Strong Corporate Lease Guaranty – Family Dollar (S&P: BB+) – Wholly Owned Subsidiary of Dollar Tree (NASDAQ: DLTR) – The building is leased to Family Dollar (S&P: BB+), which operates more than 8,200 stores across 46 states and is a wholly-owned subsidiary of Dollar Tree, Inc. (NASDAQ: DLTR). The combined Dollar Tree-Family Dollar entity is the largest discounter in North America with over 15,200 stores in 48 states and Canada. Both brands continue to operate separately.
New Conversion to Dollar Tree Store – Major Building Renovation from Roof Down – Virtually Brand New Building & Parking Lot – Zero Deferred Maintenance – As part of their plan to re-banner 200 Family Dollar stores to Dollar Tree stores in 2019, Dollar Tree Stores Inc. notified the landlord that it is converting the building to a Dollar Tree store, reflecting confidence in the location and expectation of continued growth. In late 2015, the LL performed an extensive building renovation (only the walls are original) from the roof down in order to meet Family Dollar’s specifications. The building has a new HVAC unit, resurfaced & restriped parking lot, new interior/exterior concrete slab, new pylon sign, new canopy, full T5s spectrum lighting throughout the warehouse and R&D space, full dropped ceiling throughout, 15 ton A/C in warehouse and 10 ton A/C in the showroom, an alarm and surveillance system.
Long Term Net Lease – 10% Rent Growth in Options – Minimal Landlord Responsibilities – Family Dollar has 6 years remaining on the 9-year lease, which expires in June 2025 and features three (3) 5-year options to renew with 10% rent increases in each Option period. Landlord is only responsible for the roof, structure, and parking lot repair (NOTE: Family Dollar reimburses LL up to $2500 a year for parking lot repair). The tenant reimburses for any real estate taxes, handles all interior repair (non-structural) HVAC repair/replacement, snow & trash removal, landscaping, parking lot restriping and parking lot lighting.
Dense Infill Long Island Location (228,000 People in 3-Mile Radius) – Excellent Access & Visibility Along Greenwich St (25,000+ CPD) – Major Corridor – The subject property is located on the corner of Greenwich St & Robinwood Ave, offering excellent visibility and access to traffic counts of 25,000 cars per day and easy in/out access to the fenced parking lot from Robinwood Ave. The Family Dollar is surrounded by dense residential neighborhoods, with over 228,000 people within a 3-mile radius with an average household income of over $134,000.
Greenwich Street is a major retail/commuter corridor to/from downtown Hempstead from Southern State Pkwy, a major east-west artery carrying commuters/travelers to JFK Airport, Queens, and beyond.
Minutes to Downtown Hempstead – Surrounded by National Retailers – Ideal “Business B” Zoning Allows for Wide Array of Uses – The property is located just minutes from Downtown Hempstead, multiple colleges/universities, and is close to nearby shopping centers with national retailers in the area such as Dunkin’ Donuts, CVS, Home Depot, Stop & Shop, Old Navy, Chase Bank, AutoZone, and more.
The subject property resides in “Business-B” Zoning, which ideally allows for a multitude of uses for retail stores, banks, office, medical/optical/dental lab, printing, art galleries etc., among other uses.
Located in Hempstead, NY: Ideal Long Island Location – Culturally & Economically Diverse – The subject property is located in Hempstead, in Nassau County, on New York’s Long Island. With a Census-estimated population of 7,869,820 in 2017, Long Island is the most populated island in any U.S. state or territory, and the 18th-most populous island in the world. Long Island is culturally and ethnically diverse, featuring some of the wealthiest and most expensive neighborhoods in the Western Hemisphere near the shorelines as well as working-class areas in all four counties. Long Island is home to the Cold Spring Harbor Laboratory, and companies such as Sperry Rand, Computer Associates (headquartered in Islandia), and Zebra Technologies.