAME (11 MILES FROM SUBJECT PROPERTY):• The Pro Football Hall of Fame is Located in Canton, Ohio – Where the American

Professional Football Association, Later Renamed the NFL was Founded in Cantonon September 17, 1920

• The Pro Football Hall of Fame Opened in 1963• Recently Underwent the Largest Expansion and Renovation of its History – the

“Future 50” Expansion and Renovation Project has Expanded the Museum to118,000 Square Feet

• The Two-Year, $27 Million Project was Completed in the Summer of 2013 After aMajor Renovation to 38,000 Square Feet of Museum Space was Finished

• The Hall Attracts 225,000 Visitors Annually

6 | INVESTMENT HIGHLIGHTS | SRS NATIONAL NET LEASE GROUP .

ACTUAL SITE

7 | INVESTMENT HIGHLIGHTS | SRS NATIONAL NET LEASE GROUP .

INVESTMENT HIGHLIGHTS

ACTUAL SITE

HALL OF FAME VILLAGE (IN PROGRESS):• Designed to Be an Estimated Billion-Dollar, 107-Acre, 10-Part Campus Surrounding

the Pro Football Hall of Fame• The Development Remains in the Early Stages but Eventually is Expected to Include

an Indoor Water Park, Virtual Reality Rides, a Retirement Community and Medi-cal Facility, a Four-Star Hotel and Conference Center, a 5,500-Seat Arena, Retail,Restaurants and Youth Sports Complex

• Hall of Fame President David Baker Said the Goal Now is to Get as Much Completedas Possible in Time for the NFL’s Centennial in September 2020

• In April 2017, Developers Broke Ground on the Four-Star Hotel that is Expected tobe a Boutique, 243-Room Property That’s Part of the Curio by Hilton Collection -$135 Million Estimated Cost

CLOSE PROXIMITY TO MAJOR CITIES:• Canton, Ohio | 12 Miles – 20 Minute Drives• Akron, Ohio | 14 Miles – 20 Minute Drive• Cleveland, Ohio | 50 Miles – 50 Minute Drive• Pittsburgh, Pennsylvania | 99 Miles – 2 Hour Drive

TRADE AREA DEMOGRAPHICS:• 1-Mile:

• 4,526 Residents; $92,386 Average Household Income• 3-Mile:

• 29,959 Residents; $92,241 Average Household Income• 5-Mile:

• 71,840 Residents; $86,604 Average Household Income

TENANT:• Dollar General (NYSE: DG) Features Investment Grade Credit “BBB” by S&P• 15,015 Stores Located in 44 States as of August 3, 2018• Ranked #123 on the Fortune 500 List – Up 5 Points From 128 Last Year (Dollar

General Has Moved up the Fortune 500 Ranking for the 10th Consecutive Year)• Long Term History of Same-Store Sales Growth – 2017 Marked the Company’s 27th

Consecutive Year

8 | PROPERTY OVERVIEW | SRS NATIONAL NET LEASE GROUP .

PROPERTY OVERVIEW

ACTUAL SITE

PARCEL MAP

ACCESS

TRAFFIC COUNTS

IMPROVEMENTS

PARKING

YEAR BUILT

PARCEL

ZONING

There is one (1) access point with along Cleveland Avenue NW.

Cleveland Avenue NW: .......................................................................... 12,600 VPDVietnam Veterans Memorial Highway/ Interstate 77: ............................. 77,900 VPD

There is approximately 9,238 SF of existing building area.

There are approximately 30 parking spaces on the owned parcel. The parking ratio is approximately 3.25 stalls per 1,000 SF of leasable area.

