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Offering MemorandumUpgraded Prototype Facade

Dollar General (Danville, VA MSA)Blairs, VA

The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and it should not be made available to any other person or entity without the written consent of Marcus & Millichap. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to Marcus & Millichap.

This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenant’s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT THE MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

Confidentiality Agreement

Marcus & Millichap hereby advises all prospective purchasers of Net Leased property as follows:

The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, Marcus & Millichap has not and will not verify any of this information, nor has Marcus & Millichap conducted any investigation regarding these matters. Marcus & Millichap makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.

As the Buyer of a net leased property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. Marcus & Mil-lichap expressly denies any obligation to conduct a due diligence examination of this Property for Buyer.

Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a net leased property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors.

Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any net leased property to determine to your satisfaction with the suitability of the property for your needs.

Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenant and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenant history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant considering the location of the property, and Buyer’s legal ability to make alternate use of the property.

By accepting this Marketing Brochure you agree to release Marcus & Millichap Real Estate Investment Services and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this net leased property.

NET LEASED DISCLAIMER

Exclusively listed by:

OFFICES THROUGHOUT THE UNITED STATES AND CANADA

www.marcusmillichap.com

Richard VincentAssociate Director, National Retail GroupONTARIO OFFICETel: (909) 456-3491Fax: (909) [email protected] Licenses: CA 01930526

Pablo RodriguezAssociate Director, National Retail GroupONTARIO OFFICETel: (909) 456-7032Fax: (909) [email protected] Licenses: CA 01870757

exclusively listed

Dollar General

EXECUTIVE SUMMARYOffering Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2Investment Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3Dollar General Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4Dollar General Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5Dollar General In the News . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6Location Overview . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

PROPERTY DESCRIPTIONLocal Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9Regional Map . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10Aerial Photograph . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-13Site Plan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

COMPETITIVE PROPERTY SETRecent Sales Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16-17On Market Comparables . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18-19

MARKET OVERVIEWDemographic Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21-22

Table of Contents

summaryE X E C U T I V E S U M M A R Y

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2011 Marcus & Millichap ACT ID W0080091

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EXECUTIVE SUMMARY

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Dollar GeneralEXECUTIVE SUMMARY

This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information . References to square footage or age are approximate . Buyer must verify the information and bears all risk for any inaccuracies . Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property . Marcus & Millichap Real Estate Investment Services is a service mark of Marcus & Millichap Real Estate Investment Services, Inc . © 2011 Marcus & Millichap ACT ID W0080091

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Dollar General

DOLLAR GENERAL9388 US Highway 29, Blairs, VA 24527

OFFERING SUMMARYPrice $1,440,858

Price/SF $159.63

CAP Rate 6.50%

Rentable Square Feet 9,026 Square Feet

Year Built 2015

Lot Size 1.61 Acres

TENANT SUMMARY

Tenant Trade Name Dollar General

Ownership Public

Tenant Corporate Store

Lease Guarantor Corporate Guarantee

Lease Type Absolute Net

Roof and Structure Tenant Responsible

Lease Term 15 Years

Lease Commencement 07/02/2014

Rent Commencement 08/06/2015

Lease Expiration Date 09/31/2030

Terms Remaining On Lease 15 Years

Increases 10% per Five-Year Option

Options Five, Five-Year Options

VITAL DATANet Operating Income - Current $93,655.80

Ownership Fee Simple (Land and Improvements)

Proposed Financing New First Trust Deed

ANNUALIZED OPERATING DATARENT INCREASES ANNUAL RENT MONTHLY

Year 1 thru 15 $93,655.80 $7,804.65

Option One (2030 thru 2035) $103,021.32 $8,585.11

Option Two (2035 thru 2040) $112,323.44 $9,443.62

Option Three (2040 thru 2045) $124,655.76 $10,387.98

Option Four (2045 thru 2050) $137,121.36 $11,426.78

Option Five (2050 thru 2055) $150,833.52 $12,569.46

Base Rent ($10.38/SF)

Net Operating Income $93,655.80

REPRESENTATIVE PHOTO

EXECUTIVE SUMMARY


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WDollar General

Marcus & Millichap is pleased to exclusively market for sale a Dollar General of approximately 9,026 square feet located in Blairs, Virginia . Dollar General has signed a 15 year absolute triple-net lease with 10 percent rent increases between each of the five, five year renewal options . The lease is guaranteed by Dollar General Corporation, which is publicly traded on the New York Stock Exchange under the ticker “DG” and has a current “BBB-” credit rating by Standard & Poors . Dollar General is scheduled to be completed in June 2015, wherein the rent will commence on August 6, 2015 . The property will feature a stylish concrete tilt design with modern finishes .

