Retail

Dollar General - 2 Property Portfolio (OH & WV)

Cincinnati, Ohio United States
Asking Price
NOI Net Operating Income
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Asking Price
NOI Net Operating Income
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Property Description

Jones Lang LaSalle (“JLL”) is pleased to exclusively offer the opportunity to acquire

a two-property Dollar General portfolio (the “Portfolio” or the “Properties” or the

“Property”) located in Forest Park, Ohio and Martinsburg, West Virginia. This

acquisition opportunity presents an investor two, to-be-delivered Dollar General

stores with 15-year, corporately-guaranteed leases. The Properties feature Landlord

favorable, NNN leases with no Landlord responsibilities with full remaining primary

terms and up to five (5), five (5) year options to renew. Both leases feature rent

increases between 8 - 12% at the beginning of every renewal option.


The first Dollar General property is located in the established city of Forest Park in

the greater Cincinnati, Ohio area. This Property is the first of the two properties to be

delivered with construction nearing completion, with an expected completion date of

July 2021. Located at the well-traveled intersection of Northland Boulevard (20,000

VPD) and Southland Road, this Dollar General sits within an established commercial

corridor and is in close proximity to major population bases and economic clusters.

Specifically, the Property sits two miles away from the Tri-County Mall commercial

district, a dense retail area with more than four million SF of retail space. The Site is

also less than two miles from I-275, Cincinnati’s outer loop interstate which provides

commuters direct connectivity to residential areas and other commercial pockets

within the city’s northern submarkets.


The second Dollar General property located between downtown Martinsburg and

downtown Inwood, West Virginia. Construction just commenced on this project with

a estimated delivery date to be in Q3 of 2021. The Property is located on Hwy-11

(8,500 VPD), a major east coast thoroughfare that travels from Louisiana to New

Hampshire. Equidistant between Martinsburg and Inwood, this Dollar General

will serve the immediate trade area and pull in customers from either town and

commuters along Hwy-11. The Site’s location across the street from the Berkeley

Business Park, south of the Eastern West Virginia Regional Airport, and proximity to

residential neighborhoods will also fuel its customer base.


Dollar General (the “Company”) is the largest convenience store chain in the United

States with more than 17,100 locations in 46 states. The Company saw substantial

growth in 2020 due to Covid-19 because of it’s diverse, low-price product offerings

and essential retail operations, and it continues to see growth in 2021. In Q1-2021,

the Company reported continued, strong earnings with a 4.9% increase in operating

profits and a 4.2% increase in net income. Dollar General also increased its financial

guidance for 2021 due to its confidence in its 2021 operations and sales.

Investment Highlights

  • Opportunity to acquire two, brand-new Dollar Generals in the greater Cincinnati, Ohio and Martinsburg / Inwood, WV markets
  • Attractive, NNN lease structures with no Landlord responsibilities. Both Leases feature rent increases between 8 - 12% at the beginning of the renewal options. Forest Park, OH features five (5), five (5) year renewal options and Martinsburg, WV features three (3), five (5) year renewal options.
  • Located in two, well-established markets: Forest Park, OH is situated in the northern suburbs of Cincinnati and is the third largest city in Hamilton County. Inwood / Martinsburg are two population bases within Berkeley County, the fastest growing county in the state and part of the 300,000 resident Hargerstown-Martinsburg MSA.
  • Highly renowned brand that ranks as the largest convenience store in the United States for number of locations (17,100+ in 46 states), the 2020 Retailer of the Year (Mass Market Retailer’s), and one of the Top 25 Corporate Responders to Covid-19 (Forbes Magazine)
Last Updated Date: 22 Jun 2021
Ryan Eklund
Ryan Eklund
Director, Capital Markets
License details
NC-286222 SC-115530

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Last Updated Date: 22 Jun 2021

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