1209 HWY 51 NE Steinhatchee FL 32359

Property History

Property Type

Retail

Marketing Description

Horvath & Tremblay is pleased to present the exclusive opportunity to purchase a net-leased Dollar General property located at 1209 Highway 51 NE in Steinhatchee, Florida (the “Property”). Dollar General has been at the Property for over 18 years and has 1+ years remaining on their lease with one (1), 5-year renewal option. The Property has outstanding visibility and frontage along FL Highway 51 the area’s primary commercial and commuter corridor running through the heart of Steinhatchee. Dollar General is the only national retailer servicing the town, and the closest national grocery store, drug store or dollar store is more than 23-miles away in Cross City, FL.

Investment Highlights

THE ASSET: Dollar General occupies an 8,000 square foot building on a 1.15-acre parcel with ample parking and frontage and visibility along Florida Highway 51 NE the primary commuter and commercial thoroughfare in Steinhatchee.
LONG TERM TENANT: Dollar General has been operating at the Property for more than 18-years (since 2003). Dollar General extended their lease for 8 years in 2010 and exercised their 5-year renewal option demonstrating their commitment to this location. Their current lease expires on December 31, 2022. Dollar General has one (1), 5-year renewal option remaining.
SCHEDULED RENT INCREASE: Dollar General’s lease calls for a 15% rent increase at the start of their 5-year renewal option, providing the owner with an increase in revenue and a hedge against inflation.
INVESTMENT GRADE CREDIT: Dollar General has the highest credit rating among its peers and is the only “dollar store” with investment grade credit – rated BBB (S&P) and Baa2 (Moody’s). Dollar General operates over 17,000 locations throughout the country.
STRATEGIC RETAIL LOCATION: The Property benefits from excellent signage & visibility along FL Highway 51 the primary commercial and commuter highway servicing the area. Additionally, the closest national grocery store, pharmacy chain, or discount retailer (Save-A-Lot, CVS, Family Dollar/Dollar Tree, and Dollar General) are more than 23-miles away in Cross City, FL.
DOMINANT MARKET-SHARE LOCATION: As is the case for the subject Property, Dollar General’s corporate strategy is to target suburban and rural communities underserved by other retailers. These low-cost locations, commonly referred to as "food deserts," are intended to provide convenience and discount shopping to area residents that have no nearby access to grocery stores, pharmacies, or big-box discount retailers.
RECESSION RESISTANT TENANT: Dollar General thrives in middle-America markets where incomes may be modest, proving the tenant to be a resilient and recessions-resistant retailer. For the 39-week period ended October 30, 2020, net sales increased 23.0% to $25.3 billion, compared to $20.6 billion in the comparable 2019 period. This net sales increase included positive sales contributions from new stores and

Loan History

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Contact Information

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