representative photo exclusive offering | $2,100,000 … general_ca...airport, modoc high school,...
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214.915.8890
BOB MOORHEAD
JOE CAPUTO
RUSSELL SMITH
property. Brand new Dollar General build-to-suit, 9,026+ SF building on .72+ acres. Metal building with masonry and glass storefront.
tenant. S&P Rated BBB-, Operates 11,132 stores in 40 states. Ranked 175th within the Fortune 500 Companies. Fiscal 2013 revenues exceeded $17.5 billion.
lease structure. Corporate, 15-year, NNN lease beginning February 2014 with a 10% rent increase at the beginning of each option.
location. Dollar General is located off of W. 12th Street (3,963 Cars / Day) and N. Main Street (6,366 Cars / Day). W. 12th Street turns into State Route 299 as
you head west out of the city and N. Main Street turns into U.S. 395 as you head south out of the city. National credit tenants in the immediate trade area include
Rite Aid, Bank of America, Chevron, Chevrolet, Best Western, Super 8 Motel, Goodyear, Napa Auto Parts, and Les Schwab Tire Center. Modoc Steel & Supply,
Modoc Mini Storage, Holiday Market Liquor, and 4 corners market are just a handful of the many local retailers in the immediate trade area. Alturas Municipal
Airport, Modoc High School, Modoc Middle School, Alturas Elementary School, and Alturas Community Park are all within 1.5-miles of the subject property. Alturas
is located 2.5 hours northwest of Reno, NV, and 4.5 hours northeast of Sacramento, CA.
EXCLUSIVE OFFERING | $2,100,000 / 6.25% CAP
Dollar general | S&P Rating BBB-
114 W. 12th Street, Alturas, CA
REPRESENTATIVE PHOTO
DisclaimerEXP Realty Advisors, Inc. (“Agent”) has been engaged as an agent for the sale of the
property located at 114 W. 12th Street, Alturas, CA by the owner of the Property (“Seller”).
The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent
make no representations or warranties as to the accuracy of the information contained in
this Offering Memorandum. The enclosed materials include highly confidential information
and are being furnished solely for the purpose of review by prospective purchasers of the
interest described herein. The enclosed materials are being provided solely to facilitate the
prospective investor’s own due diligence for which it shall be fully and solely responsible.
The material contained herein is based on information and sources deemed to be reliable,
but no representation or warranty, express or implied, is being made by Agent or Seller or
any of their respective representatives, affiliates, officers, employees, shareholders,
partners and directors, as to the accuracy or completeness of the information contained
herein. Summaries contained herein of any legal or other documents are not intended to be
comprehensive statements of the terms of such documents, but rather only outlines of
some of the principal provisions contained therein. Neither the Agent nor the Seller shall
have any liability whatsoever for the accuracy or completeness of the information contained
herein or any other written or oral communication or information transmitted or made
available or any action taken or decision made by the recipient with respect to the Property.
Interested parties are to make their own investigations, projections and conclusions without
reliance upon the material contained herein. Seller reserves the right, at its sole and
absolute discretion, to withdraw the Property from being marketed for sale at any time and
for any reason. Seller and Agent each expressly reserves the right, at their sole and
absolute discretion, to reject any and all expressions of interest or offers regarding the
Property and/or to terminate discussions with any entity at any time, with or without notice.
This offering is made subject to omissions, correction of errors, change of price or other
terms, prior sale or withdrawal from the market without notice. Agent is not authorized to
make any representations or agreements on behalf of Seller. Seller shall have no legal
commitment or obligation to any interested party reviewing the enclosed materials,
performing additional investigation and/or making an offer to purchase the Property unless
and until a binding written agreement for the purchase of the Property has been fully
executed, delivered, and approved by Seller and any conditions to Seller’s obligations
hereunder have been satisfied or waived. By taking possession of and reviewing the
information contained herein, the recipient agrees that (a) the enclosed materials and their
contents are of a highly confidential nature and will be held and treated in the strictest
confidence and shall be returned to Agent or Seller promptly upon request; and (b) the
recipient shall not contact employees or tenants of the Property directly or indirectly
regarding any aspect of the enclosed materials or the Property without the prior written
approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied
or otherwise reproduced without the prior written authorization of Seller and Agent.
