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Lease Features Dollar General Corporate Guarantee. Property Located in Sac City, Iowa.
SCOTTSDALE, Ariz. - ncarol.com -- Heartland Income Properties, LLC,(http://www.heartlandincome.com) a growing real estate investment company focusing on undervalued single-tenant, triple-net commercial properties primarily in the Midwest region of the United States, is pleased to announce that it has entered into a contract with an independent third-party to acquire a 9,104 square foot building in Sac City, Iowa currently under lease to Dollar General, the national discount store chain.
The property features an 8.35% initial capitalization rate. The current lease runs through September 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. The property is in the farming community of Sac City, Iowa.
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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 12,000 stores in 43 states. Dollar General has guaranteed the Sac City lease. Heartland will assume this guarantee.
In announcing the pending acquisition, Heartland Executive Chairman Tim Kopatich said that the property is in excellent condition and since it is already occupied by a major national tenant, will be immediately cash-flowing to Heartland.
An October closing is anticipated.
Heartland is currently evaluating several other properties for potential acquisition in the Midwest and will pay its first distribution to investors in September 2019.
For additional information please contact Tim Kopatich at 949-340-2647 or tim.kopatich@heartlandincome.com.
The property features an 8.35% initial capitalization rate. The current lease runs through September 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. The property is in the farming community of Sac City, Iowa.
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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 12,000 stores in 43 states. Dollar General has guaranteed the Sac City lease. Heartland will assume this guarantee.
In announcing the pending acquisition, Heartland Executive Chairman Tim Kopatich said that the property is in excellent condition and since it is already occupied by a major national tenant, will be immediately cash-flowing to Heartland.
An October closing is anticipated.
Heartland is currently evaluating several other properties for potential acquisition in the Midwest and will pay its first distribution to investors in September 2019.
For additional information please contact Tim Kopatich at 949-340-2647 or tim.kopatich@heartlandincome.com.
Source: Heartland Income Properties, LLC
Filed Under: Business
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