DOLLAR GENERAL PORTFOLIO - LoopNet...Introduction CBRE, Inc., on behalf of Ownership as its...
Transcript of DOLLAR GENERAL PORTFOLIO - LoopNet...Introduction CBRE, Inc., on behalf of Ownership as its...
15 PROPERTIES · NNN LEASES · 11+ YEARS OF AVERAGE REMAINING LEASE TERM · $1.2 MILLION NOI
DOLLAR GENERAL PORTFOLIO
Primary Sales ContactsWill PikeExecutive Vice President+1 404 923 [email protected]
Brian PfohlSenior Vice President+1 404 504 [email protected]
Maury Vanden EykelSenior Director+1 312 297 [email protected]
Patrick ReimanFinancial Analyst+1 312 540 [email protected]
Leah LindellCapital Markets Operations Analyst+1 404 812 [email protected]
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENT
© 2019 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE,
Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness.
Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this
transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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. CBRE and the CBRE logo are service marks
of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their
respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited.
Executive Summary 1
Tenant Information 9
Property Overviews 13
Loan Summary 31
Transaction Guidelines 35
Table of Contents
EXECUTIVE SUMMARY
IntroductionCBRE, Inc., on behalf of Ownership as its exclusive advisor, is pleased to offer for sale
the fee-simple interest in the Dollar General Portfolio (the “Portfolio” or “Properties”).
The Portfolio consists of 15 retail properties net-leased to entities of Dollar General
Corporation (“Dollar General” or “Guarantor”), the United States’ largest small-box
discount retailer with over 15,000 locations in 44 states. The Guarantor holds an
investment grade credit rating (S&P: “BBB”) and reported $25.6 billion in Revenue for
FY2018, representing a roughly 9% increase from the year prior. The assets included
in the Portfolio feature strong real estate fundamentals, perfectly aligned demographic
profiles, and are customarily the local area’s primary retail establishment.
PORTFOLIO OVERVIEW15 Assets
143,363 Square Feet$1.2 Million Annual Net Rent
S&P: “BBB”
PORTFOLIO HIGHLIGHTSRecession-Proof Retailer
NNN Lease StructureRecent Build-to-Suits
Attractive In-Place Financing
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The OfferingThe Portfolio is comprised of 15 assets totaling 143,363 square feet of recently constructed, build-to-suit retail real estate located throughout rural Midwest communities in addition to one urban Tennessee location. The Properties are subject to 15-year NNN leases and have approximately 11.1 years remaining (as of 7/1/2019), providing an investor with long-term cash flow from a strong national retailer. The Midwest properties were all constructed in 2015 and have between 11.1 and 11.4 years of term remaining while the Tennessee property was built in 2013 and has 9.4 years remaining on its lease. All leases are guaranteed by Dollar General Corporation (S&P: “BBB”) and include five, 5-year renewal options subject to 10% increases at each onset. The Portfolio features a current annual net rent of $1,200,969, which equates to an attractive average net rental rate of $8.38 per square foot. The Portfolio’s assets are all located in desirable retail locations along major local area thoroughfares and are predominantly the only national retailer in the community.
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Investment Highlights
LEADING NORTH AMERICAN DISCOUNT RETAILERWith $25.6 billion in FY 2018 annual sales, Dollar General is the national leader in the dollar store industry and has routinely withstood economic downturns with revenue growth and store expansion. Dollar General’s products consist of branded and private label merchandise typically all priced at $10.00 or less. Stores offer an assortment of basic, consumable merchandise including food, snacks, health and beauty aids, cleaning supplies, basic apparel, housewares, seasonal items, and paper products among others.
With currently more than 15,000 stores in 44 states, representing at nearly 50% increase from five years prior, Dollar General has become a shopping staple across the United States. As of the end of 2018, Dollar General claims that more than three in four Americans live within five miles of one of its stores.
OPTIMAL NET LEASE STRUCTURE WITH FULL CORPORATE GUARANTYThe Properties are subject to NNN leases and the Tenant pays all costs and expenses associated with each asset. The leases feature five, 5-year renewal options with 10.0% rental rate increases at the onset of each option. Most importantly, all leases are guaranteed by Dollar General Corporation (S&P: “BBB”).
EXCELLENT RETAIL LOCATIONSAll of the Properties are situated within commercial corridors and feature prominent signage and convenient access to the local communities. Characteristically situated near “Main & Main” in rural communities, the Properties benefit as the leading national retailer in town while also adhering to Dollar General’s focus on proximity to its customer.
