|
|
2/11/19
|
A 9k sf, single-tenant retail property fully occupied by Dollar General in Red Bluff, CA sold for $2.53 mil, or $281/sf. The buyer was an unnamed SoCal-based family trust.
Built in 2013, the property is located on just under one acre of land at 755 Walnut St, at the hard, signalized corner of Walnut and Jackson St, which sees a combined vehicle count of approximately 21,000 vehicles per day. Red Bluff is located about 30 miles south of Redding and 40 miles north of Chico. Dollar General has approximately 10 years remaining on its initial 15-year term of the absolute, NNN lease.
Jim Schuchert and Joe Schuchert with SRS’ National Net Lease Group represented the seller, a northern California-based private investor. The buyer was repped by Bryan Miller of Lee & Associates.
“Despite this being the shortest term California Dollar General to hit the market, we were were able to procure multiple offers and selected an all-cash non-1031 buyer who closed at a 6.30 percent cap rate,” noted Joe Schuchert.
|
|
 Return to the Archive page
|
|
|
|
|
Printer-friendly Version
Email an Associate