DOLLAR GENERAL PLUS (RELO) - Eureka (Peoria MSA), IL - LoopNet
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REPRESENTATIVE PHOTO OFFERING MEMORANDUM DOLLAR GENERAL PLUS (RELO) Eureka (Peoria MSA), IL
OFFERING SUMMARY
DOLLAR GENERAL PLUS (RELO)
South Main Street, Eureka, IL 61530 MILWAUKEE
Price $1,603,000
Cap Rate 6.65%
NOI $106,608
Rentable Square Feet 10,566 SF
Price/SF $152
CHICAGO
Year Built 2018
DAVENPORT
Lot Size 1.35 AC
Type of Ownership Fee Simple
Tenant Trade Name Dollar General
Lease Guarantor Corporate
Lease Type NNN PEORIA EUREKA
Roof & Structure Tenant Responsible
MSA
Lease Term 15 Years
Rent Commencement Date August 2018 CHAMPAIGN
Lease Expiration Date August 2033
INDIANAPOLIS
Term Remaining on Lease 15-Years
SPRINGFIELD
Increases 10% Increase in Options
Options Five, 5-Year Options
DEMOGRAPHICS 1-Mile 3-Mile 5-Mile
Population 3,487 6,283 7,748
Avg. Household Income $74,029 $75,659 $78,736 ST. LOUIS
Pop. Growth (2017-2022) 4.63% 3.55% 3.43%
CLICK FOR FULL DEMOGRAPHIC REPORT LO
INVESTMENT HIGHLIGHTS
NEW DOLLAR GENERAL PLUS RELOCATION STORE
Brand New 10,566 SF Build to Suit Dollar General Plus in Eureka, IL located on
South Main Street (Hwy 117, 8,600 VPD), the county seat of Woodford County in
the growing Peoria, IL MSA. This is a relocation store and it is scheduled to open
in August 2018.
ATTRACTIVE LOCATION
Eureka is a community located in the Peoria MSA at the intersection of U.S.
24 (6,900 VPD) and Illinois 117 (8,600 VPD). It is a primary stop on the Ronald
Reagan Trail, a series of roads that connect towns in central Illinois that were
of importance to Reagan's early life. President Reagan attended and graduated
from Eureka College (785 students) which is located in the heart of Eureka. This
location is surrounded by a strong trade area that includes national retailers such
as Ford, Chevrolet, Ace Hardware, CVS, Subway and Hardee’s. Peoria MSA
PEORIA MSA
Peoria is the central city of the Peoria MSA. and the largest city on the Illinois
River. The city is the seventh-most populated in Illinois and the third largest
outside the Chicago metropolitan area, with a total MSA population of 380,500.
The area is projected to have a total population in 2020 of 400,178. Companies
with operations in Peoria include Archer Daniels Midland, Komatsu and Advance
Technology Services; and future job growth for the next decade is projected
to be 34.34%. Renaissance Park in Peoria is home to the National Center for
Agricultural Utilization Research and the Peoria NEXT Innovation Center that
provides laboratories, conference and office space for emerging start-up
companies. Over $2 billion in research is conducted in Peoria annually. Peoria is
also a center for higher education and is home to Illinois Central College (13,049)
and Bradley University (5,400).
Eureka College
INVESTMENT GRADE TENANT
Dollar General is a publicly traded (NYSE: DG) Fortune 500 company that operates
over 14,321 locations nationwide with a net worth of over $4 billion. Dollar General
is opening 900 locations this year and currently holds an investment grade credit
rating of BBB-/Stable with S&P.
LONG-TERM CORPORATE NNN LEASE
The subject property has a brand new 15-year Corporate Guaranteed Lease with
Dollar General. The Tenant is 100% responsible for all expenses, including roof,
structure, taxes, insurance and common area maintenance. There are 10 percent
rent increases in each of the five, 5-year option periods.
2018 PROXIMITYONE MSA SITUATION & OUTLOOK REPORT | PEORIA MSA
ILLINOIS DEPARTMENT OF TRANSPORTATION Downtown Eureka
STERLINGS BEST PLACES - EUREKA, IL
TENANT OVERVIEW
Rent Commencement August 2018
Lease Expiration August 2033
Term Remaining 15-Years
Lease Type NNN
Base Rent Years 1-15 $106,609
DG (NYSE)
Option Rent Years 16-20 (Option 1) $117,269
14,321 RETAIL LOCATIONS Years 21-25 (Option 2)
Years 26-30 (Option 3)
$128,996
$141,896
NET WORTH OF $4 BILLION+ Years 31-35 (Option 4)
Years 36-40 (Option 5)
$156,086
$171,694
$22 BILLION IN SALES IN FISCAL 2016 Rent Increases 10% Rent Increase in Each Option
Options Four, 5-Year Options
Credit Rating Investment Grade (BBB) Tenant Tenant is responsible for All Taxes, CAM,
Headquartered Goodletsville, TN Responsibilities Insurance, Roof & Structure
Founded 1939 Landlord
Responsibilities 100% No Landlord Responsibilities
STOCK PRICE OVER TIME $93
$74
$70 $71
$61
$45
$41
$31
STORE COUNT (14,321+)
DISTRIBUTION CENTER
2010 2011 2012 2013 2014 2015 2016 2017
DOLLAR GENERAL 20/20 VISION
ANYTOWN, USA
IN MARCH 2016, CEO TODD VASOS OUTLINED DOLLAR GENERAL’S 2020 VISION A DETAILED AND TARGETED SITE SELECTION STRATEGY
FOCUSED ON SMALL TOWNS DUBBED ANYTOWN, USA THAT AIMS TO INCREASE SALES 50 PERCENT TO $30 BILLION BY 2020.