The surrounding demographics are well suited to discount retailing, with over 8,300 people within a five mile radius and a median household income of $50,621 . Traffic generators in the immediate area include a couple of warehouses, BoJangle’s, as well as Kangaroo Express convenience store and gas station .

Blairs is an unincorporated, census designated place within the county of Pittsylvania . Pittsylvania is approximately 978 square miles large in the southern region of Virginia . The county is included in the Danville, Virginia Micropolitan Statistical Area .

Investment Highlights■■ Brand New Build-to-Suit Location With June 2015 Delivery■■ 15 Year Absolute Triple-Net Corporate Guaranteed Lease■■ 10 Percent Increases in Each of the Five, Five Year Options■■ Zero Landlord Responsibilities■■ Hard Corner Location on a Huge 1 .61 Acre Lot - More Residual Value■■ Well-Suited for the Target Demographics■■ Upgraded Prototype Facade - Attractive Design■■ Low Competition - Nearest Dollar Store is Over Four Miles Away

Investment Overview


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EXECUTIVE SUMMARY

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Dollar General

Headquartered in Goodlettsville, Tennessee, Dollar General Corporation is the nation’s largest small-box discount retailer . The company seeks to make shopping for everyday needs simpler and hassle-free by offering a carefully edited assortment of the most popular brands at low everyday prices in small, convenient locations . Dollar General ranks among the largest retailers of top-quality brands made by America’s most trusted manufacturers, such as Procter & Gamble, Kimberly-Clark, Unilever, Kellogg’s, General Mills, Nabisco, Hanes, PepsiCo and Coca-Cola .

In the 2013 fiscal year, the company had $17 .5 billion in sales, over 11,500 stores in 40 states, 10,000-12,000 total stock keeping units (SKUs) per store from America’s most trusted manufacturers, 12 distribution centers and more than 100,000 employees .

Dollar General is a company that embraces substance and simplicity. Its mission is “serving others” and the company thinks its customers are best served when they “keep it real and keep it simple”.

Dollar General builds and runs conveniently sized stores to deliver everyday low prices on products consumers need and want, and has successfully done so for many years . Dollar General delivers a smarter, easier shopping solution accessible to more consumers . The company’s goal is to provide customers with a better life, employee opportunity and a great working environment .

Dollar General’s business model stands for convenience, quality brands and low prices . Dollar General’s successful prototype makes shopping a truly hassle-free experience . The company designs small neighborhood stores with carefully edited merchandise assortments to make shopping simpler . Dollar General doesn’t carry every brand and size, just the most popular ones . The average Dollar General customer completes his or her shopping trip in less than ten minutes .

Source: http://newscenter .dollargeneral .com/company+facts/


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Dollar General

Dollar General Reports Record Fourth Quarter

Highlights• Fourth Quarter Sales Increased 9 .9 Percent; Fourth Quarter Same-Store Sales Increased 4 .9 Percent• Fourth Quarter EPS Increased 16 Percent to $1 .17• Full Year Sales Increased 8 Percent; Full Year Same-Store Sales Increased 2 .8 Percent• Fiscal 2014 EPS of $3 .49; Adjusted Fiscal 2014 EPS of $3 .50• Company Provides 2015 Financial Guidance and Accelerated Store Development Plans for 2016• Company Guidance Assumes Share Repurchases of $1 .3 Billion• Initiates Regular Quarterly Cash Dividend of $0 .22 per Share

GOODLETTSVILLE, Tenn . (BUSINESS WIRE), March 12, 2015 - Dollar General Corporation (NYSE: DG) today reported record sales, net income and earnings per share for its fiscal 2014 fourth quarter (13 weeks) and full year (52 weeks) ended January 30, 2015 .

