Dollar General in Whiteville, NC

Marcus & Millichap is pleased to exclusively market for sale a brand new Dollar General store of approximately 9,100 square feet located in Whiteville, North Carolina.

The property is operating under a brand new, 15-year Triple Net Lease with 10 percent rent increases in 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 estimated to be delivered late 2017.

The Dollar General is located on Route 701 which is a major retail artery of the City of Whiteville. The property will benefit tremendously with traffic generators such as the Whiteville Golf Club, Holiday Motel, daycare centers, and nearby churches.
Whiteville is a city in Columbus County, North Carolina. It is the largest city in Columbus County and the county seat. The city is located within 45 minutes of the North Carolina coast and South Carolina border.

1. BRAND NEW DOLLAR GENERAL WITH 15-YEAR CORPORATE LEASE
2498 JAMES B WHITE HIGHWAY NORTH, WHITEVILLE, NC 28472
PLAY VIDEO
ACTUAL BUILDING

2. 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.
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 & Millichap 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.
Confidentiality Agreement
Net Leased Disclaimer

3. PRESENTED BY
LEAD BROKER
Kevin Boeve
Senior Vice President Investments
ONTARIO OFFICE
Tel: [phone]
[email protected]
CA License: 01247016
Kyle Blatt
Associate
ONTARIO OFFICE
Tel: [phone]
[email protected]
CA License: 02017976
Raj Ravi
Broker of Record
201 S Tryon Street, Suite 1220
Charlotte, NC 28202
Tel: [phone]
Fax: [phone]
License: 281290

4. 1
FINANCIAL OVERVIEW
REPRESENTATIVE PHOTO

5. financial overview
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. © 2017 Marcus & Millichap
ACT ID Y0080032
2
annualized operating data
LEASE YEARS ANNUAL RENT M ONTHLY RENT INCREASES
Years 1-15 $89,634 $7,469. N/A
Years 16-20 (Option 1) $98,597 $8,216 10%
Years 21-25 (Option 2) $108,457 $9,038 10%
Years 26-30 (Option 3) $119,303 $9,942 10%
Years 31-35 (Option 4) $131,233 $10,936 10%
Years 36-40 (Option 5) $144,356 $12,030 10%
NET OPERATING INCOME $89,634
offering summary
Property Name Dollar General
Property Addresss 2498 James B White Highway North
Whiteville, North Carolina 28472
Price $1,358,087
Price/SF $149.24
Cap Rate 6.60%
Rentable Square Feet 9,100 Square Feet
Year Built Est. May 2017
Lot Size +/- 2.00 Acres
tenant overview
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 Date 5/7/2017
Rent Commencement Date 7/6/2017
Lease Expiration Date 5/7/2032
Term Remaining on Lease 15 Years
Increases 10% (Each Option)
Options Five, Five-Year Options
vita data
Net Operating Income - Current $89,634
Ownership Fee Simple (Land & Improvements)
Proposed Financing New First Trust Deed
financing options
Multiple financing options are available based on buyer requirements. Please contact listing agents to
discuss options in detail.
3-Year Fixed 3.70%
5-Year Fixed 4.0%
7-Year Fixed 4.25%
10-Year Fixed 4.6%

6. 2
EXECUTIVE SUMMARY
ACTUAL BUILDING

7. 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. © 2017 Marcus & Millichap
ACT ID Y0080032
4
Marcus & Millichap is pleased to exclusively market for sale a brand new Dollar General store of approxi-
mately 9,100 square feet located in Whiteville, North Carolina.
The property is operating under a brand new, 15-year Triple Net Lease with 10 percent rent increases in
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 estimated to be delivered late 2017.
The Dollar General is located on Route 701 which is a major retail artery of the City of Whiteville. The
property will benefit tremendously with traffic generators such as the Whiteville Golf Club, Holiday Motel,
daycare centers, and nearby churches.
Whiteville is a city in Columbus County, North Carolina. It is the largest city in Columbus County and the
county seat. The city is located within 45 minutes of the North Carolina coast and South Carolina border.
·
·New 15-Year Triple Net Investment Opportunity With Zero Landlord Responsibilities
··Frontage Along James B. White Highway North With Accessibility to Andrew Jackson Highway
··Tenant is Nation’s Largest Small-Box Discount Retailer With Over 13,000 Locations in 40 States
··Standard & Poor’s Investment Grade (S&P. “BBB”) Tenant | The Only Small Box Retailer With Investment
Grade Credit
··Dollar General Has $17.5 Billion in Sales Volume and is Ranked #139 in Fortune 500
··Dollar General is Strategically Located to Serve The Residential Communities North of Andrew Jackson Highway
·
·Adjacent to Whiteville Country Club
investment highlights
investment overview
3 Miles5 Miles10 Miles
2016 Population 4,65110,76127,996
2016 Households 1,7324,482 11,247
2016 Average Household Size 2.46 2.34 2.39
2016 Daytime Population 2,043 6,28710,939
2016 Owner Occupied Housing Units73.39%62.37%67.69%
2016 Renter Occupied Housing Units26.61%37.63%32.31%
2016 Average Household Income$67,643$52,423$46,502

