- Proven Location With New 10 Year Extension
- Exceptional Sales at $1,400,000+
- 2005 Construction - Built-to-Suit
- Low Rents For Family Dollar Business Model at 6.69 PSF vs Avg Market At $13.00+ PSF
- Investment Grade Tenant (S&P Rated BBB-)
- Sales Have Increased Every Year Since Opening
Lakewood is located 60 miles east of Rhinelander and about 75 miles northwest of Green Bay. The subject is a 9,090 square foot freestanding building and was a built to suit for Family Dollar in 2005. The floor plan is Family Dollar's most updated floor plan at 9,090 SF. Upon the tenant first opening in 2006, this location has shown consistent growth in store sales every year, averaging approximately 10 percent annually. Store sales increased last year by nearly 10 percent.
Family Dollar was recently in the last two years of their first 10 year lease term when they elected to accept a new 10 year extension. In trade for the lease extension, the rent was reduced 5% putting the tenant at 6.69 psf nearly 50% of the national average for Family Dollar at 13.00 psf. The lease will be fixed for 10 years and then a 15.8% increase. Thereafter, rent increases are a typical being 10% every 5 year period. The tenant has 5 remaining extension options of five years each. Given such low rents and high sales, this location is likely among the higher profit margins for Family Dollar. These fundamentals will ensure the Tenant will occupy this property for the long term and allows for future rental growth and value appreciation.
Family Dollar Stores, Inc. operates a chain of self-service retail discount stores for low to lower-middle income consumers in the United States. As of October 2014, they operated 8,100 stores in 46 states. The company was founded in 1959 and is headquartered in Matthews, North Carolina.
One or more principles of the Seller, including the listing agent is a real estate agent licensed in the State of Wisconsin and each individually and collectively holds a minority, non-controlling interest in the seller of the property.