Dollar General · 2015. 5. 4. · 4 Dollar General | Corry, PA Investment hIghlIghts Dollar general...

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Dollar General406 East Main Street|Corry, PA

Offering Memorandum

Representative Photo|Not Actual Subject Property

Table of Contents

Executive Summary 3Investment Highlights .......................... 4Investment Overview ........................... 5Building Plan ...................................... 7Site Plan ............................................. 8

Market Overview 9Location Overview ............................ 10Location Maps .................................. 11Demographics .................................. 13

Sale Comparables 14

Rent Comparables 18

Financials 21Tenant Overview ............................... 22Property Overview & Pricing .............. 23Year One Cash Flow Estimates .......... 24

CBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property

will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

Affiliated Business Disclosure and Confidentiality Agreement

Please note, the photos used in this document

are not the actual subject property unless otherwise

noted.

Executive Summary


4 Dollar General | Corry, PA

Investment hIghlIghts

Dollar general Corporate guaranty, Investment grade tenant This is a stabilized asset, 100% occupied by Dollar General on a corporate lease, with a Standard & Poor’s credit rating of BBB-.

nearly 10 Years Remaining, 5.9% Rental Increase Commencing 2019 The tenant recently extended their lease, exercising another five year option before expiration proving their success and dedication to this location. This early renewal was completed without any incentive from the landlord. The lease calls for a 5.9% rental increase in August, 2019.

strong salesDollar General was required to report sales at this location until 2013. Reported sales were over $1.3 million annually.

nn lease Dollar General is on a NN lease in which they are responsible for reimbursing the landlord for all operating expenses (however, there is a cap of $0.40 per square foot on parking lot maintenance, excluding snow removal). Full Interior Remodel Underway, Dollar general is Currently Investing in the store This Dollar General property is currently undergoing a major interior renovation (commenced February, 2015) at the expense of the tenant. located near signalized IntersectionDollar General is located on the south side of East Main Street, just east of the signalized intersection at Pennsylvania Avenue.

Asking Price.......................$703,000CAP Rate.................................7.25%Price Per Square Foot ..............$86.15



the OFFeRIng

CBRE, Inc. has been retained by current ownership as the exclusive marketing advisor for the disposition of the Dollar General (the “Property”) located at 406 East Main Street, Corry, Pennsylvania 16407.

Investment OveRvIew

Dollar General has been a tenant since 2004 and recently exercised two five year extensions on their lease. It now runs through July 31, 2024 (9+ years remaining) on their 8,160 square foot free-standing store on a 0.64-acre parcel.

Dollar General is on a NN lease in which the tenant is responsible for reimbursing the landlord for all operating expenses including property insurance, real estate taxes and common area maintenance. However, the tenant has a maximum reimbursement of $0.40 per square foot during their current lease term for parking lot maintenance (excluding snow removal). The tenant is also responsible for HVAC preventative maintenance in that they must keep in force a maintenance contract throughout their lease term and all option periods. The lease also calls for two additional renewal options of five years each with a notification period of 90 days and rental escalation of just over five percent per option period.

Dollar General is currently paying for a major store renovation that started in February, 2015 which includes a full interior remodel. A budget has not been provided at this time. The parking lot is projected to be sealed and striped in the Spring of 2015. Dollar General Corporation (NYSE: DG) is the nation’s largest “small-box” discount retailer, operating over 11,000 stores in 40 states as of June 2014. Dollar General was ranked #164 in the Fortune 500 in 2014, with over $17 billion in sales. Dollar General is located on the southeast corner of the intersection of East Main Street and East Street. Just over one mile southwest is the Corry-Lawrence Airport, a public use airport owned by the City of Corry Airport Authority. It is approximately 120 miles north of Pittsburgh and approximately 350 miles northwest of Philadelphia. Dollar General has close access to Route 426, I-77 and U.S Route 6.

FRee anD CleaR OF exIstIng FInanCIng

The Property is being offered free and clear of existing financing. This marketing package proposes the finacing option of an all cash transaction.

Actual Subject Property

© 2015 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof. Although the Information is believed to be correct, its accuracy, correctness or completeness cannot be guaranteed and has not been verified byeither CBRE Limited or any of its affiliates (CBRE Limited and its affiliates are collectively referred to herein as “CBRE”). CBRE neither guarantees, warrants nor assumes any responsibility or liability of any kind with respect to the accuracy, correctness, completeness, or suitability of, or decisions based upon or in connection with, the Information. The recipient of the Information should take suchsteps as the recipient may deem appropriate with respect to using the Information. The Information may change and any property described herein may be withdrawn from the market at any time without notice or obligation of any kind on the part of CBRE. The Information is protected by copyright and shall be fully enforced.