Table of contents | Disclaimer Dollar General
114 W. 12th Street, Alturas, CA
PAGE 3: INVESTMENT OVERVIEW
PAGE 1: COVER
PAGE 2: TABLE OF CONTENTS | DISCLAIMER
PAGE 7-8: LOCATION MAPS
PAGE 9: DEMOGRAPHICS
PAGE 4: SITE PLAN
PAGE 5: AERIAL PHOTO
PAGE 6: LOCATION OVERVIEW
SUBJECT PROPERTY
PRICE / CAP: $2,100,000 / 6.25%
NET OPERATING INCOME: $131,376
BUILDING AREA: 9,026+ Square Feet
LAND AREA: .72+ Acres
YEAR BUILT: 2014
OWNERSHIP: Fee Simple Interest
OCCUPANCY: 100%
CONSTRUCTION TYPE: Metal building
Masonry & Glass Storefront
3
Investment overviewDollar General
114 W. 12th Street, Alturas, CA
Lease Expiration: February 2029
Rent Commencement: February 2014
Initial Lease Term: 15-Years, Plus 3, 5-Year Options to Renew
Rent Increases: 10% in Option Periods
Year 1-15 Annual Rent (Current): $131,376
Lease Type: NNN
Year 16-20 Annual Rent (Option 1): $144,513
Year 21-25 Annual Rent (Option 2): $158,964
Year 26-30 Annual Rent (Option 3): $174,861
Lease overview
Tenant overview
CORPORATE GUARANTY: Dollar General Corporation
LESSEE: Dolgen California, LLC
Dollar General | www.dollargeneral.com | S&P Rating BBB- (upgraded from BB+ in April, 2012)
Cal Turner founded J. L. Turner & Son, Inc. in 1939, and opened the first Dollar General store in Scottsville, Kentucky in June 1955. Today, Dollar General
Corporation operates as the country’s largest small-box discount retailer with stores in the southern, southwestern, midwestern, and eastern United States. The
stores are typically located in local neighborhoods and small communities deemed “too small” for big-box retailers. Dollar General offers both name-brand and
generic merchandise—including off-brand goods and closeouts of name-brand items. Although it has the word “dollar” in the name, Dollar General is not a dollar
store. Many of its offerings are priced at more than one dollar. However, goods are usually sold at set price points of penny items and up to the range of 50 to 60
dollars, not counting phone cards and loadable store gift cards. The company provides paper and cleaning products (paper towels, bath tissues, paper
dinnerware, trash and storage bags, laundry, and other home cleaning supplies), packaged food and perishables (cereals, canned soups and vegetables, sugar,
flour, milk, eggs, and bread), beverages, snacks (such as candies, cookies, crackers, salty snacks, and carbonated beverages), over-the-counter medicines,
personal care products (soap, body wash, shampoo, dental hygiene, and foot care products), pet supplies and pet food products, seasonal products (decorations,
toys, batteries, small electronics, greeting cards, and stationery) prepaid cell phones and accessories, gardening supplies, hardware, automotive, home office
supplies, home products (kitchen supplies, cookware, small appliances, light bulbs, storage containers, frames, candles, and craft supplies, as well as kitchen,
bed, and bath soft goods), and casual, everyday apparel (for infants, toddlers, girls, boys, women, and men, as well as socks, underwear, disposable diapers,
shoes, and accessories). Since the turn of the century, Dollar General has added stores that carry a greater selection of grocery items, which operate under the
name “Dollar General Market”.
In 2007 Kohlberg Kravis Roberts & Co. (KKR) acquired Dollar General, privatized the company for restructuring, and took the company public again in 2009. As of
January 1, 2014, Dollar General operated 11,132 stores in 40 states. The company ranks 175th within the Fortune 500 Companies. Fiscal 2013 revenues
exceeded $17.5 billion (up 9.2% from 2012) with profits of $1,736.2 million. The company’s current market value is estimated to be $18.41 billion.
4 Corners
Market
5
Aerial photoDollar General
114 W. 12th Street, Alturas, CA
Modoc Middle School
Alturas Elementary School
Alturas Municipal Airport
Alturas Community Park
Modoc High School
West 12th Street (3,963 Cars / Day)
No
rth
Mai
n S
tree
t (6
,366
Car
s / D
ay)
Modoc
Steel &
Supply
Modoc
Mini
Storage
Hopliday
Market
Liquor
IMMEDIATE TRADE AREA
Dollar General is located off of W. 12th Street (3,963 Cars / Day) and N. Main
Street (6,366 Cars / Day). W. 12th Street turns into State Route 299 as you
head west out of the city and N. Main Street turns into U.S. 395 as you head
south out of the city.
