Best Buy 1010 Hilltop Dr 30,740 SF Retail Building Redding, CA 96003 $7,780,000 ($253.09/SF) 6% Cap Rate
INVESTMENT HIGHLIGHTS
- High-Visibility National Credit, Single Tenant Big Box Asset with 2.5+ Years Remaining on NN Lease - Two, 5-Year Options with 7% Increase
- Anchored by TJ Maxx, Michaels, BevMo, Bed Bath & Beyond, Aaron's, World Market and PetSmart with Bank of America and Verizon on Pads
- Strong Historical Occupancy; 20 Years at Current Location within Prominent Power Center Located Directly off Interstate 5
- Tenant Has Invested Significant Capital in Tenant Upgrades/Improvements with Long Term Commitment to Location that also Serves as Distribution Hub
EXECUTIVE SUMMARY
Price Reduction - Essential CRE is pleased to present the opportunity to acquire the fee simple interest in Best Buy located at 1010 Hilltop Dr, Redding, CA (Shasta County). The subject property is 30,740 square feet and resides on 2.51 acres of land located directly off Interstate 5 in a prominent power center anchored by TJ Maxx, Michaels, BevMo, Bed Bath & Beyond, Aaron's, World Market and PetSmart with Bank of America and Verizon on pads. Located across the street is the Shasta Mall anchored by Sprout's, Macy's, JCPenney's and Ultra Beauty with Chick-fil-A, Outback Steakhouse, Panda Express, Chase Bank and Rabobank on pads. Also located across the street from the subject property are the Town & Country Center and Hilltop Center anchored by Koh's, Dick's Sporting Goods and Trader Joe's.
PROPERTY FACTS
Sale Type
Investment NNN
Property Type
Retail
Property Subtype
Freestanding
Building Size
30,740 SF
Building Class
B
Year Built
2003
Price
$7,780,000
Price Per SF
$253.09
Cap Rate
6%
NOI
$466,621
Tenancy
Single
Building Height
1 Story
Building FAR
0.28
Lot Size
2.51 AC
Zoning
RC
Parking
137 Spaces (4.46 Spaces per 1,000 SF Leased)
NEARBY MAJOR RETAILERS
PROPERTY TAXES
| Parcel Number | 107-240-023-000 | Improvements Assessment | $4,475,000 |
| Land Assessment | $1,500,000 | Total Assessment | $5,975,000 |
