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

2 | CBRE

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.

CBRE | 3

4 | CBRE

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.

CBRE | 5

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


INCOMEAVERAGE HH

INCOMETOTAL


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

6 | CBRE

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


INCOMEAVERAGE HH

INCOMETOTAL


INCOMEAVERAGE HH

INCOMETOTAL


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

CBRE | 7

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

10 | CBRE

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

CBRE | 11

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

14 | CBRE

Subway

US Postal Service

Pioneer Hybrid

Farmers StateBankThe Butter

Churn

203 SW 5th Street | Woodhull, IL







PROPERTY INFORMATIONAddress: 203 SW 5th Street

Woodhull, IL


Year Built: 2015



Sheet Metal Roof


Population: 1,275 2,304 7,727

Households: 545 980 3,168

Median HH Income: $52,455 $52,714 $54,269



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






PROPERTY INFORMATIONAddress: 301 West 6th Street

Hedrick, IA


Year Built: 2015



Sheet Metal Roof


Population: 921 1,341 6,222


Median HH Income: $39,612 $43,834 $53,385



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.

16 | CBRE

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.







PROPERTY INFORMATIONAddress: 1208 Broad Street

Keosauqua, IA


Year Built: 2015



Sheet Metal Roof


Population: 1,214 1,630 4,443


Median HH Income: $44,034 $44,935 $45,000



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.







PROPERTY INFORMATIONAddress: 315 North 4th Street

Mapleton, IA


Year Built: 2015



Sheet Metal Roof


Population: 1,333 1,559 3,961


Median HH Income: $47,598 $48,057 $47,283



18 | CBRE

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.







PROPERTY INFORMATIONAddress: 1307 West 1st Street

Sumner, IA


Year Built: 2015



Sheet Metal Roof


Population: 2,458 2,912 8,147

Households: 1,047 1,227 3,399

Median HH Income: $50,859 $51,397 $53,215



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







PROPERTY INFORMATIONAddress: 703 Main Street West

Baudette, MN


Year Built: 2015



Sheet Metal Roof


Population: 1,296 1,729 2,403


Median HH Income: $52,326 $52,217 $51,781



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







PROPERTY INFORMATIONAddress: 30921 US 71

Browerville, MN


Year Built: 2015



Sheet Metal Roof


Population: 1,416 2,129 9,783


Median HH Income: $47,577 $48,292 $45,794



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.







PROPERTY INFORMATIONAddress: 113 State 210 West

Pillager, MN


Year Built: 2015



Sheet Metal Roof


Population: 1,416 2,129 9,783


Median HH Income: $47,577 $48,292 $45,794



22 | CBRE

59574 MN-11 | Warroad, MN

Marvin Home Center

Hardware Store

Doug’sSupermarket

Marvin Windows & Doors

Shopko

Dollar Saver

NAPAAuto Parts

WARROAD

RIVER







PROPERTY INFORMATIONAddress: 59574 MN-11

Warroad, MN


Year Built: 2015



Sheet Metal Roof


Population: 2,730 4,085 6,066

Households: 1,117 1,644 2,392

Median HH Income: $49,038 $52,154 $53,548



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.







PROPERTY INFORMATIONAddress: 100 East Third Street

Dixon, MO


Year Built: 2015



Sheet Metal Roof


Population: 2,831 4,502 11,448

Households: 1,154 1,785 4,451

Median HH Income: $37,735 $41,289 $48,480



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.







PROPERTY INFORMATIONAddress: Rural Route 5 Box 1239

Patton, MO


Year Built: 2015



Sheet Metal Roof


Population: 664 1,713 5,986


Median HH Income: $44,924 $43,875 $44,818



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.







PROPERTY INFORMATIONAddress: 44093 MO-154

Perry, MO


Year Built: 2015



Sheet Metal Roof


Population: 686 1,241 2,827


Median HH Income: $36,511 $38,675 $44,468



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.







PROPERTY INFORMATIONAddress: 10712 Highway T

Wappapello, MO


Year Built: 2015



Sheet Metal Roof


Population: 1,146 2,993 9,039

Households: 568 1,361 3,768

Median HH Income: $39,204 $38,183 $38,232



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.







PROPERTY INFORMATIONAddress: 147 Browns Ferry Road

Chattanooga, TN


Year Built: 2013


Construction Detail: Brick Exterior, Steel Structure, Fully Sprinklered, Sheet Metal Roof


Population: 12,566 53,011 219,409

Households: 5,526 20,678 90,561

Median HH Income: $40,900 $29,966 $37,840



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

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