National credit tenants in the immediate trade area include Rite Aid, Bank of
America, Chevron, Chevrolet, Best Western, Super 8 Motel, Goodyear, Napa
Auto Parts, and Les Schwab Tire Center. Modoc Steel & Supply, Modoc Mini
Storage, Holiday Market Liquor, and 4 corners market are just a handful of the
many local retailers in the immediate trade area. Alturas Municipal Airport,
Modoc High School, Modoc Middle School, Alturas Elementary School, and
Alturas Community Park are all within 1.5-miles of the subject property.
ALTURAS / MODOC COUNTY, CA
Alturas is a city in and the county seat of Modoc County, California, United
States. As the county seat, the town is a home to regional government offices,
including a California Highway Patrol office and a state Department of Motor
Vehicles office. The population was 2,827 at the 2010 census. Alturas is served
by U.S. Route 395 and California State Route 299. U.S. 395 comes in from the
south from Susanville and Reno. State Route 299 comes in from the west from
Redding. Both highways merge in Alturas and head out of the city as a
concurrency northeast toward Lakeview, Oregon and Cedarville, respectively.
Modoc County is a county located in the far northeast corner of the U.S. state
of California, bounded by the state of Oregon to the north and the state of
Nevada to the east. As of the 2010 census, its population was 9,686, up from
9,449 at the 2000 census. The current county seat is Alturas, the county's only
incorporated city. A large portion of Modoc County is federal land. Several
federal agencies, including the United States Forest Service, Bureau of Land
Management, National Park Service, Bureau of Indian Affairs, and the United
States Fish and Wildlife Service, have employees assigned to the area, and
their operations are a significant part of the economy and services in this rural
area.
NORTHERN CALIFORNIA
Northern California usually refers to the state’s northernmost 48 counties. The
San Francisco Bay Area (which includes the cities of San Francisco, Oakland,
and San Jose), and Sacramento (the state capital) as well as its metropolitan
area, are the main population centers. Northern California's economy is noted
for being the de facto world leader in industries such as high technology (both
software and semiconductor), as well as being known for clean power,
biomedical, government, and finance.
Other significant industries include tourism, shipping, manufacturing, and
agriculture. Northern California has been at the forefront of new ways of doing
business. In science, advances range from being the first to isolate and name
fourteen transuranic chemical elements, to breakthroughs in microchip
technology. Its economy is diverse, though more concentrated in high
technology, and subject to the whims of venture capital than any other major
regional economy in the nation especially within Silicon Valley, and less
dependent on oil and residential housing than Southern California.
It is home to the state capital, as well as several Western United States
regional offices in San Francisco, such as the Federal Reserve and 9th Circuit
Court. Northern California hosts a number of world-renowned universities
including Stanford University and University of California, Berkeley. Top-tier
public graduate schools include Boalt Hall and Hastings law schools, and UC
San Francisco, a top-ranked medical school, and UC Davis School of
Veterinary Medicine, the largest vet school in the United States. The
population of the forty-eight counties of Northern California has shown a steady
increase over the years. The 2010 U.S. Census revealed that Northern
California grew at a faster rate (10.1%) than Southern California in the 2000s
with a rate slightly higher than the state average.
6
Location overviewDollar General
114 W. 12th Street, Alturas, CA
8
Location mapDollar General
114 W. 12th Street, Alturas, CA
DEMOGRAPHIC SNAPSHOT
9
DemographicsDollar General
114 W. 12th Street, Alturas, CA
Radius 1 Mile 3 Mile 5 Mile
Population:
2018 Projection 2,664 3,138 3,667
2013 Estimate 2,914 3,424 3,993
2010 Census 3,079 3,600 4,177
Households:
2018 Projection 1,149 1,341 1,567
2013 Estimate 1,261 1,469 1,713
2010 Census 1,337 1,549 1,797
Growth 2010 - 2013 1.25% 1.41% 0.90%
Owner Occupied 768 885 1,078
Renter Occupied 493 584 636
2013 Avg Household Income $45,123 $44,406 $45,640
2013 Med Household Income $32,246 $31,801 $32,289
2013 Households by Household Inc:
<$25,000 538 637 732
$25,000 - $50,000 330 387 444
$50,000 - $75,000 157 177 191
$75,000 - $100,000 163 178 203
$100,000 - $125,000 45 58 96
$125,000 - $150,000 3 6 18
$150,000 - $200,000 0 1 2
$200,000+ 27 28 28
SACRAMENTO, CA
RENO, NV