Dollar General Market - Rare Supermarket Format
Full-service Grocery + ATM Drive-thru | | #1 DG in Indiana | 24,341 SF
Marketing description
Dollar General Market is a rare full-service grocery store that is double the size of a typical DG Market, serving regional hub communities as a traditional supermarket and Dollar General store. There are only three Dollar General Market stores located in Indiana, and the Elwood store ranks as the #1 performing DG store in the state and top 90% in the country according to Placer.ai.
This rare full-service Dollar General grocery store, strategically located in the southern part of the city, captures the traffic from fast-growing Noblesville and a $25M golf course housing development within a three-minute drive of subject property. Phase I was so successful that Phase II is already being discussed.
Prior to the commencement of Dollar General’s second renewal option period, DG proposed a 10-year renewal. In addition, DG installed a new HVAC system at its own expense in 2026. These are clear signals that subject store is a high-performing asset to DG and its long-term commitment to this site.
About Elwood, Indiana
Elwood sits in the heart of Madison County, which is part of the Indy-Carmel-Anderson MSA, 20-30 miles northeast of Noblesville and Indy, a major growth engine in tech and logistics sectors. This positioning gives the city exceptional access to major metropolitan markets while maintaining the advantages of a smaller community. Elwood’s greatest asset is its strategic position within Indiana’s industrial corridor, and the city’s major employers are over 84-year-old manufacturers whose products and operations align closely with the region's well-established logistics industry.
The proximity to Interstate 69 (about 15 minutes east) is particularly valuable. I-69 has been transforming central Indiana's logistics landscape, and Elwood benefits from that without the premium costs in communities directly on the interstate.
Investment highlights
- 10 Year NN commenced February 1, 2026 | 4, 5-Year Option Periods
- Dollar General initiated negotiations to extend its 2nd renewal option to 10 years and installed a new HVAC system in 2026 at its own expense, clearly signalling that subject store is a high-performing asset and supporting DG’s long-term commitment to this site.
- No. 1-ranked Dollar General store in the state of Indiana and top 90% in the country according to Placer.ai.
- Elwood, Indiana is located in Madison County, which is part of the fastest-growing Indy-Carmel-Anderson MSA. 12 miles north of Noblesville and Indy, a major growth engine in tech and logistics sectors. Elwood's workforce is anchored by 80+ year old legacy manufacturers whose products and operations align closely with the region's well-established logistics industry.
- Strip Center adjacent to DG Supermarket is 100% occupied and owned by a local resident. It was gut-renovated into a brand new gym, Power Barn - House of Payne, opened in 2019 and popular with locals.
- A $25M development housing project at the golf course, less than one mile South from subject property (three-minute drive), will bring a mix of multi-family, single-family homes, owner-occupied units, and senior living to Elwood and even higher foot traffic to the Dollar General Market. Phase I was so successful that Phase II is already being discussed.
- Investment Grade Dollar General Corporate Guarantee NYSE: DG; S&P rating ‘BBB’
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