IDEAL DEMOGRAPHIC PROFILEThe Portfolio includes a selection of rural midwestern locations and urban sites in larger Tennessee cities. The rural properties feature an average population of roughly 3,000 residents within five miles. This same population has an average annual household income of just over $62,000. The property located in Chattanooga, Tennessee features more than 12,000 residents, within a 3-mile radius, and that same population has an average annual household income of just under $80,000. Dollar General typically serves a lower and middle income customer that even in favorable economic conditions tends to be cost conscious, which is why more than 80 percent of the approximately 11,000 items found in its stores sell for less than $5.00.
ATTRACTIVE IN-PLACE FINANCINGThe Portfolio will be transferred with attractive in-place financing. The loan amount is currently $11,757,000 and features a 10-year term, which began in November 2018, with an anticipated repayment date of December 6, 2028. The loan includes a 5-year interest only period and an all-in interest rate of 5.05%. The loan cannot be defeased during the first two years of the term. More information can be found in the Loan Summary included in this Offering Memorandum.
DOLLAR GENERAL HIGHLIGHTS
The discount retailer has not wavered
in the weak retail market, in fact, Dollar
General’s annual sales grew from $16
billion in 2012, to $22 billion in 2016, and
to nearly $26 billion in 2018.
Dollar General opened 730 new stores in
fiscal 2015, 900 new stores in fiscal 2016,
another 900 new stores in fiscal 2017,
had 900 additional stores slated for 2018,
and currently operates 15,370 stores.
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PROPERTY ADDRESS & PRICE LEASE INFORMATION DEMOGRAPHICS3-Mile 5-Mile 10-Mile
# ADDRESS CITY STATE RSF YEAR BUILT
SITE SIZE
(ACRES)PARKING SPACES
TRAFFIC COUNT TENANT / GAURANTOR
ANNUAL NET RENT PSF
LEASE TY PE
LEASE TERM REMAINING
(AS OF 7/2019)TOTAL
POPULATION HOUSEHOLDSMEDIAN HH
INCOMEAVERAGE HH
INCOMETOTAL
POPULATION HOUSEHOLDSMEDIAN HH
INCOMEAVERAGE HH
INCOMETOTAL
POPULATION HOUSEHOLDSMEDIAN HH
INCOMEAVERAGE HH
INCOME
1 700 6th Avenue West Andalusia IL 9,630 2015 2.41 31 3,900 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $83,211 $8.64 NNN 11.3 Years 5,000 1,935 $76,294 $88,507 9,403 3,650 $75,106 $86,662 88,657 36,447 $44,740 $59,813
2 203 SW 5th Street Woodhull IL 9,002 2015 1.53 30 4,600 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $79,690 $8.85 NNN 11.3 Years 1,275 545 $52,455 $65,253 2,304 980 $52,714 $65,692 7,727 3,168 $54,269 $69,087
3 301 West 6th Street Hedrick IA 9,358 2015 1.81 30 2,480 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $69,848 $7.46 NNN 11.1 Years 921 367 $39,612 $50,588 1,341 540 $43,834 $56,477 6,222 2,390 $53,385 $67,381
4 1208 Broad Street Keosauqua IA 9,245 2015 1.03 30 3,330 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $72,682 $7.86 NNN 11.4 Years 1,214 551 $44,034 $65,383 1,630 730 $44,935 $64,384 4,443 1,855 $45,000 $60,062
5 315 North 4th Street Mapleton IA 9,225 2015 1.46 30 3,990 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $74,952 $8.12 NNN 11.2 Years 1,333 575 $47,598 $65,017 1,559 658 $48,057 $65,233 3,961 1,701 $47,283 $62,613
6 1307 West 1st Street Sumner IA 9,185 2015 3.12 31 3,690 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $71,020 $7.73 NNN 11.4 Years 2,458 1,047 $50,859 $57,689 2,912 1,227 $51,397 $59,564 8,147 3,399 $53,215 $64,962
7 703 Main Street West Baudette MN 9,206 2015 1.20 46 5,500 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $80,869 $8.78 NNN 11.4 Years 1,296 576 $52,326 $62,645 1,729 744 $52,217 $62,900 2,403 1,047 $51,781 $63,584
8 30921 US 71 Browerville MN 9,225 2015 1.39 30 3,950 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $71,812 $7.78 NNN 11.3 Years 1,416 558 $47,577 $61,066 2,129 812 $48,292 $63,471 9,783 3,725 $45,794 $60,878
9 113 State 210 West Pillager MN 9,176 2015 1.60 30 4,900 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $78,180 $8.52 NNN 11.3 Years 1,615 637 $53,769 $64,298 2,842 1,114 $60,696 $70,980 15,248 5,833 $63,323 $81,844
