February 7, 2019 – SRS Real Estate Partners’ National Net Lease Group has completed the $2.53 million sale of a single-tenant 9,026-square-foot retail property fully occupied by Dollar General in Red Bluff, CA. Built in 2013 and located on just under one acre of land at 755 Walnut St. in Red Bluff, Dollar General has approximately 10 years remaining on its initial 15-year lease term.
SRS’ National Net Lease Group Managing First Vice Presidents Jim Schuchert and Joe Schuchert represented the seller a northern California-based private investor. The buyer, a Southern California-based family trust, was represented by Bryan Miller of Lee & Associates.
“This property offered the buyer an absolute triple-net, long-term leased investment with zero management responsibilities,” said Jim Schuchert. “The lease is guaranteed by Dollar General Corp. providing more stability for the new ownership.”
“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,” Joe Schuchert added.
Situated along the banks of the Upper Sacramento River, Red Bluff is located 31 miles south of Redding and 40 miles North of Chico. The property is situated at the hard, signalized corner of Walnut St. & Jackson St. which see a combined vehicle count of approximately 21,009 vehicles per day. The 5-mile trade area is supported by a population of 24,723.