Layout ID:L01 MapId:2196773

East Street

Dollar General


COUntY: Erie County

PaRCel nUmbeR: 05-028-181.0-001.00

bUIlDIng sIze / lanD aRea: 8,160 Square Feet / 0.65 Acres

OCCUPanCY: 100%

YeaR bUIlt: 2004

nUmbeR OF tenants: One

PROPeRtY tYPe: Single Tenant Retail

tYPe OF OwneRshIP: Fee Simple

Dollar general | 406 East Main Street | Corry, Pennsylvania 16407

nUmbeR OF FlOORs: One

PaRkIng:Asphalt Paved, sealed and striped project Spring 2015

FROntage:Direct Frontage Along East Main Street

exteRIOR walls: Brick

ROOF:Rubber Membrane with a 20 year warranty through 2024

stRUCtURe: Structural Steel Columns

FOUnDatIOn: Poured Concrete

hvaC: Roof Mounted Units


Asking Price.......................$703,000CAP Rate.................................7.25%Price Per Square Foot ..............$86.15


bUIlDIng Plan


sIte Plan

Market Overview



area Overview

Dollar General is located on the southeast corner of the intersection of East Main Street and East Street. Just over one mile southwest is the Corry-Lawrence Airport, a public use airport owned by the City of Corry Airport Authority. 1.5 miles north of Dollar General is Corry Country Club. Corry Country Club is a private golf course that opened in 1965. Dollar General has close access to Route 426, I-77 and U.S Route 6.

Corry, Pennsylvania

Corry is the second largest city in Erie County located in northwestern Pennsylvania. Composed of just over six square miles, Corry is home to over 6,600 residents. Both railroad growth and the discovery of oil in nearby Titusville contributed greatly to Corry’s development. Pittsburgh, Pennsylvania can be found approximately 120 miles south of Corry.

lOCatIOn OveRvIew

erie County

Erie County, with a population of over 280,500, is Pennsylvania’s largest county. It is bordered by Chautauqua county, New York to the northeast, Warren County to the east, Crawford County to the south, Ashtabula County to the west and Lake Erie directly to the north. It’s position on the water makes Erie County the only county in Pennsylvania to share a border with Canada.

PENNSYLVANIA

Philadelphia

Pittsburgh

Scranton

Allentown

Lancaster

Harrisburg




lOCatIOn maP

Corry Elementary School

Corry Country Club

Corry-Lawrence Airport

Dollar General

Dollar General has close access to Route 426, I-77 and U.S Route 6.


lOCatIOn maP



Dollar General Property


406 E Main St 1 mile radius



2014 Estimated Population 5,388 8,456 10,5852019 Projected Population 5,404 8,473 10,6142010 Census Population 5,379 8,451 10,5732000 Census Population 5,443 8,516 10,627

Growth 2010-2014 0.16% 0.05% 0.11%Growth 2014-2019 0.30% 0.21% 0.28%

2014 Estimated Median Age 36.35 38.88 39.952014 Estimated Average Age 38.02 39.44 39.87

2014 Estimated Households 2,225 3,382 4,2022019 Projected Households 2,254 3,421 4,2552010 Census Households 2,194 3,340 4,1462000 Census Households 2,163 3,277 4,052

Growth 2010-2014 1.42% 1.25% 1.36%Growth 2014-2019 1.30% 1.16% 1.27%

2014 Est. Average Household Size 2.42 2.46 2.48

2014 Est. Median Household Income $32,327 $35,142 $37,3842019 Prj. Median Household Income $34,421 $36,651 $38,4342000 Cen. Median Household Income $30,899 $31,852 $32,877

2014 Est. Average Household Income $40,852 $44,526 $46,8482014 Estimated Per Capita Income $16,868 $17,810 $18,598

2014 Estimated Housing Units 2,418 3,703 4,6292014 Estimated Occupied Units 2,225 3,382 4,2022014 Estimated Vacant Units 193 321 427

2014 Est. Owner Occupied Units 1,210 2,125 2,8382014 Est. Renter Occupied Units 1,015 1,257 1,364

2014 Est. Median Housing Value $77,577 $85,129 $90,9112014 Est. Average Housing Value $121,253 $127,786 $131,893

©2015 - CBRE. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. Source: Nielsen

Prepared On: 1/16/2015 12:47:27 PM Page 1 of 5

Demographic Report

DemOgRaPhICs

Sale Comparables



SALES COMPARABLES

Building Name Address

Year Built

Building Size (SF)

Sale Date Sales Price Price/SFOccupancy

at SaleCap Rate

Term Remaining

(Years)Comments

Dollar General 406 East Main Street Corry, PA

2004 8,160 $703,000 $86 100% 7.25% 9.17

Dollar General just recently (March 30, 2015) signed a year renewal through July, 2024 with 9.17 years remaining on their current term.