10 59574 MN-11 Warroad MN 9,381 2015 1.98 30 3,150 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $82,644 $8.81 NNN 11.4 Years 2,730 1,117 $49,038 $66,480 4,085 1,644 $52,154 $68,085 6,066 2,392 $53,548 $68,404
11 100 East Third Street Dixon MO 10,799 2015 1.11 34 4,994 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $87,988 $8.15 NNN 11.4 Years 2,831 1,154 $37,735 $48,598 4,502 1,785 $41,289 $51,915 11,448 4,451 $48,480 $58,625
12 Rural Route 5 Box 1239 Patton MO 9,212 2015 2.00 30 3,012 Dolgencorp, LLC / Dollar General
Corporation (S&P: "BBB") $73,168 $7.94 NNN 11.3 Years 664 269 $44,924 $57,985 1,713 662 $43,875 $58,474 5,986 2,286 $44,818 $60,228
13 44093 MO-154 Perry MO 9,213 2015 1.63 30 1,700 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $72,861 $7.91 NNN 11.4 Years 686 301 $36,511 $49,671 1,241 559 $38,675 $50,809 2,827 1,237 $44,468 $53,645
14 10712 Highway T Wappapello MO 9,100 2015 1.42 30 3,104 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $66,843 $7.35 NNN 11.1 Years 1,146 568 $39,204 $50,741 2,993 1,361 $38,183 $49,552 9,039 3,768 $38,232 $53,704
15 147 Browns Ferry Road Chattanooga TN 12,406 2013 2.45 50 12,194 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $135,201 $10.90 NNN 9.4 Years 12,566 5,526 $40,900 $79,649 53,011 20,678 $29,966 $56,578 219,409 90,561 $37,840 $57,562
Totals / Averages 143,363 26.1 4,300 $1,200,969 $8.38 11.1 Years 2,477 1,048 $47,522 $62,238 6,226 2,476 $48,093 $62,052 26,758 10,951 $48,412 $62,826
Detailed Portfolio Summary
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PROPERTY ADDRESS & PRICE LEASE INFORMATION DEMOGRAPHICS3-Mile 5-Mile 10-Mile
# ADDRESS CITY STATE RSF YEAR BUILT
SITE SIZE
(ACRES)PARKING SPACES
TRAFFIC COUNT TENANT / GAURANTOR
ANNUAL NET RENT PSF
LEASE TY PE
LEASE TERM REMAINING
(AS OF 7/2019)TOTAL
POPULATION HOUSEHOLDSMEDIAN HH
INCOMEAVERAGE HH
INCOMETOTAL
POPULATION HOUSEHOLDSMEDIAN HH
INCOMEAVERAGE HH
INCOMETOTAL
POPULATION HOUSEHOLDSMEDIAN HH
INCOMEAVERAGE HH
INCOME
1 700 6th Avenue West Andalusia IL 9,630 2015 2.41 31 3,900 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $83,211 $8.64 NNN 11.3 Years 5,000 1,935 $76,294 $88,507 9,403 3,650 $75,106 $86,662 88,657 36,447 $44,740 $59,813
2 203 SW 5th Street Woodhull IL 9,002 2015 1.53 30 4,600 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $79,690 $8.85 NNN 11.3 Years 1,275 545 $52,455 $65,253 2,304 980 $52,714 $65,692 7,727 3,168 $54,269 $69,087
3 301 West 6th Street Hedrick IA 9,358 2015 1.81 30 2,480 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $69,848 $7.46 NNN 11.1 Years 921 367 $39,612 $50,588 1,341 540 $43,834 $56,477 6,222 2,390 $53,385 $67,381
4 1208 Broad Street Keosauqua IA 9,245 2015 1.03 30 3,330 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $72,682 $7.86 NNN 11.4 Years 1,214 551 $44,034 $65,383 1,630 730 $44,935 $64,384 4,443 1,855 $45,000 $60,062
5 315 North 4th Street Mapleton IA 9,225 2015 1.46 30 3,990 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $74,952 $8.12 NNN 11.2 Years 1,333 575 $47,598 $65,017 1,559 658 $48,057 $65,233 3,961 1,701 $47,283 $62,613
6 1307 West 1st Street Sumner IA 9,185 2015 3.12 31 3,690 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $71,020 $7.73 NNN 11.4 Years 2,458 1,047 $50,859 $57,689 2,912 1,227 $51,397 $59,564 8,147 3,399 $53,215 $64,962
7 703 Main Street West Baudette MN 9,206 2015 1.20 46 5,500 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $80,869 $8.78 NNN 11.4 Years 1,296 576 $52,326 $62,645 1,729 744 $52,217 $62,900 2,403 1,047 $51,781 $63,584
8 30921 US 71 Browerville MN 9,225 2015 1.39 30 3,950 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $71,812 $7.78 NNN 11.3 Years 1,416 558 $47,577 $61,066 2,129 812 $48,292 $63,471 9,783 3,725 $45,794 $60,878
9 113 State 210 West Pillager MN 9,176 2015 1.60 30 4,900 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $78,180 $8.52 NNN 11.3 Years 1,615 637 $53,769 $64,298 2,842 1,114 $60,696 $70,980 15,248 5,833 $63,323 $81,844
10 59574 MN-11 Warroad MN 9,381 2015 1.98 30 3,150 DG Retail, LLC / Dollar General Corporation (S&P: "BBB") $82,644 $8.81 NNN 11.4 Years 2,730 1,117 $49,038 $66,480 4,085 1,644 $52,154 $68,085 6,066 2,392 $53,548 $68,404
