Heartland Income Properties Add Additional Dollar General Property to Portfolio
ncarol.com/10051912

SCOTTSDALE, Ariz. - ncarol.com -- Heartland Income Properties, LLC, (http://www.heartlandincome.com) a growing real estate investment company focused on acquiring undervalued single-tenant, triple-net commercial properties primarily in the Midwest region of the United States, is pleased to announce that it has completed the purchase from an independent third-party, of a 9,014 square foot building in Rockwell City, Iowa currently occupied by and under lease to Dollar General, the national discount store chain.

The property features an 8% initial capitalization rate. The current lease runs through November 2024 and there is an additional five-year option period at the conclusion of the initial lease term with a 5.88% rent increase over the current base rent. In addition, the lease features a percentage rent provision that is expected to increase the overall capitalization rate to more than 9%.

More on ncarol.com

• New Patient Data Show REQORSA® Activating Cellular Repair Pathways as Roche Collaboration Advances Precision Lung Cancer Strategy for Genprex, Inc
• Genuine Hospitality, LLC Selected to Operate Holiday Inn Express & Suites Jacksonville – Town Center
• Shiokly Launches Online Marketplace to Help Singapore Home-Based Businesses Sell More, With First Product Listed Free
• Freight Broker 911 and Milton Collier Introduce "What's The 911?"—A New Podcast Built on Real Talk, Real Freight, and Real Opportunity
• PropAccount.com Launches PropWallet, Turning Prop Firm Payouts Into Repeat Sales

Under the triple-net model, the tenant is responsible for all costs related to operations including taxes, insurance, snow removal, and maintenance.

Dollar General is the nation's largest small-box discount retailer with more than 16,000 stores in 44 states.  Dollar General has guaranteed the Rockwell City lease.  Heartland will assume this guarantee.

In announcing the acquisition, Heartland Executive Chairman Tim Kopatich said that the property is in excellent condition, is recession and e-commerce resistant, and since it is already occupied by a major national tenant, will be immediately cash-flowing to Heartland. The Rockwell City location represents the second Dollar General in the Heartland property investment portfolio.

As previously reported, Heartland is currently under contract to acquire an O'Reilly Auto Parts property in Estherville, Iowa.  The closing on this property is pending completion of additional environmental review.

The company is also evaluating several other properties for potential acquisition in the Midwest including several recession resistant Dollar General stores.

For additional information please contact Mr. Kopatich at (949) 340-2647 or tim.kopatich@heartlandincome.com.