“In 2014, momentum built in our business as we moved through the year, marking our twenty-fifth year of consecutive same-store sales growth . We are pleased with our fourth quarter results which reflect accelerating same-store sales and we intend to capitalize on that momentum as we move into 2015,” said Rick Dreiling, chairman and CEO .

“As we look ahead, we have exciting operating plans that build on our competitive strengths . For 2015, we are forecasting a year of strong growth including a total sales increase of eight to nine percent, same-store sales growth of three to 3 .5 percent and EPS growth of 10 to 13 percent over 2014 adjusted EPS . Given our strong return profile for new stores, we plan to accelerate our new store openings to approximately seven percent square footage growth in 2016,” said Dreiling .

“The expanded capital return plan for shareholders we announced today is based on the confidence of the Dollar General Board of Directors in the Company’s long-term growth prospects, financial outlook and cash flow generation,” Dreiling continued . “This plan represents a balanced approach to our commitment to delivering increased value to our shareholders by investing in future growth and returning capital to our shareholders through share repurchases and dividends .”

For the 2015 fiscal year, the Company expects total sales to increase eight to nine percent over the 2014 fiscal year . Same-store sales are expected to increase three to 3 .5 percent . Operating profit for 2015 is expected to increase seven to nine percent over the 2014 adjusted operating profit .

The Company expects full year interest expense to be approximately $90 million . The full year 2015 effective tax rate of approximately 37 to 38 percent assumes the reenactment of the WOTC, consistent with 2014 .

Diluted EPS for the fiscal year is expected to be approximately $3 .85 to $3 .95, based on approximately 295 million weighted average diluted shares, assuming share repurchases of approximately $1 .3 billion .

Capital expenditures are expected to be in the range of $500 million to $550 million in 2015 . The Company plans to open approximately 730 new stores in 2015, or six percent square footage growth, and relocate or remodel 875 stores . Given the Company’s strong new store returns that have been consistently proven over the last six years, Dollar General plans to accelerate new store openings to seven percent square footage growth in 2016 .

Source: http://newscenter .dollargeneral .com/news/dollar-general-reports-record-fourth-quarter-and-full-year-2014-financial-results .htm

EXECUTIVE SUMMARY


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WDollar General

LOCATION OVERVIEW - BLAIRS, VA

Blairs, a Census Designated Place, is a 3 .47 square-mile region in Pittsylvania County, Virginia and is part of the Danville, Virgina Micropolitan Statistical Area . Nearby cities and unincorporated areas include Chatham, Danville, Dry Fork and Tightsqueeze . The county emerged through the existence of Danville, in which businesses specialized in tobacco farming . Today, Danville is the largest city in the local area, and houses nearly 43,000 people . It is also the town that encompasses many other cities and Census Designated Places within its Micropolitan Statistical Area boundaries .

Attractions■■ Danville Historic District is home to the elegant Millionaires Row, which showcases some of the finest Victorian and Edwardian architecture in Virginia and North Carolina . Many of the old

mansions were built by the tobacco and textile barons of the late 19th century .

■■ Downtown Danville Historic District, features notable structures from the turn of the century through the 1930s . Architectural styles include Romanesque, Late Gothic Revival and Tudor Revival .

■■ Danville’s Riverwalk Trail was historically used as a catalyst for industry . Now, the river’s value rests in its natural beauty and recreational opportunities . With the ability to lure walkers, bikers and moms with strollers through parks, historic sites and businesses, this trail along the Dan River links the past to the future .

■■ AAF Tank Museum showcases the most extensive collection of international tank and calvary artifacts found anywhere in the world, with 119 tanks and artillery, plus uniforms, headgear and much more dating from 1509 to the present .