2014

Parcel Number: 10-005292 Acres: 1.72 Square Feet: 74,923 SF

LAK_C1: Light Commercial

12,600CARS PER DAY

Cleveland Ave. NW

12,600CARS PER DAY

4,000CARS PER DAY

Cleve

land A

ve. N

W

Heckman St. NW

12,600CARS PER DAY

Bucklers St. NW

Cleve

land A

ve. N

W

12,600CARS PER DAY

Cleveland Ave. NW

Heckman St. NW

4,000CARS PER DAY

Cleveland Avenue NW - 12,600 VPD

Heckman Street NW - 4,000 VPD

Buckeye RV Services

Sunrise Massage

Elite Sports

Greentown Elemtary School

Lake High School

Lake Center Christian School

Lake Local School

Green Primary School

Akron-Canton Airport

Cleveland Ave. NW - 12,600 VPD

Heckman Street NW - 4,000 VPD

Kent

Aven

ue N

E

619 State Highway - 13,000 VPD

77 Freeway - 77,900 VPD

Mayfair Country Club

Glen Eagles Apartments (106 Units) Villas At Prestwick

(76 Units)

Briarwood Estates (152 Units)

CLEVELAND AVE. NW

MONUMENT SIGN

2018 ESTIMATED POPULATION1 Mile ........................................................... 4,526 3 Mile ......................................................... 29,9595 Mile ......................................................... 71,840

2018 AVERAGE HOUSEHOLD INCOME1 Mile ........................................................$92,386 3 Mile ........................................................$92,241 5 Mile ........................................................$86,604

2018 ESTIMATED TOTAL EMPLOYEES1 Mile .............................................................. 5573 Mile ........................................................... 9,7335 Mile ......................................................... 42,955

UNIONTOWN

AKRON

20 Minutes | 14 Miles To Akron

Uniontown, OhioUniontown is a census-designated place (CDP) in Stark County, Ohio. The population was 2,802 at the 2000 census. Uniontown was named #69 on CNN Money’s “Best Places to Live 2005” list. Uniontown is part of the Canton-Massillon, OH Metropolitan Area.

Stark County is a county located in the U.S. state of Ohio. Stark County has bustling cities, quaint Midwestern towns, rolling farmland and suburban neighborhoods within driving distance of one another. The estimated population for 2016 was 373,612.

Retail and commercial real estate activity, both sales and development, have been significant drivers in the local economy, coupled with major expansion in the campus at the Pro Football Hall of Fame. The National Professional Football Hall of Fame attracts more than 225,000 visitors annually. It is the major driving force behind the County’s vibrant tourism industry. Higher education is an important part of Stark County’s economic landscape.

Over the past 20 years, Stark County has had the same shift in its employment base as many other parts of the country have. Service and education have taken the place of manufacturing, and that is evident from the list of top 10 employers. Aultman Health Foundation tops the list, with Mercy Medical Center and Alliance Community Hospital in the top 10. Canton City Board of Education and Stark State College remain dominant service side employers as well. In a community with a long and rich history in manufacturing, only Timken Company and TimkenSteel Corporation remain at the top within this sector. Stark County has the fifth-highest number of manufacturing workers in Ohio.

Apart from the Pro Football Hall of Fame, Stark County is home to the National First Ladies’ Library, William McKinley Presidential Library and Museum, Historic Canton Palace Theatre, Canton Classic Car Museum and MAPS Air Museum.

Stark County is also lucky to have five colleges and universities within its borders: Kent State University- Stark Campus, Malone University, University of Mount Union, Stark State College, and Walsh University.

Stark County is the perfect place to visit or relocate to with its low cost of living, great shopping opportunities, Amish country, beautiful parks and golf courses. It is conveniently located near Cleveland, Pittsburgh, Columbus and Mansfield.

17 | AREA OVERVIEW | SRS NATIONAL NET LEASE GROUP .

AREA OVERVIEW

DEMOGRAPHICS 1 MILE 3 MILES 5 MILES

2018 Estimated Population 4,526 29,959 71,8402023 Projected Population 4,523 30,307 73,2482010 Census Population 4,447 29,308 70,138

2018 Estimated Households 1,494 11,073 28,1952023 Projected Households 1,499 11,220 28,8112010 Census Households 1,469 10,804 27,425

2018 Estimated White 96.00% 95.30% 94.40%2018 Estimated Black or African American 1.00% 1.40% 1.70%2018 Estimated Asian or Pacific Islander 1.10% 1.50% 1.80%2018 Estimated American Indian or Native Alaskan 0.20% 0.10% 0.20%2018 Estimated Other Races 0.60% 0.30% 0.30%2018 Estimated Hispanic 2.20% 1.70% 1.70%

2018 Estimated Average Household Income $92,386 $92,241 $86,604 2018 Estimated Median Household Income $88,110 $77,253 $67,550 2018 Estimated Per Capita Income $31,344 $34,244 $34,116

2018 Estimated Total Businesses 81 723 2,5682018 Estimated Total Employees 557 9,733 40,955

18 | AREA DEMOGRAPHICS | SRS NATIONAL NET LEASE GROUP .