1Dollar General 1123 E. Main St Boise City, OK

2010 9,175 On Market $1,099,241 $120 100% 7.25% 10

This double net Dollar General property is on a 15 year lease with 10 years remaining on their lease term (expiring 3/31/2025). The lease includes a 3% rent increase in 2020 and 10% per option period.

2Dollar General 2400 Ga Highway 127 Kathleen, GA

2009 9,014 On Market $1,165,000 $129 100% 7.25% 9

This store opened in 2009 with an original 15 year lease. This double net lease now has just over nine years remaining on their base term. The lease includes a 10% rent escalation in base year 11. The lease also includes five, five-year remewal options, with 10% rent escalations for each renewal.

3Dollar General 23848 Nc Highway 71 N Parkton, NC

2010 9,014 On Market $1,025,000 $114 100% 7.21% 9

This property was constructed in March 2010 and signed a net-lease for 15 year term. The property now has just under ten years of term remaining. The lease calls for five, five-year option periods with a 10% rent increase at the outset of each option.

4Dollar General 2201 Meridian Street North Huntsville, AL

2003 8,000 12/15/2014 $641,154 $80 100% 7.80% 8

This Dollar General location renewed their lease early through April 2023 and had just over eight years remaining at the time of sale. The double net lease includes 10% increases during the three, five-year options.

5Dollar General 3296 Main St Vernon, FL

2003 8,600 11/24/2014 $475,000 $55 100% 7.90% 8

This NN Dollar General had approximately eight years left on the lease term at the time of sale. This was originally a ten year lease. This store exercised their first option to renew three years early. The store has also recently undergone remodeling.

6Dollar General 3400 Haddonfield Rd Pennsauken, NJ

1946 / 2011 9,800 11/4/2014 $1,600,000 $163 100% 7.19% 8

This property was entirely gut renovated in 2011 to Dollar General's specifications, including a brand new roof, newly paved parking lot, and a fully demolished and newly built-out interior. This NN lease includes 10% increases every five years during the base term. This property sold with just under eight years remaining on the lease.

$110 7.43% 9 Average Term RemainingAll Comparable Averages


SALES COMPARABLES

7.25% 7.25% 7.21%

7.80% 7.90%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

1 2 3 4 5

Average Cap Rate

Average Cap Rate 7.43%

Subject Property 7.25%

CAP RATE ANALYSIS

The average cap rate for the sale comparables with similar lease term is 7.43%; therefore, the subject property, at an asking cap rate of 7.25%, is priced in line with the market average.


SALES COMPARABLES

$120

$129

$114

$80

$55

$0

$20

$40

$60

$80

$100

$120

$140

1 2 3 4 5

Average Price per Square Foot

Subject Price per SF $86

Comp Average Price per SF $110

PRICE PER SqUARE FOOT ANALYSIS

The average price for the sale comparables with similar lease term is $110 per square foot; therefore, the subject property, at an asking price of $86 per square foot, is priced in line with the market average.

Rent Comparables



RENT COMPARABLES

Building Name Address

Year Built

Building Size (SF)

Occupancy Cap RateAnnual

RentRent per

SFComments

Dollar General 406 East Main Street Corry, PA

2004 8,160 100% 7.25% $51,000 $6.25

Dollar General just recently (March 30, 2015) signed a year renewal through July, 2024 with 9.17 years remaining on their current term.

1Dollar General 30 E. 6th St. Franklin, OH

2014 9,100 100% 6.40% $92,549 $10.17

This site was built in August 2014 and is occupied by Dollar General on a 15-year NNN corporately guaranteed lease with five 5-year renewal options that include 10% rental increase per option.

2Dollar General 1011 N. Jefferson St. Ossian, IN

2013 9,026 100% 6.65% $86,517 $9.59

This Dollar General NNN lease commenced in February of 2013 and has a 15-year primary term with a 3% rent increase in year 11 and five 5-year options with 10% increase per option.

3Dollar General 307 S. Main St. Wolcottville, IN

2013 9,026 100% 6.65% $85,918 $9.52

This Dollar General NNN lease commenced in May of 2013 and has a 15-year primary term, with four 5-year tenant options to extend. Rent increases three percent in year 11 and 10% every five years during the option periods.

