Newport Beach, Calif. (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.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 20 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit www.srsre.com.
SRS’ National Net Lease Group is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2017, the group completed more than 270 sales across more than 30 states. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsnnlg.com.