Downtown Danville, VA Pittsylvania County, VA (shaded in red)

descriptionP R O P E R T Y D E S C R I P T I O N

PROPERTY DESCRIPTION

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WDollar General



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LOCAL MAP

9388 US HIGHWAY 29


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Dollar General



REGIONAL MAP

9388 US HIGHWAY 29

EXECUTIVE SUMMARY


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WDollar General52,677 ADT Dollar General

Blairs, VA

Hard Corner Location

9388 US HIGHWAY 29

Representative Photo

MEDICAL CENTERBLAIRS DIALYSIS

INDUSTRIAL PARKVIRGINIA CANDLE100+ EMPLOYEES

INDUSTRIAL PARKUNIQUE INDUSTRIES

350+ EMPLOYEES


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EXECUTIVE SUMMARY

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Dollar General 52,677 ADT Dollar GeneralBlairs, VA

9388 US HIGHWAY 29

Hard Corner Location

Representative Photo

MEDICAL CENTERBLAIRS DIALYSIS

RESIDENTIAL

INDUSTRIAL PARKVIRGINIA CANDLE 100+ EMPLOYEES

INDUSTRIAL PARKUNIQUE INDUSTRIES

350+ EMPLOYEES

RESIDENTIAL

RESIDENTIAL

RESIDENTIALCHURCH

RESIDENTIALDANVILLE

RESIDENTIAL

EXECUTIVE SUMMARY


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WDollar General52,677 ADT Dollar General

Blairs, VA

9388 US HIGHWAY 29

DANVILLE - 13 MILESPOPULATION: 43,000

US-29: 13,900 ADT

SOUTH BOSTON ROAD: 27,000 ADT

RIVERSIDE DRIVE: 27,900 ADT


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WDollar General



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PROPOSED SITE PLAN

PROPOSED BUILDING+/-9,100 SQUARE FEET

competitiveC O M P E T I T I V E P R O P E R T Y S E T

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WDollar General



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COMPETITIVE PROPERTY SET

Subject Property (Subject Property) 9388 US Highway 29, Blairs, VA 24527

Sales Price: $1,440,858 Price/SF $159.63 Cap Rate: 6.50%Rentable Square Feet: 9,026 Square FeetYear Built: 2015Lot Size: 1.61 Acres

Recent Sales

Dollar General 8638 Trouble Creek Road, New Port Richey, FL 34653

Dollar General 3260 Pleasant Hill Road, Kissimmee, FL 34746

Close of Escrow: 12/19/2013Sales Price: $1,727,000 Price/SF $190.00 Cap Rate: 6.35%Rentable Square Feet: 9,100 Square FeetYear Built: 2013


Brand new 9,100 square-foot freestanding building under a 15 year triple-net lease with 10 percent increases at the beginning of each of the four, five year option periods .

Brand new building with 15 Year triple-net lease, 10 percent rent increases at the beginning of each of the four, five year option periods .

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Dollar General




Dollar General 6576 Laurel Island Parkway, Kingsland, GA 31548


Recent Sales

Dollar General 6514 Massachusetts Avenue, New Port Richey, FL 34653


Brand new 9,100 square foot freestanding building under a 15 year triple-net lease with 10 percent increases at the beginning of each of the four, five year options periods .

Brand new building with 15 year triple-net lease, 10 percent rent increases at the beginning of each of the four, five-year option periods .

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Subject Property (Subject Property) 9388 US Highway 29, Blairs, VA 24527

List Price: $1,440,858 Price/SF $159.63 Cap Rate: 6.50%Rentable Square Feet: 9,026 Square FeetYear Built: 2015Lot Size: 1.61 Acres

On Market Comparables

Dollar General 1377 South Dixie Highway, Deerfield Beach, FL 33441

Dollar General 115 North Elm Street, Adel, GA 31620

Status: On MarketList Price: $2,404,300 Price/SF $267.09 Cap Rate: 6.00%Rentable Square Feet: 9,002 Square FeetYear Built: 2014


Brand new building with 15 year triple-net lease, 10 percent rent increases at the beginning of each of the four, five year option periods .

Dollar General will occupy a brand new 9,002 square-foot freestanding building on 1 .42 acres and has agreed to a 15 year absolute triple-net lease with 10 percent increases beginning at each of the four, five year options .

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Dollar General




Dollar General 341 7 Airport Road, Dalton, GA 30721


On Market Comparables

Dollar General 10208 China Spring Road, Waco, TX 76708


Dollar General is currently under a triple-net lease, with 14 years remaining on the initial term . There are three, five year options to renew .

