Dollar General 2-Unit Strip Center

Highlights

• LONG TERM TENANCY - Dollar General has successfully operated at this location for the past 20+ years, extending it's lease on multiple occasions along the way showing it's long term continued commitment to the site.
• MINIMAL COMPETITION - The property is more than 8 miles away from the nearest discount store or major grocer, making this a go-to store for local residents and businesses.
• RECENT RENOVATIONS - Landlord has recently renewed the exterior facade of the property as well as part of the interior. Dollar General renovated their interior within this renewal period, further showing their investment in this location.
• IDEAL DOLLAR GENERAL MARKET - The surrounding area has household income levels of $58,724 in the 1-Mile Ring and $49,632 in the 3-Mile Ring. Surrounding density of over 12,000 residents within a 10-mile radius.
• PANDEMIC PROOF - Essential Business that remained unaffected throughout the COVID-19 pandemic. Open and paying rent on time in full with no requests for temporary rent abatement nor rent reduction.
• NATIONALLY RECOGNIZED TENANT - Dollar General is the largest “Small Box” retailer in the nation. Dollar General has been in business since 1939 with over 20,000+ locations Nationwide. NYSE: DG Investment Grade "BBB" rating.

Description

Prime Net Lease is pleased to present this 12,000 SF 2-Unit Dollar General Strip Center located in Stevenson, Alabama. Dollar General has successfully been at this location for over 23 years, exercising multiple options for renewal along the way. Dollar General is encumbered with a 5-year NN lease, leaving the landlord with minimal responsibilities. There is currently over a year remaining on the existing lease with One, 3-year option left. The next closest Dollar General store is over 8 miles away in Hollywood, AL or 11 miles away in Bridgeport, AL. The lease is corporately guaranteed by Dollar General Corporation which holds a credit rating of “BBB”, which is classified as Investment Grade. This location takes advantage of a second tenant, D. Williams Dance Academy, which provides additional income with over a year and a half remaining on the current lease term. This tenant signed a brand new 3-year lease in April of 2023.

Stevenson is a city in Jackson County, Alabama, United States. Jackson County is the northeastern most county in the U.S. state of Alabama. Stevenson is included in the Chattanooga-Cleveland-Dalton, TN-GA-AL Combined Statistical Area. Since 1900, Stevenson has been the third largest town behind either Scottsboro and Bridgeport or vice versa. The Chattanooga–Cleveland–Dalton, TN–GA–AL Combined Statistical Area covers a total of thirteen counties. The combined statistical area consists of three metropolitan statistical areas – Chattanooga, Cleveland, and Dalton – as well as the Athens, Scottsboro, and Summerville micropolitan statistical areas. The property is positioned roughly 45 miles outside of Chattanooga, TN and right under 60 miles outside of Huntsville, AL. With a population of 184,086 in 2022, Chattanooga is Tennessee's fourth-largest city and one of the two principal cities of East Tennessee, along with Knoxville. Huntsville is the most populous city in the U.S. state of Alabama with a 2022 population of 221,933. It is the county seat of Madison County with portions extending into Limestone County and Morgan County.

The subject offering represents an ideal opportunity for a 1031 exchange buyer to attain the fee simple ownership of a Dollar General. This investment will offer a new owner continued success due to the financial strength and the proven profitability of the tenant, the nation’s top dollar store.

Stevenson, Alabama, nestled in the northeastern part of the state within Jackson County, stands as a small yet charming city surrounded by the scenic foothills of the Appalachian Mountains. Stevenson is included in the Chattanooga-Cleveland-Dalton, TN-GA-AL Combined Statistical Area. The Chattanooga–Cleveland–Dalton, TN–GA–AL Combined Statistical Area covers a total of thirteen counties – seven in southeast Tennessee, six in northwest Georgia and one in northeast Alabama. The combined statistical area consists of three metropolitan statistical areas – Chattanooga, Cleveland, and Dalton – as well as the Athens, Scottsboro, and Summerville micropolitan statistical areas. At the 2010 census, the CSA had a population of 1,010,000. As of the 2020 census, Stevenson boasted a population of approximately 2,828 residents. Historically tied to agriculture, the local economy has diversified over the years, incorporating manufacturing and small businesses. The town's educational needs are served by the Jackson County School System. Notable attractions include the Russell Cave National Monument, showcasing evidence of prehistoric cultures, and the Crow Mountain Orchard, a local favorite for an array of fruits and vegetables. Stevenson is easily accessible by road, benefiting from its proximity to major highways. Community events, traditional festivals, and seasonal celebrations contribute to the town's vibrant atmosphere. While Stevenson faces economic challenges common to small towns, strategic planning and community development initiatives present opportunities for growth and enhancement of its unique character.

Stevenson is about 45 miles outside of Chattanooga, Tennessee, the county seat of Hamilton County, Tennessee. It is located along the Tennessee River, and borders Georgia to the south. With a population of 181,099 in 2020, it is Tennessee's fourth-largest city and one of the two principal cities of East Tennessee, along with Knoxville. It anchors the Chattanooga metropolitan area, Tennessee's fourth-largest metropolitan statistical area. Chattanooga's economy includes a diversified and growing mix of manufacturing and service industries. In addition to corporate business interests, there are many retail shops in Chattanooga, including two shopping malls: Hamilton Place Mall in East Brainerd and Northgate Mall in Hixson. Eastgate Mall in Brainerd used to be a shopping mall, but has changed into a multi-use office building. Tourism and Hospitality has been a growing part of Chattanooga's economy, with 2014 being the first year for Hamilton County to surpass $1 billion in revenue. Chattanooga touts many attractions, including the Tennessee Aquarium, caverns, and new waterfront attractions along and across the Tennessee River. In the downtown area is the Chattanooga Choo Choo Hotel, housed in the renovated Terminal Station. Also downtown are the Creative Discovery Museum, a hands-on children's museum dedicated to science, art, and music; an IMAX 3D Theatre, and the newly expanded Hunter Museum of American Art. The Tennessee Riverwalk, an approximately 13-mile-long (21 km) trail running alongside the river, is another attraction for both tourists and residents alike. Across the river from downtown is the North Shore district, roughly bounded by the Olgiati Bridge to the west and Veterans Bridge to the east. The newly renovated area draws locals and tourists to locally owned independent boutique stores and restaurants, plus attractions along the Chattanooga Riverpark system, including Coolidge Park and Renaissance Park.

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