11 100 East Third Street Dixon MO 10,799 2015 1.11 34 4,994 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $87,988 $8.15 NNN 11.4 Years 2,831 1,154 $37,735 $48,598 4,502 1,785 $41,289 $51,915 11,448 4,451 $48,480 $58,625
12 Rural Route 5 Box 1239 Patton MO 9,212 2015 2.00 30 3,012 Dolgencorp, LLC / Dollar General
Corporation (S&P: "BBB") $73,168 $7.94 NNN 11.3 Years 664 269 $44,924 $57,985 1,713 662 $43,875 $58,474 5,986 2,286 $44,818 $60,228
13 44093 MO-154 Perry MO 9,213 2015 1.63 30 1,700 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $72,861 $7.91 NNN 11.4 Years 686 301 $36,511 $49,671 1,241 559 $38,675 $50,809 2,827 1,237 $44,468 $53,645
14 10712 Highway T Wappapello MO 9,100 2015 1.42 30 3,104 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $66,843 $7.35 NNN 11.1 Years 1,146 568 $39,204 $50,741 2,993 1,361 $38,183 $49,552 9,039 3,768 $38,232 $53,704
15 147 Browns Ferry Road Chattanooga TN 12,406 2013 2.45 50 12,194 Dolgencorp, LLC / Dollar General Corporation (S&P: "BBB") $135,201 $10.90 NNN 9.4 Years 12,566 5,526 $40,900 $79,649 53,011 20,678 $29,966 $56,578 219,409 90,561 $37,840 $57,562
Totals / Averages 143,363 26.1 4,300 $1,200,969 $8.38 11.1 Years 2,477 1,048 $47,522 $62,238 6,226 2,476 $48,093 $62,052 26,758 10,951 $48,412 $62,826
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TENANT INFORMATION
Tenant InformationDollar General Corporation (“Dollar General” or the “Company”) is the nation’s largest small-box discount retailer. The Goodlettsville, Tennessee-based chain has 15,370 stores across 44 states and employs over 135,000 people across the United States. In recent years, the chain has been constructing more stand-alone stores, typically in areas not served by another general merchandise retailer. Founded in 1939, under the name J.L. Turner & Son, Inc., the first Dollar General store opened in Springfield, Kentucky in 1955.
Business grew over the next four decades and in 1999 the Company set out to double the number of stores it had from 3,600 to 7,200 and relocate older stores into larger buildings with more visibility. In 2011, the Company announced another plan for expansion with a goal of opening 625 new stores in 35 states and hiring 6,000 new employees. Following this expansion, annual revenue skyrocketed to $16.02 billion in 2013 representing an increase of over 53% between 2009 and 2013.
As of March 14, 2019, Standard & Poor’s maintains an investment grade credit rating of “BBB” for Dollar General Corporation, in addition to a stable outlook. For FY2018, the Company reported $25.6 billion in Total Revenue and $1.6 billion in Net Income - both of which represent significant increases from one year prior and historical financials. Dollar General has announced plans to open 975 new stores in 2019.
DOLLAR GENERAL QUICK FACTS
Headquarters Goodlettsville, TN
Number of Locations 15,370
Number of Employees 135,000
Year Founded 1939
Credit Rating S&P: BBB
Fortune 500 Ranking #128
Stock Ticker DG (NYSE)
Market Cap $29.35 Billion
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DOLLAR GENERAL CORPORATION FINANCIAL INFORMATIONMETRIC FY 2018 GROWTH FY 2017 GROWTH
Total Revenues (Billions) $25.60 9.1% $23.47 6.7%
Operating Income (Billions) $2.10 4.5% $2.01 -2.4%
Net Income (Billions) $1.58 2.6% $1.54 23.2%
Diluted EPS $5.97 6.0% $5.63 27.1%
Store Count 15,370 5.8% 14,534 9.1%
Average Store Gross SF 7,401 -0.2% 7,419 -18.5%
TOTAL REVENUES TOTAL REVENUE GROWTH
$25.6 Billion 8.9%STORES AVG SALES PER SQUARE FOOT
15,370 ~$230AVG STORE GROSS SQ FT TOTAL EMPLOYMENT
7,300 135,000
REVENUE AND REVENUE GROWTH
$10,000
$15,000
$20,000
$25,000
$30,000
0.0%
4.0%
8.0%
12.0%
16.0%
2012 2013 2014 2015 2016 2017 2018
Total Revenues ($M) Total Revenue Growth
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PROPERTY OVERVIEWS
Port of Andalusia
AndalusiaFamily Cafe
US Postal Service
700 6th Avenue West | Andalusia, IL
The Andalusia property is located along 6th Avenue, the community’s primary east-west thoroughfare which bisects the village and provides access to the downtown area with restaurants and local shops and businesses. Andalusia is located within the Quad Cities region, which is centered around the cities of Moline and Rock Island in Northwest Illinois and Davenport and Bettendorf in Eastern Iowa.
