Located at 300 Broadway Avenue, Carnegie, Pennsylvania, this Net Leased Family Dollar property consists of a 9,400 sq.ft building that sits on a huge 0.26-acre parcel of land. The location is a part of the Pittsburgh Metro Area. The subject property is situated at the signalized intersection of Mansfield Boulevard and Broadway Street. There is no direct competition in this location. The immediate area has a population of more than 220,000 residents, with an average annual household income of over $67,000. The subject property has a coterminous city-owned parking lot. The current double net lease has more than three and a half years remaining on the second option period, where the landlord is only responsible for looking after roof and structure besides a few more minimal duties. The lease offers a flat initial term, including a 10 percent hike in rent during the three five-year option periods. Showing their commitment to the location, Family Dollar has already extended the lease term, twice for an additional five years each.
Family Dollar is one of the leading discount store chains in the United States. The company’s growth is fueled by its merchandising strategy. It offers customers lucrative options on essential goods for their family and home in a small-box, neighborhood format. Family Dollar is providing customers with value and convenience for 50 years now. As part of a brilliant investment strategy, Dollar Tree acquired Family Dollar for $8.5 Billion, which resulted in more than 13,600 stores across 48 states and five Canadian Providences, including sales exceeding $18 billion.
This investment property is suitable for a 1031 exchange.
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