Dollar General will occupy a brand new 9,100 square foot freestanding store operating under a 15 year triple-net lease with 10 percent increases at the beginning of each of the five, five year option periods .

overviewM A R K E T O V E R V I E W

MARKET OVERVIEW

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Dollar General



Demographic Summary

Income 1-Mile 3-Miles 5-Miles$ 0 - $ 14,999 11.8% 11.1% 12.6%$ 15,000 - $24,999 10.3% 12.8% 10.6%$ 25,000 - $34,999 11.7% 10.2% 10.6%$ 35,000 - $49,999 13.2% 13.7% 15.7%$ 50,000 - $74,999 24.5% 25.7% 23.1%$ 75,000 - $99,999 10.9% 12.4% 14.5%$100,000 - $124,999 10.0% 8.4% 6.8%$125,000 - $149,999 4.1% 3.5% 3.3%$150,000 - $200,000 1.9% 1.4% 1.7%$200,000 to $249,999 1.3% 0.7% 0.7%$250,000 + 0.3% 0.2% 0.7%2013 Median HH Income $53,367 $52,305 $50,6212013 Per Capita Income $24,749 $23,155 $22,7502013 Average Household Income $62,199 $58,514 $60,700

Population 1-Mile 3-Miles 5-Miles2013 Population 268 2,200 8,5222018 Population 282 2,320 8,864

Households 1-Mile 3-Miles 5-Miles2000 Households 150 1,109 2,8082010 Households 105 882 3,2102013 Households 107 868 3,1582018 Households 112 923 3,3162013 Average HH Size 2.45 2.51 2.492013 Daytime Population 73 472 1,666 2000 Owner Occupied Housing Units 80.72% 79.45% 76.75%2000 Renter Occupied Housing Units 13.90% 14.76% 15.12%2000 Vacant 5.38% 5.80% 8.13%2013 Owner Occupied Housing Units 80.42% 81.99% 79.66%2013 Renter Occupied Housing Units 19.58% 18.07% 20.34%2013 Vacant 16.17% 15.26% 14.79%2018 Owner Occupied Housing Units 80.37% 81.89% 79.63%2018 Renter Occupied Housing Units 19.63% 18.11% 20.37%2018 Vacant 17.12% 16.22% 15.72%

MARKET OVERVIEW

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WDollar General



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Demographic Summary

PopulationIn 2014, the population in your selected geography was 8,521 . The population has changed by 21 .78% percent since 2000 . It is estimated that the population in your area will be 8,864 five years from now, which represents a change of 4 .01% percent from the current year . The current population is 49 .93 percent male and 50 .06 percent female . The median age of the population in your area is 44 .0, compare this to the U .S . average which is 37 .3 . The population density in your area is 108 .42 people per square mile .

Households There are currently 3,157 households in your selected geography . The number of households has changed by 12 .47 pecent since 2000 . It is estimated that the number of households in your area will be 3,315 five years from now, which represents a change of 5 .00 percent from the current year . The average household size in your area is 2 .49 persons .

Income In 2014, the median household income for your selected geography is $50,620, compare this to the U .S . average which is currently $51,972 . The median household income for your area has changed by 37 .09 percent since 2000 . It is estimated that the median household income in your area will be $58,517 five years from now, which represents a change of 15 .60 percent from the current year .

The current year per capita income in your area is $22,749, compare this to the U .S . average, which is $28,599 . The current year average household income in your area is $60,700, compare this to the U .S . average which is $74,533 .

Housing In 2000, there were 2,345 owner-occupied housing units in your area and there were 462 renter occupied housing units in your area . The median rent at the time was $338 .

Employment In 2014, there were 1,666 employees in the area, this is also known as the daytime population . The 2000 Census revealed that 54 .98 percent of employees are employed in white-collar occupations in this geography and 58 .06 percent are employed in blue-collar occupations . In 2014, unemployment in this area was 7 .53 percent . In 2000, the median time traveled to work was 26 .5 minutes .

Geography: --- Miles

Demographic data © 2010 by Experian/Applied Geographic Solutions.

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