Dollar Tree
10,000 SF | 100% Leased | Office Building | Cresco, IA 52136 | $1,992,857 ($199/SF) | 7% Cap Rate
For Sale
Active
- Date Added:
- May 17, 2024
- Days on Market:
- 28 days
Asking Price $1,992,857
- Property Type
-
Office
- Square Feet
- 10,000 SF
- Price / Square Foot
- $199
Listing Contacts
Nathan Whalen
Verified Profile
- Property Info
Property Overview
Marcus & Millichap is pleased to present the Dollar Tree located in Cresco, Iowa.The 10,000 square foot Dollar Tree store will be build-to-suit construction in 2023. The property is located right off of North Elm Street and is passed by nearly 6,000 vehicles every day. The
location is positioned in a dense retail corridor including both national and local tenants. Retail traffic drivers include Fareway
Meat and Grocery, Ace Hardware, Super 8 Hotel, Bomgaars, HyVee Grocery Store, A&W Restaurant, Casa De Oro, and more. The Tenant signed an original 10-year lease with no early termination clauses leaving the full lease term remaining for an incoming investor. The lease is considered modified triple net, with the landlord being responsible for the roof and structure and the tenant reimbursing for all expenses including the common area maintenance, taxes, and property insurance. There are five, fiveyear renewal options available, each of which having a rent increase scheduled, except for in the first option. Dollar Tree was founded in 1986 and in 34 years has grown to more
than 16,200 locations across 48 states and Canada. The tenant continues its impressive earnings and growth performance with an
expected 650 stores opening in 2023. The company is publicly traded on the NASDAQ under the ticker “DLTR” and carries an investment credit rating of “BBB-” from S&P.
location is positioned in a dense retail corridor including both national and local tenants. Retail traffic drivers include Fareway
Meat and Grocery, Ace Hardware, Super 8 Hotel, Bomgaars, HyVee Grocery Store, A&W Restaurant, Casa De Oro, and more. The Tenant signed an original 10-year lease with no early termination clauses leaving the full lease term remaining for an incoming investor. The lease is considered modified triple net, with the landlord being responsible for the roof and structure and the tenant reimbursing for all expenses including the common area maintenance, taxes, and property insurance. There are five, fiveyear renewal options available, each of which having a rent increase scheduled, except for in the first option. Dollar Tree was founded in 1986 and in 34 years has grown to more
than 16,200 locations across 48 states and Canada. The tenant continues its impressive earnings and growth performance with an
expected 650 stores opening in 2023. The company is publicly traded on the NASDAQ under the ticker “DLTR” and carries an investment credit rating of “BBB-” from S&P.
Property Details
- Class
- C
- Year Built
- 2024
- Stories
- 1
Highlights
- Brand-New 2024 Build-to-Suit Construction
- Original 10-Year Lease ¦ Full Term Remaining | Estimated Delivery 3/4/2024
- Dollar Tree Earnings Per Share up 1.5%¦Same Store Sales up 8.7%
- Modified Triple Net Lease | Landlord Responsible for the Roof & Structure
- Five, Five-Year Renewal Options | Rent Increases in Each of the Options After the First Option Period
- Dollar Tree Plans to Open 650+ New Locations in 2023 | Almost 200 More than the 450+ the Company Opened in 2022
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