(Dark) Family Dollar

Investment Overview

Exclusive Realty presents a single-tenant retail asset in Sandy Ridge, NC leased to Family Dollar, a subsidiary of Dollar Tree, Inc. (S&P BBB, investment grade), on a corporate guaranty producing $97,675 of annual income. At the $795,000 list price, the going-in return is 12.29%, a yield rarely available on investment-grade corporate paper. Rent is secured in full through January 31, 2031 under the existing NN lease, independent of store operations. The real estate underwrites as well as the income. Built in 2021, the 9,180 square foot building sits on 1.71 acres with 48 surface spaces and a hard-corner position on NC-704. Priced at roughly $87 per square foot, the basis sits well below replacement cost for comparable new construction. The tenant carries taxes and insurance under the NN structure, and landlord responsibility is limited to roof and structure, both new as of 2021 and covered by a 10-year warranty, keeping near-term capital exposure minimal. The structure also offers optionality. Family Dollar has expressed interest in a lease buyout, creating a potential path to accelerated capital return, while the modern, flexible box and corner location support re-tenant or owner-user demand over time. A buyer collects a high current return today and holds well-located 2021 real estate at a low basis behind it.

Investment Highlights

• 12.29% going-in cap rate on corporate-guaranteed income from Family Dollar / Dollar
• Tree, Inc. (S&P BBB, investment grade)
• Rent secured in full through January 31, 2031, independent of store operations
• Low basis at roughly $87 per square foot, well below replacement cost for 2021
• construction; landlord responsibility limited to roof and structure (2021-new, 10-year
• roof warranty)
• Versatile 9,180 SF building on a 1.71-acre hard corner along NC-704, the community's
• primary corridor
• Minutes from Carrollwood Farms, the 8,000-acre equestrian and agritourism
• destination under development by billionaire Roy Carroll (The Carroll Companies): a
• best-in-class equestrian center, hotel, restaurant, and working farm that is turning the
• Sandy Ridge area into a regional destination
• alongside Novant Health's recent investment of $50 million in the Stokes
• County hospital in nearby Danbury