4Dollar General 4064 Norrisville Rd. Jarrettsville, MD

2014 9,320 100% 6.60% $133,650 $14.34

Dollar General occupies this space on a brand-new 15 year NN lease which commenced in October 2014. A 10% rent increase occurs every 5 years. Lease is equipped with five 5-year options

5Dollar General 508 E. Main St. Junction City, OH

2014 9,026 100% 7.20% $71,388 $7.91Dollar General occupies this site on an absolute NNN lease with zero landlord responsibilities. 15 initial lease term commenced in 2014.

6Dollar General 1055 Burton St. Wyoming, MI

2012 9,100 100% 6.75% $98,818 $10.86

Dollar General encumbered this property with a 15 year absolute NNN lease, which has 13.5 years remaining on the primary term. The lease contains a 3% rent bump in year 11 of the primary term, as well as, four 5-year options to renew, each with a 10% rental rate increase.

7Dollar General 740 Lysle Blvd. McKeesport, PA

2014 9,100 100% 6.60% $106,680 $11.72This site is occupied by Dollar Genera with a lease term that is guaranteed for15 years with two 5-year options with a 10% rent increase in each option period.

8Dollar General 612 Merchant St. Ambridge, PA

1948 / 2013 9,100 100% 6.50% $97,897 $10.76

The property was built in 1948 and renovated in 2013 for Dollar General whom occupies this site on a lease guaranteed for 15 years. Tenant has 2 five-year options with 10% rent bumps in each option period. This is an absolute NNN lease with no landlord responsibilities.

9Dollar General 1596 S. Parsons Ave. Columbus, OH

2013 9,000 100% 7.18% $120,837 $13.43

This 9,000 square foot Dollar General store was purchased for $187 per square foot. The building was constructed in 2013 as a built-to-suit for Dollar General and is on a 15-year net lease.

10Dollar General 240 Sandusky St. Monroeville, OH

2013 9,100 100% 7.20% $93,620 $10.29 Built in 2013, this absolute NNN leased Dollar General store had 15-years remaining at the time of sale

11Dollar General 811 E McDevitt Ave. Jackson, MI

2011 9,014 100% 8.00% $88,480 $9.82Dollar General occupies this site on a 15-year NN lease. Rent bump is included in year 11 of the 15 year base lease term.

12Dollar General 9480 Wayne Rd. Romulus, MI

2012 9,180 100% 7.00% $86,660 $9.44

This corporately guaranteed store has an initial 15-year term with a 3% rental increase at year 11 and five 5-year renewal options with 10% increases at each option. Dollar General is responsible for CAM, taxes, insurance, roof, and structure.

6.89% $10.65 Average Term RemainingAll Comparable Averages


RENT COMPARABLES

$10.17

$9.59 $9.52

$14.34

$7.91

$10.86

$11.72

$10.76

$13.43

$10.29 $9.82

$9.44

$0.00

$2.00

$4.00

$6.00

$8.00

$10.00

$12.00

$14.00

$16.00

1 2 3 4 5 6 7 8 9 10 11 12

Average Rent per Square Foot

Comp Average Rate $10.65 per SF

Subject Rate $6.25 per SF

RENT ANALYSIS

The average rental rate for comparable properties is $10.65 per square foot; therefore, the subject property at a rental rate of $6.25 per square foot is operating at an average rent that is 41% below market rates.

Financials



tenant OveRvIew

Dollar General Corporation is a United States chain of variety stores with headquarters in Goodlettsville, Tennessee. Dollar General often serves communities that are too small for superstores. Founded in 1939, Dollar General quickly grew into what it is today. In 2007, the company was acquired by the private equity firm, Kohlberg Kravis Roberts, which took the company public in 2009. By 1957, annual sales of Dollar General’s 29 stores were $5 million. Today, Dollar General operates over 11,500 store in 40 states across the United States.

tenant InFORmatIOn

tenant tRaDe name: Dollar General

tenant OwneRshIP: Public

stOCk sYmbOl: DG (NYSE)

RevenUe: $16.022 billion (2013, trending upward)

nUmbeR OF lOCatIOns: 11,500+ stores in 40 states

heaDqUaRteRs: Goodlettsville, TN


FInanCIals - lease abstRaCt

tenant: Dollar General

gUaRantOR: Dolgencorp, LLC

lease tYPe: NN

COmmenCement Date: 8/1/2004

exPIRatIOn Date: 7/31/2024

lease teRm: 9+ years remain

CURRent Rent: $51,000 Annual / $6.25 PSF

Rent esCalatIOns: August 2019 - July 2024 $54,019 Annual / $6.62 PSF

Renewal OPtIOns:

The lease is equipped with three, five-year options with a 90 day notification period:Option 1: $6.99 Option 2: $7.35