8. 5
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. © 2017 Marcus & Millichap
ACT ID Y0080032
dollar general
Dollar General (NYSE: DG) is a chain of more than 13,000 discount stores in 43 states, primarily in
the South, East, Midwest, and Southwest, offering basic household items, such as cleaning supplies,
health, and beauty aids, apparel, and food. The target is low, middle, and fixed-income shoppers.
The company has grown into the country’s largest small-box discount retailer. Stores are often
located in small towns off the radar of giant discounters. One of Dollar General’s main advantages
is that it offers prices as low or lower than Walmart but in more convenient locations. Dollar General
has more stores than other retailers and is easily the largest dollar store chain.
The company ranks 139th on the Fortune 500 list. Fiscal 2016 revenues exceed $20.3 billion with
a net income of $1.17 billion, and net worth of $5.3 billion.
In July 2015, Family Dollar was acquired by Dollar Tree and ceased to be a public company.
Dollar Tree took on billions of dollars of debt to acquire Family Dollar, and that negatively impacted
the credit rating of both companies. Moreover, Family Dollar, as a subsidiary of Dollar Tree, no
longer issues separate financial statements.
The best-known rating agency, Standard & Poor’s, downgraded Family Dollar in July, alongside
Dollar Tree having already been downgraded.
The combined Dollar Tree-Family Dollar entity will have approximately the same amount of
revenue as Dollar General, but more debt, hence the lower credit rating.
Dollar General is now the only dollar store chain with an investment grade rating. Dollar General
has been credit-upgraded five times since going public in 2009, most recently in October 2015. It
is now “BBB.”
DOLLAR GENERAL IS THE COUNTRY’S
LARGEST SMALL-BOX DISCOUNT RETAILER
Company Type:
PUBLIC (NYSE: DG)
Fiscal 2015 Sales
$20.4 BILLION
S&P 500 Credit Rating
“BBB”
2015 Fortune 500
#139
Number of Stores
13,000+
The Three Largest Discount Store Chains, Ranked by 2015 Revenue Are:RankingStore Chain Revenue # 0f Stores
1 Dollar General $20.3 Billion13,000+
2 Family Dollar $10.5 Billion8,000+
3 Dollar Tree $8.6 Billion13,600+

9. RankingStore Chain Revenue # 0f Stores
1 Dollar General $20.3 Billion13,000+
2 Family Dollar $10.5 Billion8,000+
3 Dollar Tree $8.6 Billion13,600+
dollar general in the news
Dollar General is Starting to Look a Lot Like Wal-Mart
Doling Out Pay Increases to Managers
It’s no longer enough for retailers to compete on price alone. To improve the cleanliness and availability of products in its
stores, Dollar General will take a 16 cents per share hit to boost compensation for its managers and ramp up their training.
In the stores where it’s already rolled out these changes, Dollar General has seen lower turnover among managers and
hourly employees, CEO Todd Vasos said on the company’s earnings call. It’s also seen higher sales in those locations. This
decision follows Wal-Mart’s $2.7 billion investment into better training and pay for its employees, which it has credited for
higher customer service scores.
Investing in Lower Prices
There’s an all-out price war happening across retail. That includes both Dollar General and Wal-Mart. Shortly after Wal-
Mart said it would move faster to lower prices, Dollar General rolled out price cuts on hundreds of items across 17 percent
of its stores. “These locations have performed better than the chain average ever since,” Vasos said. While the company will
continue monitoring prices, it doesn’t anticipate further price cuts at this time, the CEO said.
Bringing in Fresh Produce
Dollar General’s food offering has traditionally skewed toward packaged goods. But as its customers ask for healthier
options, the retailer sees more opportunity in perishable items. The company is already testing fresh produce in some of its
stores, including the 41 locations it purchased from Wal-Mart last year after it shuttered the Express format. Dollar General
will now expand that pilot to some of its smaller shops. Wal-Mart has made fresh produce a key piece of its turnaround
plan, as it drives more frequent visits from shoppers. While Vasos acknowledged there’s stiff competition in fresh food, he
said the company’s massive fleet and small shops give it a competitive advantage.
Going Smaller
Dollar stores are already a fraction the size of a Wal-Mart Supercenter. But as Dollar General peppers the U.S. with
new shops, it’s making those locations smaller. The company plans to open an additional 160 small shops this year. At
6,000-square feet, these locations cater to central metropolitan and rural areas. That will bring the total number of these
shops to 250. Meanwhile, Dollar General is testing an even smaller 3,600-square-foot store that serves millennials living in
urban areas. The expansion of these stores comes as Wal-Mart grows its Neighborhood Market footprint.
Making a Bigger Bet on Digital
Dollar General lags much of the retail industry when it comes to digital commerce, but the chain is putting a bigger em-
phasis on technology. Though Vasos was mum on specifics, the decision comes as more low-income consumers purchase
mobile devices, the CEO said. Becoming more digitally savvy should also help Dollar General attract millennial shoppers,
whom Vasos says are playing a bigger role in its sales. Wal-Mart has also been rolling out upgrades to its website and mo-
bile technologies, including the ability for shoppers to pay directly from its app.
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. © 2017 Marcus & Millichap
ACT ID Y0080032 6

