GARDEN CITY, PA / ACCESSWIRE / February 6, 2020 / FAVO Realty Inc, a real estate investment and asset management company is pleased to announce they have signed a fully executed Letter of Intent (LOI) to acquire a 9,026 SF Dollar General (DG) store in Johnstown, PA. This is FAVO's first Dollar General acquisition. This DG store was built-to-suit in 2016 with a 15-year triple net lease. This corporate secured lease has 11.5+ years remaining plus three (3) five (5) year options with rental increases. FAVO Realty, Inc anticipates closing on this property within 60 days.
In a separate transaction FAVO Realty, Inc sold its wholly owned subsidiary FAVO Blockchain, Inc. to a private company and they are exiting the cryptocurrency and blockchain business to focus solely on building a diversified commercial real estate portfolio. A portfolio that will provide durable and predictable cash flow to the Company as well as growth opportunities.
Vincent Napolitano, CEO, stated, "The Johnstown Dollar General is strategically positioned on Main Street in the heart of Johnstown, PA and less than one mile from the Johnstown Expressway which averages over 17,000 vehicles per day." He added "This property has a substantial 5-mile population of over 60,000 residents in 27,000 households with an average annual income of $57,000 per year."
Shaun Quin, President added, "With the volatility and uncertainty in the cryptocurrency space we believe it is in the best interest of our shareholders to exit the bitcoin mining business and focus solely on our core business which is real estate. Our sole focus will be on building shareholder value by acquiring and managing a diversified portfolio of trophy real estate assets across the United States."
Mr. Napolitano also said, "Dollar General has over 16,000 stores nationwide and plan on opening 1000 more in the next 12 months. They have had 28 consecutive years of same-store sales growth and they are uniquely qualified to go in underserved communities and open a 9,000 SF store where Walmart, Target and Costco can't open a 100,000 SF store."
Additional Information on the sale of FAVO Blockchain, Inc can be found in the Company's Form 8-K filed February 4, 2020
More About FAVO Realty Inc:
FAVO REALTY, INC is a real estate investment company which intends to invest in a diversified portfolio of quality commercial real estate properties and other real estate investments located throughout the United States and Puerto Rico. "FAVO" is "Honeycomb" in Latin - The Honeycomb (Hexagon) is the most efficient shape in the universe. FAVO Realty Inc. intends to be Efficient, Flexible & Durable. www.favogrp.com
More About FAVO Group, LLC:
FAVO GROUP, LLC is the External Manager of FAVO Realty Inc. (FAVO - OTCPINK). They were founded by a Group of Real Estate and Capital Market professionals with over 100 years of collective experience and have transacted in over $6 billion of Real Estate related transactions. www.favogrp.com
More About Dollar General Corporation:
Dollar General Corporation (DG; S&P: BBB/Stable) was founded in Tennessee in 1939 and today operates over 16,000 general stores in 44 states. DG stores deliver everyday low prices on items including food, snacks, health and beauty aids, cleaning supplies, family apparel, housewares, seasonal items, paper products and much more from America's most-trusted brands and products, along with Dollar General's high-quality private brands. Some of its brand names include but not limited to Clorox, Energizer, Procter & Gamble, Hanes, Coca-Cola, Mars, Unilever, Nestle, Kimberly-Clark, Kellogg's, General Mills and PepsiCo.
Safe Harbor/Forward-Looking Statements
This press release contains certain forward-looking statements including, but not limited to, statements, estimates, and projections of future trends and of the anticipated future performance constitute "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, including, without limitation, statements regarding the Series' expectations, beliefs, or future strategies that are signified by the words "expects," "anticipates," "intends," "believes," or similar language. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Actual results may differ materially from expected results. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of this press release FAVO Realty, Inc and its Management Team expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based or that may affect the likelihood that actual results will differ from those set forth in the forward-looking statements, unless specifically required by law or regulation.
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SOURCE: FAVO Realty, Inc and FAVO Group, LLC