RIght OF FIRst ReFUsal: None

teRmInatIOn OPtIOn: None

ReImbURsement methOD:

Tenant is responsible for reimbursing the landlord for the real estate tax expenses, property insurance and common area maintenance with a maximum reimbursement of $0.40 per SF per year for parking lot maintenance (excluding snow removal), which increases during the option periods.

tenant RePaIRs: Dollar General shall maintain a service contract for the HVAC equipment.

lanDlORD RePaIRs / maIntenanCe:

The landlord shall maintain at its cost and expense in good condition and shall perform all necessary maintenance, repair, and replacement to the exterior of the premises including but not limited to, the roof, all paved and grass or landscaped areas, fencing, foundation, subfloors, exterior walls, exterior utility lines and piles and all other structural portions of the Premises. Please note that the roof has a warranty through 2024.

Real estate taxes:

The Lessee shall reimburse lessor, as additional rent for real estate taxes. Our analysis has estimated the real estate tax as follows: Based on conversations with the Erie County assessor’s office, the School Board will most likely appeal the value increase following the sale (current taxable value is $379,900). Therefore, we have estimated that the real estate tax expense will increase based on the asking price and the 2014 tax rate of 0.25711 for an estimate of $16,069 versus the 2014 taxes of $9,916.

CaP RatePRICe PeR sqUaRe

FOOt

ASKING PRICE$703,000

7.25% $86.15


FINANCIALS

Price $703,000Down Payment All Cash Rentable Square Feet 8,160Price per Square Foot $86.15CAP Rate 7.25%

Income 6/2015 - 5/2016 Per Month Per SFBase Rent

100.0% 8,160 SF $51,000 $4,250 $6.25Total Base Rent $51,000 $4,250 $6.25

Scheduled Base Rental Revenue $51,000 $4,250 $6.25

Expense Reimbursement Revenue Insurance $2,040 $170 $0.25

$2,726 $227 $0.33$2,447 $204 $0.30

Real Estate Taxes $16,904 $1,409 $2.07Total Expense Reimbursement Revenue $24,116 $2,010 $2.96

Gross Potential Income $75,116 $6,260 $9.21

Effective Gross Income $75,116 $6,260 $9.21

Operating Expense Estimates Insurance $2,040 $170 $0.25Parking Lot Maintenance (Estimated based on 2014 expenses) $2,726 $227 $0.33Snow Removal $2,447 $204 $0.30Real Estate Taxes 1 $16,904 $1,409 $2.07Total Common Area Expenses $24,116 $2,010 $2.96

Total Expenses $24,116 $2,010 $2.96

Net Operating Income $51,000 $4,250 $6.251 The current taxable value on the property is $379,900. Due to the fact that the School Board will most likely appeal the value increase following the sale, we have estimated the real estate tax expense based on the asking price and the 2014 tax rate of 0.25711. Additionally, please note that the tenant is responsible for reimbursing for real estate taxes.

Dollar General

Year One Cash Flow Estimates

Dollar General 8/2004 - 7/20249.17 Years Remain

Assumes All Cash Transaction

Parking Lot Maintenance (The tenant is to pay a maximum reimbursement of $0.40 per SF for Parking Lot Snow Removal

CBRE © 2015 All Rights Reserved. All information included in this proposal pertaining to CBRE including but not limited to its operations, employees, technology and clients are proprietary and confidential, and are supplied with the understanding that they will be held in confidence and not disclosed to third parties without the prior written consent of CBRE. This letter/proposal is intended solely as a preliminary expression of general intentions and is to be used for discussion purposes only. The parties intend that neither shall have any contractual obligations to the other with respect to the matters referred herein unless and until a definitive agreement has been fully executed and delivered by the parties. The parties agree that this letter/proposal is not intended to create any agreement or obligation by either party to negotiate a definitive lease/purchase and sale agreement and imposes no duty whatsoever on either party to continue negotiations, including without limitation any obligation to negotiate in good faith or in any way other than at arm’s length. Prior to delivery of a definitive executed agreement, and without any liability to the other party, either party may (1) propose different terms from those summarized herein, (2) enter into negotiations with other parties and/or (3) unilaterally terminate all negotiations with the other party hereto.

This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs.

Cap

ital Markets | In

vestmen

t Prop

erties

For More Information Please Contact:

bIll O’COnnORSenior Vice President+1 248 351 [email protected]

DavID hesanOVice President+1 248 351 [email protected]


Dollar General · 2015. 5. 4. · 4 Dollar General | Corry, PA Investment hIghlIghts Dollar general...

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Transcript of Dollar General · 2015. 5. 4. · 4 Dollar General | Corry, PA Investment hIghlIghts Dollar general...