10. 3
PROPERTY DESCRIPTION
ACTUAL BUILDING

11. terrace eateries site plan
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. © 2017 Marcus & Millichap
ACT ID Y0080032 6
location
2498 James B White Highway North
Whiteville, North Carolina 28472
site
The subject property has frontage along James B White Highway
(Highway 701).
square footage
The building square footage is 9,100 square feet and the lot size is
+/- 2.00 acres.
access
Access is from James B White Highway (Highway 701).
year built
The property was built in 2017.
JAMES B WHITE HWY (US HWY 701) - 7,500 CPD
25’ BUILDING SETBACK
15’ BUILDING SETBACK
15’ BUILDING SETBACK
3.5’ SIDEWALK
9’ SIDEWALK
50’ BUILDING SETBACK
LIGHTED PYLON SIGN W/
UNDERGROUND ELECTRICAL

12. 9
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. © 2017 Marcus & Millichap
ACT ID Y0080444

13. terrace eateries 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. © 2017 Marcus & Millichap
ACT ID Y0080032 10
Migrant
Head Start
Center
Service Plus
Auto Center
James B White Highway North - 7,500 CPD
The Nearest Soft Goods Retailers/ Grocery Stores:
Dollar General - 4 Miles Away
Walmart - 5 Miles Away
Family Dollar - 3 Miles Away
Dollar Tree - 5 Miles Away
Target - 52 Miles Way
LOCATION IS NOW OPEN

14. 12,500+
POPULATION
$52,292
AVG HOUSEHOLD
INCOME
5 YEAR
POPULATION GROWTH
5%
demographics within a five mile radius:
James B White Highway N - 7,500 CPD
Andrew Jackson HWY - 9,200 CPD
McDonald’s
Cox Warehouse
Discount Furniture
CAROLINA EASTERN
Construction
HOLIDAY
First St. Paul Baptist Church
9
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. © 2017 Marcus & Millichap
ACT ID Y0080032

15. Andrew Jackson HWY - 9,200 CPD
Fort Bragg, NC
- 64 Miles Away -
Active Military: 52,200+
Retirees: 98,000+
Fayetteville, NC
- 53 Miles Away -
Population: 204,400
Wilmington, NC
- 48 Miles Away -
Population: 112,100
Carolina Beach, NC
(Resort Town)
- 56 Miles Away -
Yearly Visitors: 2.1 Million
Myrtle Beach, NC
(Resort Town)
- 60 Miles Away -
Yearly Visitors: 18 Million
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. © 2017 Marcus & Millichap
ACT ID Y0080032 10
Many residents in Whiteville
travel to these cities for work
and play.

16. PRESENTED BY
LEAD BROKER
Kevin Boeve
Senior Vice President Investments
ONTARIO OFFICE
Tel: [phone]
[email protected]
CA License: 01247016
Kyle Blatt
Associate
ONTARIO OFFICE
Tel: [phone]
[email protected]
CA License: 02017976
Raj Ravi
Broker of Record
201 S Tryon Street, Suite 1220
Charlotte, NC 28202
Tel: [phone]
Fax: [phone]
License: 281290