INVESTMENT & LEASE SUMMARYTenant: DG Retail, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $83,211 / $8.64
Lease Expiration / Remaining Term: 10/31/30 / 11.3 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 700 6th Avenue West
Andalusia, IL
Square Footage: 9,630
Year Built: 2015
Site Size / Parking Spaces: 2.41 Acres / 31
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 5,000 9,403 88,657
Households: 1,935 3,650 36,447
Median HH Income: $76,294 $75,106 $44,740
Average HH Income: $88,507 $86,662 $59,813
Average Daily Traffic Count: 3,900
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Subway
US Postal Service
Pioneer Hybrid
Farmers StateBankThe Butter
Churn
203 SW 5th Street | Woodhull, IL
INVESTMENT & LEASE SUMMARYTenant: DG Retail, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $79,690 / $8.85
Lease Expiration / Remaining Term: 10/31/30 / 11.3 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 203 SW 5th Street
Woodhull, IL
Square Footage: 9,002
Year Built: 2015
Site Size / Parking Spaces: 1.53 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,275 2,304 7,727
Households: 545 980 3,168
Median HH Income: $52,455 $52,714 $54,269
Average HH Income: $65,253 $65,692 $69,087
Average Daily Traffic Count: 4,600
The Woodhull Dollar General has excellent visibility along Highway Avenue, the primary thoroughfare in the village that provides access from Interstate 74 to downtown Woodhull. The Dollar General serves as the primary retailer in the town while other businesses in the surrounding area include Subway and a local restaurant called The Butter Churn. Interstate 74 provided access across the Midwest spanning from the Quad Cities in Illinois and Iowa to Indianapolis, Indiana while traveling through Peoria, Bloomington, and Champaign, Illinois.
CBRE | 15
301 West 6th Street | Hedrick, IA
Sinclair Gas Station
Hedrick Bank
City Hall
US Postal Service
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $69,848 / $7.46
Lease Expiration / Remaining Term: 7/31/30 / 11.1 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 301 West 6th Street
Hedrick, IA
Square Footage: 9,358
Year Built: 2015
Site Size / Parking Spaces: 1.81 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 921 1,341 6,222
Households: 367 540 2,390
Median HH Income: $39,612 $43,834 $53,385
Average HH Income: $50,588 $56,477 $67,381
Average Daily Traffic Count: 2,480
The town of Hedrick is located in between the metropolitan areas of Des Moines and Iowa City, Iowa. The property is situated along West 6th Street, which is the main thoroughfare in Hedrick. Nearby North Main Street bisects West 6th Street and provides access to downtown Hedrick, which includes a City Hall, Hedrick Bank, and the United States Postal Service. The Dollar General represents the primary retailer in the city and for the surrounding communities.
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1208 Broad Street | Keosauqua, IA
Van BurenCounty Hospital
KeosauquaMunicipal
Airport
First Iowa State Bank
US Postal Service
RiverbendPizza &
Steakhouse
NAPAAuto Parts
Van BurenHigh School
DES M
OIN
ES
RIV
ER
The Keosauqua Dollar General is located on Broad Street, which is a major thoroughfare in the city and provides access to the downtown district. The downtown area contains retail properties belonging to the First Iowa State Bank, NAPA Auto Parts, and local restaurants. The Keosauqua Municipal Airport is located adjacent to the downtown district across the Des Moines River. Additionally, the Van Buren County Hospital is a short walk from the property.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $72,682 / $7.86
Lease Expiration / Remaining Term: 11/30/30 / 11.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 1208 Broad Street
Keosauqua, IA
Square Footage: 9,245
Year Built: 2015
Site Size / Parking Spaces: 1.03 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,214 1,630 4,443
Households: 551 730 1,855
Median HH Income: $44,034 $44,935 $45,000
Average HH Income: $65,383 $64,384 $60,062
Average Daily Traffic Count: 3,330
CBRE | 17
315 North 4th Street | Mapleton, IA
Bomgaars
FiestaFoods
Security National Bank
First StateBank
NAPAAuto Parts
MapletonElementary
Schhool
Mapleton is located in Northwest Iowa proximate to Sioux City and Iowa State Routes 141 and 175 converge in the city. The building is situated on the main roadway of North 4th Street and is well positioned on the northside of Mapleton’s downtown community adjacent to BP and Security National Bank. The Dollar General serves as the only national retailer in town while other retailers in the vicinity include Fiesta Foods and Bomgaars department store. Mapleton is also home to the James G. Whiting Memorial Field airport and the Willow Vale Golf Club.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $74,952 / $8.12
