Sold Price: $1,485,000
Cap Rate: 6.75%
- Central retail location: New construction located directly off Federal Road (7,130 ADT). The property is adjacent to Livermore Recreational Fields and Brooks Side Apartments. Other nearby national retailers include Sunoco, Rite Aid, Family Dollar, Food City, and Dollar Tree.
- Established, recognized retail tenant: Dollar General has over 12,500 convenient, easy-to-shop stores operating in 43 states delivering everyday low prices on name-brand products. Net sales increased by 7.9 percent in 2016, and the company is set to open 1,000 new locations in 2017.
- Close proximity to major metropolitan markets: The town of Livermore is within a 55-mile radius of three of the most prominent cities in the state: Augusta, Lewiston, and Portland. As the state capital of Maine, Augusta is the ninth largest city in the state and the principal city in the Augusta-Waterville Micropolitan Statistical Area. Lewiston is the second largest city in Maine and has a service-based tertiary economy worth upwards of $4.1 billion thanks to its more than 2,400 businesses. The city exerts a significant impact upon the diversity, religious variety, commerce, education, and economic power of Maine. Portland is the largest city in the state (population of nearly 67,000 as of 2015), and has become the state’s economic capital because the city houses Maine’s largest port (and its largest population), and is centrally located 105 miles north of Boston, Mass.
- Quality, long-term investment: Fifteen-year base lease with four options to extend with a 10 percent increase within each option. Absolute NNN lease with no landlord responsibilities.
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