AREA DEMOGRAPHICS

RENT ROLL

19 | RENT ROLL | SRS NATIONAL NET LEASE GROUP .

LEASE TERM RENTAL RATES

TENANT NAME SQUARE FEET LEASE START LEASE END BEGIN INCREASE MONTHLY PSF ANNUALLY PSF RECOVERY TYPE OPTIONSDollar General 9,238 11/12/2013 1/31/2030 Current - $7,787 $0.84 $93,440 $10.11 Absolute NNN 4 (5-Year)

(Corporate Guaranty) 10% Incr. at beg.

of each option

FINANCIAL INFORMATION PROPERTY SPECIFICATIONS

Price: ..................................................................................................................................$1,437,538Net Operating Income: ............................................................................................................$93,440Cap Rate: ....................................................................................................................................6.50%Lease Type:.................................................................................................................... Absolute NNN

Year Built: .....................................................................................................................................2014Rentable Area: ........................................................................................................................ 9,238 SFLand Area: ........................................................................................................................... 1.72 AcresAddress: .............................................................11186 Cleveland Avenue NW, Uniontown, OH 44685

ACTUAL SITE

DOLLAR GENERALDollar General Corporation is an American chain of variety stores headquartered in Goodlettsville, Tennessee. Dollar General operated 15,015 stores in 44 states as of August 3, 2018. It competes in the dollar store format with national chains Family Dollar and Dollar Tree, regional chains such as Fred’s in the Southeast, and numerous independently owned stores. In addition to high quality private brands, Dollar General sells products from America’s most-trusted manufacturers such as Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg’s, General Mills, and PepsiCo. Dollar General Corporation was founded in 1939.

20 | BRAND PROFILE | SRS NATIONAL NET LEASE GROUP .

BRAND PROFILE

ACTUAL SITE

Company Type: ...............................................................Public (NYSE: DG)2018 Employees: ............................................................................129,0002018 Revenue: ......................................................................$23.47 Billion2018 Net Income: ....................................................................$1.54 Billion2018 Assets: ..........................................................................$12.52 Billion2018 Equity: ............................................................................$6.13 BillionCredit Rating: ................................................................................ S&P: BBBCredit Rating: ....................................................................... Moody’s: Baa2

800+PROPERTIES CURRENTLY

REPRESENTED

$2.6B*TRANSACTION VALUE

600+CLIENTS REPRESENTED

IN 2016

250+BROKERS,

PROFESSIONALS,AND STAFF

#1LARGEST REAL ESTATE FIRM

EXCLUSIVELY DEDICATED TO RETAIL SERVICES IN NORTH AMERICA

20+OFFICES

*STATISTICS ARE FOR 2016.

SRS GLOBAL STATS

This Offering Memorandum has been prepared by SRS National Net Lease Group (SRS) and has been approved for distribution by the owner. Although effort has been made to provide accurate information, neither the owner nor SRS can warrant or represent accuracy or completeness of the materials presented herein or in any other written or oral communications transmitted or made available to the purchaser. Many documents have been referred to in summary form and these summaries do not purport to represent or constitute a legal analysis of the contents of the applicable documents. Neither owner nor SRS represents that this offering summary is all inclusive or contains all of the information a purchaser may require. All of the financial projections and/or conclusions presented herein are provided strictly for reference purposes and have been developed based upon assumptions and conditions in effect at the time the evaluations were undertaken. They do not purport to reflect changes in the economic performance of the property or the business activities of the owner since the date of preparation of this Offering Memorandum. The projected economic performance of the property, competitive submarket conditions, and selected economic and demographic statistics may have changed subsequent to the preparation of the package. Qualified purchasers are urged to inspect the property and undertake their own independent evaluation of the property, the market and the surrounding competitive environment.

ACTUAL SITE

single tenant - loopnet · 2018. 10. 12. · the timken company, timkensteel, diebold nixdorf...

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