Lease Expiration / Remaining Term: 8/31/30 / 11.2 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 315 North 4th Street
Mapleton, IA
Square Footage: 9,225
Year Built: 2015
Site Size / Parking Spaces: 1.46 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,333 1,559 3,961
Households: 575 658 1,701
Median HH Income: $47,598 $48,057 $47,283
Average HH Income: $65,017 $65,233 $62,613
Average Daily Traffic Count: 3,990
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1307 West 1st Street | Sumner, IA
Subway
Life LineEmergency
Vehicles
HillcrestLiving
Norby’sFarmFleet
Sumner-FredericksburgHigh Schhool
First StateBank
SumnerPharmacy
Casey’sGeneral Store
The Sumner Dollar General is well positioned along the major thoroughfare of West 1st Street and benefits as the primary national retailer in town. Other users along 1st Street include Subway, Casey’s General Store, Sumner Pharmacy, and First State Bank. Sumner is located approximately 35 miles north of Waterloo, Iowa.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $71,020 / $7.73
Lease Expiration / Remaining Term: 11/30/30 / 11.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 1307 West 1st Street
Sumner, IA
Square Footage: 9,185
Year Built: 2015
Site Size / Parking Spaces: 3.12 Acres / 31
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 2,458 2,912 8,147
Households: 1,047 1,227 3,399
Median HH Income: $50,859 $51,397 $53,215
Average HH Income: $57,689 $59,564 $64,962
Average Daily Traffic Count: 3,690
CBRE | 19
703 Main Street West | Baudette, MN
BaudetteInternational
Airport
HometownHardware
Wells FargoBank
Lake of the WoodsFoods
ANIPharmaceuticals
Alice’sFamily
Restaurant
Subway
BAU
DETTE
RIV
ER
CANADA
NAPAAuto Parts
McDonalds
INVESTMENT & LEASE SUMMARYTenant: DG Retail, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $80,869 / $8.78
Lease Expiration / Remaining Term: 11/30/30 / 11.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 703 Main Street West
Baudette, MN
Square Footage: 9,206
Year Built: 2015
Site Size / Parking Spaces: 1.20 Acres / 46
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,296 1,729 2,403
Households: 576 744 1,047
Median HH Income: $52,326 $52,217 $51,781
Average HH Income: $62,645 $62,900 $63,584
Average Daily Traffic Count: 5,500
The property is located along Main Street West in the city of Baudette, which flanks the United States-Canada border made by the Rainy River. As the primary local roadway, Main Street West bisects the city and features a McDonald’s, Subway, Wells Fargo, Lake of the Woods Foods, and several local area businesses. Additionally, the Baudette International Airport can be found just north of the city and multiple hotels can be found in town, including an AmericInn by Wyndam.
20 | CBRE
30921 US 71 | Browerville, MN
Land O’ Lakes, Inc.Dairy Farm
Steve’s County Foods
Casey’s General Store
BrowervilleHigh School
American HeritageNational Bank
Step On InThrift
INVESTMENT & LEASE SUMMARYTenant: DG Retail, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $71,812 / $7.78
Lease Expiration / Remaining Term: 9/30/30 / 12.3 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 30921 US 71
Browerville, MN
Square Footage: 9,225
Year Built: 2015
Site Size / Parking Spaces: 1.39 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,416 2,129 9,783
Households: 558 812 3,725
Median HH Income: $47,577 $48,292 $45,794
Average HH Income: $61,066 $63,471 $60,878
Average Daily Traffic Count: 3,950
Browerville is located one hour north of St. Cloud, Minnesota along US Highway 71. The Dollar General is situated along north-south US Highway 71, which is the primary thoroughfare through the city of Browerville and connecting communities. Many of the local retailers and businesses are also located along US 71 including a Land O’Lakes dairy farm, Cherry Grove Market, and Casey’s General Store.
CBRE | 21
113 State 210 West | Pillager, MN
Marion Lumber & Truss
Pine River State Bank
Up NorthCafe
PillagerHigh School
The hard corner property is located at the intersection of State 210 West and River Street, which provides access to downtown Pillager. The Dollar General represents the primary national retailer in the city with supporting retailers positioned near the downtown area, including multiple restaurants and businesses.
