Prominent Power Center Location

INVESTMENT OVERVIEW

Essential CRE is please 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 31,500 SF 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.

INVESTMENT HIGHLIGHTS

High-Visibility National Credit, Single Tenant Big Box Asset with 3 Years Remaining on NN Lease - Two, 5-Year Options with 7% Increase
Strong Historical Occupancy; 20 Years at Current Location within 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
Tenant Has Invested Significant Capital in Tenant Upgrades/Improvements with Long Term Commitment to Strategic Location that Serves both Retail and Distribution Purposes

MARKET OVERVIEW

Shasta County is one of the original counties of California created in 1850 at the time of statehood and named after the Shasta people who originally inhabited the region. It is one of the largest counties in California by land area and boasts a population of 182,155 people. The county comprises the Redding MSA with the city of Redding also claiming the county seat. Redding is the recreational hub of the area boasting several activities ranging from world class fishing in the world-renowned Sacramento River to the breath-taking architecture of the internationally renowned Sundial Bridge.
Redding is know as the economic and cultural capital of the Shasta Cascade region and is California’s largest city north of Sacramento. The town was incorporated in 1887 supported by mining companies which aided in its growth. Although this helped the town grow, it wasn’t until construction of the Shasta Dam and Whiskeytown Dams that the city saw major growth both in population and infrastructure. The construction of the Dams also created the opportunity for tourism to grow as it added up to 36 miles of shoreline around the lake that was created. This along with the expansion of rail and air travel as well as improved communication helped attract people to Redding for a variety of recreational activities. The city has not only been interested in retention of the industries that make up the economy but are also looking to expand. In the last year, the area was recognized as the fifth fastest growing tech region for the state of California by the Progressive Policy institute.