IN THE NEWS
There’s one type of business that Amazon can’t kill
READ MORE
Dollar General Hits a Gold Mine in Rural America
READ MORE
14,321 OPEN STORES The Dollar General 2020 Vision
READ MORE
11,000 STORE OPPORTUNITIES MAP FROM “DOLLAR GENERAL 2020 VISION”
AERIAL
13,049 5,400
Students Students
PEORIA
MORTON
Goodfield Elementary School PD
00V WASHINGTON
| 26,8
I-74
0
0
,9
6
|
4
GOODFIELD
2
Y
W
H
24
117
EUREKA
S MA Eureka High School
IN ST
| 8,60 Davenport
0 VPD Elementary School
Eureka Middle School
117
785 Students
Traffic Data: Illinois Department of Transportation
SITE PLAN
Dated:
Don McMinn Phone: 678-808-2762
Marcus & Millichap Fax: 815-550-1286
1100 Abernathy Road, NE, Suite 600 Email: don.mcminn@marcusmillichap.com
Atlanta, GA 30328
Re: South Main Street, Eureka IL 61530 (Dollar General Plus)
Dear Don:
Please accept this offer to purchase the above referenced Property. This letter expresses
Purchaser’s interest in purchasing the Property under the following terms and conditions:
Purchaser:
Purchaser’s
Address:
Purchaser’s
Phone/Fax:
Purchaser’s
Email Address:
Offer Price:
Earnest Money: $25,000 earnest money deposit due within forty-eight (48) hours of
the Effective Date of the Contract for Sale and Purchase. The
Earnest Money shall be increased to $50,000 at the expiration of the
Inspection Period and shall become non-refundable barring any
other listed contingencies.
Inspection Period: 21 Calendar Days from Effective Date, which shall mean the date
on which the latter of the parties executes a Contract for Sale and
Purchase. Any and all available Due Diligence Documents
(“Documents”) will be forwarded immediately upon Effective Date
of the Contract for Sale and Purchase Agreement.
Purchaser’s Initials Seller’s Initials
Financing Period: All Cash (No Financing Period)
(Please Check One) Purchaser shall have ten (10) days from the Effective Date of the
Contract for Sale and Purchase Agreement to apply for and obtain a
financing commitment. In addition, Purchaser shall have 30 days
from the expiration of the effective date of the contract to complete
loan processing. Purchaser shall use its best efforts to secure and
obtain a new first mortgage loan in the amount of $
on terms which are acceptable to Purchaser.
Closing Date: 10 Calendar Days after the expiration of the Inspection Period (or
Financing Period if applicable).
Closing Costs: Seller shall pay for the transfer tax. Buyer shall pay for Title.
Purchaser and Seller shall each bear its own attorneys expenses. All
other Closing Costs shall be split 50-50 between Buyer and Seller.
Property
Condition: Property is being sold “AS IS” with Seller making no
representations or warranties concerning the property.
Contract within
10 days: Within Ten (10) Calendar Days of the Effective Date of this Letter
of Intent, Purchaser and Seller shall enter into a binding Contract for
Purchase and Sale (the “Contract”). Seller will Draft the Contract
and Failure to reach an agreement will allow the Seller to consider
this agreement void and accept offers from other parties.
Broker
Commission: Purchaser acknowledges that Purchaser has employed
, (“Purchaser’s Brokers”) to
represent them in this transaction. Any commissions due the
Purchaser’s broker (if applicable) shall be paid by the Seller
directly.
1031 Exchange: Purchaser is is not (check one) completing an IRS 1031 Tax
Deferred Exchange, to which the Seller agrees to cooperate
providing there is no cost or expense to Seller. Purchaser has $
in an exchange account from a transaction which
closed escrow on . Purchaser will provide Seller, upon
request, proof of such funds.
Confidentiality: Purchaser and Purchaser’s agents and representatives hereby
covenant with Seller that Purchaser and Purchaser’s agents and
representatives shall not, without the prior written consent of Seller
(which consent may be withheld in Seller’s sole and absolute
discretion), disclose to any other person (other than Purchaser’s
accountants and attorneys) or entity by any means whatsoever: (i)
Purchaser’s Initials Seller’s Initials
any information pertaining to the Documents; (ii) any information
pertaining to the Contract; or (iii) any information or documentation
(written or oral) provided by Seller or Seller’s agents and
representatives concerning Seller, Seller’s business, Tenant,
Tenant’s business or the Property.
This Letter of Intent is contingent upon the prospective Purchaser’s willingness to execute Seller’s
standard Purchase Agreement as well as review and approval of the details of the transaction
proposed above by the appropriate principal parties of the Seller.
Please note that this Letter of Intent will be withdrawn if Purchaser has not received your
acknowledgement by at 5:00 p.m. EST.
It is understood and agreed that the foregoing constitutes a Letter of Intent setting forth the major
business points from our discussions. It is further understood that neither party intends to create any
contractual rights or obligations as a result of entering into this Letter of Intent. No binding
agreement or rights or obligations shall arise as the result of executing this letter or with respect to
the proposed transactions, unless and until we execute definitive documentation incorporating the
above provisions and other appropriate terms.
If the foregoing accurately reflects our discussions, please acknowledge same by returning a signed
copy of this letter. Execution of this Letter of Intent by the undersigned agent in no way binds or
obligates the Seller or any of its principals.
Agreed and Accepted: Purchaser Agreed and Accepted: Seller
By: By:
Printed: Printed:
Dated: Dated:
Purchaser’s Initials Seller’s InitialsYou can also read