INVESTMENT & LEASE SUMMARYTenant: DG Retail, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $78,180 / $8.52
Lease Expiration / Remaining Term: 10/31/30 / 11.3 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 113 State 210 West
Pillager, MN
Square Footage: 9,176
Year Built: 2015
Site Size / Parking Spaces: 1.60 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,416 2,129 9,783
Households: 558 812 3,725
Median HH Income: $47,577 $48,292 $45,794
Average HH Income: $61,066 $63,471 $60,878
Average Daily Traffic Count: 3,950
22 | CBRE
59574 MN-11 | Warroad, MN
Marvin Home Center
Hardware Store
Doug’sSupermarket
Marvin Windows & Doors
Shopko
Dollar Saver
NAPAAuto Parts
WARROAD
RIVER
INVESTMENT & LEASE SUMMARYTenant: DG Retail, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $82,644 / $8.81
Lease Expiration / Remaining Term: 11/30/30 / 11.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 59574 MN-11
Warroad, MN
Square Footage: 9,381
Year Built: 2015
Site Size / Parking Spaces: 1.98 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 2,730 4,085 6,066
Households: 1,117 1,644 2,392
Median HH Income: $49,038 $52,154 $53,548
Average HH Income: $66,480 $68,085 $68,404
Average Daily Traffic Count: 3,150
Warroad is located just south of the US-Canada border along Muskeg Bay, part of Lake of the Woods. The Dollar General is situated on the main thoroughfare of MN-11, which bisects the city and provides access to the downtown area. Other notable retailers located along MN-11 include a Shopko, Doug’s Supermarket, and Marvin Home Center hardware store. Additionally, a major Marvin Windows and Doors manufacturing plant is positioned on the north side of Warroad. Warroad is also home to multiple hotels and the Seven Clans Casino.
CBRE | 23
100 East Third Street | Dixon, MO
Country MartExpress
Lucky DawgConsignment Center
Community Bankof Dixon
Mid AmericaBank & Trust
Dixon High School
Casey’s General Store
Dixon is located adjacent to the Lake of the Ozarks approximately two hours southwest of St. Louis, Missouri via Interstate 44. Situated in the heart of downtown Dixon, the building benefits from good accessibility off the main local roadway of Tyson Alley. The Dollar General is also surrounded by supporting restaurants, banks including Community Bank of Dixon and Mid America Bank & Trust, and the Dixon High School.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $87,988 / $8.15
Lease Expiration / Remaining Term: 11/30/30 / 11.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 100 East Third Street
Dixon, MO
Square Footage: 10,799
Year Built: 2015
Site Size / Parking Spaces: 1.11 Acres / 34
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 2,831 4,502 11,448
Households: 1,154 1,785 4,451
Median HH Income: $37,735 $41,289 $48,480
Average HH Income: $48,598 $51,915 $58,625
Average Daily Traffic Count: 4,994
24 | CBRE
Rural Route 5 Box 1239 | Patton, MO
The Bank ofMissouri
Butcher Block
Bonnie’s Country Cookin
Green’sGarden Bakery
Mouser Steel Supply
Patton is situated 1.5 hours south of St. Louis, Missouri just south of Interstate 55. The Dollar General is positioned at the intersection of Rural Route 5 and MO-72 near a number of restaurants and businesses. Local destinations include Green’s Garden bakery, Mouser Steel Supply, and the Butcher Block. The Dollar General benefits as the primary retailer in the local community.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $73,168 / $7.94
Lease Expiration / Remaining Term: 10/31/30 / 11.3 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: Rural Route 5 Box 1239
Patton, MO
Square Footage: 9,212
Year Built: 2015
Site Size / Parking Spaces: 2.00 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 664 1,713 5,986
Households: 269 662 2,286
Median HH Income: $44,924 $43,875 $44,818
Average HH Income: $57,985 $58,474 $60,228
Average Daily Traffic Count: 3,012
CBRE | 25
44093 MO-154 | Perry, MO
Perry Machine & Die
HNBBank Hickman’s IGA
Grocery StoreThe JunctionRestaurant & Lounge
Casey’s General
Store
NAPAAuto Parts
Perry is located one hour from Columbia, Missouri near Mark Twain Lake. The property is located at the intersection of MO-154 and MO-19, the community’s major thoroughfares, and the Dollar General represents the primary retailer in the city. Supporting businesses in the local area include NAPA Auto Parts, HNB Bank, and Perry Machine & Die.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $72,861 / $7.91
Lease Expiration / Remaining Term: 11/30/30 / 11.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 44093 MO-154
Perry, MO
Square Footage: 9,213
Year Built: 2015
Site Size / Parking Spaces: 1.63 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 686 1,241 2,827
Households: 301 559 1,237
Median HH Income: $36,511 $38,675 $44,468
Average HH Income: $49,671 $50,809 $53,645
Average Daily Traffic Count: 1,700
26 | CBRE
10712 Highway T | Wappapello, MO
LAKEWAPPAPELLO
Redman CreekRecreation Area
US Army Corpof Engineers
Wappapello Food RiteSupermarket
Swifty Pizza& Cafe
The property is located just over two hours south of St. Louis, Missouri adjacent to Lake Wappapello State Park. The Dollar General is located along the main thoroughfare of Highway T in Wappapello. In addition to being surrounded by supporting restaurants and businesses, the property is the primary national retailer in the local area.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $66,843 / $7.35
Lease Expiration / Remaining Term: 7/31/30 / 11.1 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 10712 Highway T
Wappapello, MO
Square Footage: 9,100
Year Built: 2015
Site Size / Parking Spaces: 1.42 Acres / 30
Construction Detail: Decorative Concrete Masonry and Metal Exterior, Steel Structure, Not Sprinklered,
Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 1,146 2,993 9,039
Households: 568 1,361 3,768
Median HH Income: $39,204 $38,183 $38,232
Average HH Income: $50,741 $49,552 $53,704
Average Daily Traffic Count: 3,104
CBRE | 27
147 Browns Ferry Road | Chattanooga, TN
McDonaldsHardees
SunTrust
Walmart Supercenter
O’ReillyAuto Parts
The Dollar General is located along Browns Ferry Road just off the Interstate 24 interchange. Benefiting from excellent accessibility and visibility, the property is near quick service restaurants, numerous hotels, and is surrounded primarily by residential communities and retail and commercial corridors.
