The subject property is an approximately 9,014 square foot new, freestanding Dollar General, located at 612 SE Kent Street in Greenfield, County of Adair, Iowa. Within a close proximity of the subject property are national and regional retailers including Mather Pharmacy, Your Dollar Store with More, Napa Auto Parts, Pamida (local discount store), Fareway Store (grocery), Subway, Pizza Hut, Radio Shack, and it is across the street from Adair County Memorial Hospital.
The store is accompanied by a 10 year NN lease, signed by the parent company, with 10% rent bumps after year 10 and every 5 years thereafter. There are (5), 5-year options that follow the initial 10 year lease. In addition to paying fixed rent, the Lessee is required to make monthly payments to the Lessor for parking lot maintenance. The base term of lease is automatically extended in lease year 7 from 10 years to 15 years, if the store generates sales in excess of $1,000,000. Because this location is not faced with competition from well known retailers, such as Wal-Mart and Family Dollar, the potential for an automatic renewal becomes a stronger possibility.
In 2005, Dollar General generated more than $8.5
Greenfield, IA, is a city in Adair County. It is the county seat. Greenfield is in the rolling hills of the southwestern Iowa. It is approximately 58 miles from Des Moines. The main entrance is directly on SR 92. It is the main thoroughfare through the town without taking the interstate. Greenfield, IA, is in between Omaha (1 hour 20 min. away) and Des Moines (58 miles away). Greenfield is a can-do community that takes pride in its rural heritage, its historic buildings and its people. Visioning and planning have established Greenfield as a progressive community interested and active in industrial, commercial and tourism development. Greenfield has a firm agricultural and industrial base. In recent years, it has expanded existing industries; finished a new city and library building; been involved in retail expansion; developed a senior living center; built a new senior congregate meal site at the new YMCA of Adair County; expanded clinics and built a new heliport at the county hospital; opened an antique airplane museum, and the Dennis and Marlene Schildberg Antique Car Museum; established a local link to a major research farm; and built an additional runway to accommodate