New Roof in 2017 with 15 Year Transferable Warranty | New Parking Lot Put on in 2022
– A new owner will benefit from reduced maintenance costs as there will be no immediate repairs or replacements needed to two of the most significant landlord responsible items at the subject property.
– Additionally, both tenants will continue to benefit from enhanced curb appeal, fewer maintenance expenses, and reduced disruptions to their business.
Fully Occupied by Investment Grade Credit Tenants (NASDAQ: TSCO & NASDAQ: DLTR BBB from S&P Global Ratings)
– Tractor Supply is the largest rural lifestyle retailer in the U.S., ranking 293 on the Fortune 500. The Company’s more than 50,000 Team Members are known for delivering legendary service and helping customers pursue their passions, whether that means being closer to the land, taking care of animals or living a hands-on, DIY lifestyle.
– As of December 28,2024, the Company operated 2,296 Tractor Supply stores in 49 states. Tractor Supply reached $14.9 billion in sales in 2024.
– Dollar Tree, Inc., ranked 137 on the Fortune 500 list, is a leading operator of discount variety stores that have served North America for more than 63 years.
– As of February 3, 2024, the Company operated 16,774 retail discount stores across 48 states and five Canadian provinces.
New Early 7 Year Lease Extension from Tractor Supply & Early 5 Year Lease Extension from Dollar Tree
– Dollar Tree extended their lease early in February 2025 for their third extension period, demonstrating their long-term commitment to the site.
– Tractor Supply extended their lease early in February 2025 for an additional 7 years as they neared the end of their original 10-year lease term.
Priced Well Below Replacement Cost at $71.68 per Square Foot
– Tractor Supply is paying a modest $120,000 or $5.71/SF in annual rent which is well below their national average of around $378,000 or $14+/SF across their 2,200+ locations.
– Dollar Tree is paying a low annual rent of $74,375 or $8.55/SF which is below their national average of around $130,000 or $12+/SF across the 8,400+ stores operating under the Dollar Tree brand.
Robust Customer Base in the Arkansas River Valley
– Booneville is located in the Arkansas River Valley which is a 30 – 40-mile-wide trough that separates the Ozark Mountains from the Ouachita Mountains.
– The Arkansas River is a significant transportation artery and source of water for agriculture, industry, and recreation.
