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JLL is pleased to offer for sale the fee-simple interest in a single-tenant Dollar General located in the south-side neighborhood of Auburn Gresham, one of the 77 official community areas of Chicago, Illinois. Situated on a substantial urban footprint with 1.34 acres of land, the property offers flexibility in future development opportunity. Auburn Gresham is a densely populated neighborhood of Chicago, with over 260,000 residents within a three-mile radius of the asset. Due to burgeoning demands for essential goods and services over the past few months, Dollar General plans to hire approximately 50,000 workers by the end of April to support customers’ needs.
The asset includes a 21,875 square feet asphalt-paved parking lot for ± 93 cars and two loading docks which offers future redevelopment potential. With 15,370+ total stores and counting across 44 states as of December 2019, Dollar General is the largest discount retail banner in the United States. This investment provides outstanding residual value, as the asset’s physical positioning in this market garners significant attention from residents within the community. This offering presents the unique opportunity for investors to acquire an urban net leased investment leased to an industry-leading tenant with minimal landlord responsibilities.
- Standard, double net lease with 4.3 years remaining
- Rental increases of 10% every 5 years and four, 5-year options for renewal
- Low-cost concept catering to the immediate community, possessing $46,668 average household income within one mile
- Fiscal 2019 was the 30th consecutive year of same-store sales growth, management expects 2.5-3.0% growth in 2020
- Positioned near Simeon Career Academy (1,303 students) and Perspectives Calumet High School (305 students)