INVESTMENT & LEASE SUMMARYTenant: Dolgencorp, LLC
Guarantor: Dollar General Corporation (S&P: "BBB")
Annual Net Rent / PSF: $135,201 / $10.90
Lease Expiration / Remaining Term: 11/30/28 / 9.4 Years
Initial Lease Term: 15 Years
Renewal Options: 5 x 5-Year Options / 10% Increase at Onset
PROPERTY INFORMATIONAddress: 147 Browns Ferry Road
Chattanooga, TN
Square Footage: 12,406
Year Built: 2013
Site Size / Parking Spaces: 2.45 Acres / 50
Construction Detail: Brick Exterior, Steel Structure, Fully Sprinklered, Sheet Metal Roof
DEMOGRAPHIC PROFILERADIUS 3-MILE 5-MILE 10-MILE
Population: 12,566 53,011 219,409
Households: 5,526 20,678 90,561
Median HH Income: $40,900 $29,966 $37,840
Average HH Income: $79,649 $56,578 $57,562
Average Daily Traffic Count: 12,194
28 | CBRE
CBRE | 29
32 | CBRE
LOAN AMOUNT $11,757,000
CLOSING DATE 11/15/2018
TERM 10 Years in addition to a 2 Year ARD Period
ALL-IN INTEREST RATE 5.048%
INTEREST ONLY PERIOD 5 Years
ANTICIPATED REPAYMENT DATE December 6, 2028
STATED MATURITY DATE December 6, 2030
ADJUSTED INTEREST RATE Rate per annum equal to the greatest of (a) the sum of the Initial Interest Rate plus two percent (2.00%), (b) the sum of (i) the 10-year swap yield off Reuters Capital Markets 19901 on the date immediately following the Anticipated Repayment Date, and (ii) two percent (2.00%) and (c), when applicable pursuant to this Agreement or any other Loan Document, the Default Rate.
TRANSFER FEE $58,785.00
DEFEASANCE Cannot be defeased during the first two (2) years of the Term
Loan Summary
CBRE | 33
TRANSACTION GUIDELINES
Transaction GuidelinesThe offering of the Dollar General Portfolio is being distributed exclusively by CBRE to a select group of prequalified investors. The prospective investor will be selected by Owner in its sole and absolute discretion based on a variety of factors including, but not limited to:
• Offer price
• Financial strength
• Level of discretion to invest funds
• Ability to close in a timely fashion
• Experience in closing similar transactions
• Absence of contingencies
• Acceptance of contract terms
• Level of Property or Portfolio due diligence completed
• Thoroughness of Property or Portfolio underwriting
OTHER KEY TRANSACTION GUIDELINES INCLUDE THE FOLLOWING:• CBRE will be available to assist prospective investors to arrange on-site
inspections and to answer any questions related to information contained in this Offering Memorandum.
• CBRE reserves the right to accept any offer at any point in the marketing process.
• All offers must be presented in writing and be net of all seller closing costs.
• All offers must include the following:
- The price
- The source of purchaser’s capital (including equity and debt)
- The amount of earnest money deposit
- An outline of the proposed schedule for due diligence and closing
- A detailed description and the amount of capital allocations (if any)
- A list of any contingencies, including committee approvals, required to close the transaction
Owner and CBRE reserve the right to alter the Transaction Guidelines in their sole discretion.
36 | CBRE
AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENTCBRE, 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.
CBRE | 37