dd's Discounts & VA Medical Clinic

Highlights:

• 100% Leased to Two NNN, National Credit Tenants (dd's Discounts, VA Medical Clinic + Tesla Charging Station)
• Publicly Traded Companies - dd’s Discounts (Ross Stores, Inc.) and Tesla, Inc. are publicly traded companies, providing investors with transparency and financial security.
• E-Commerce Resistant Service/Medical Users – Discount clothing and medical/healthcare uses cannot be easily duplicated online. Further, medical users tend to be highly invested “sticky” tenants that are less likely to relocate. It is estimated that the VA invested over $2M into their own tenant improvements at the subject property.
• Several Top Performing Retailers – Other top performers directly surrounding the property include (per Placer.AI): Costco (top 5% nationwide; #30 out of 580 stores), AutoZone (top 1% nationwide; #61 of out 6,193 stores), In-Shape Health Club (top 2% nationwide; #2 out of 57 stores), Jack in the Box (top 10% nationwide; #193 out of 2,123 stores), McDonald’s (top 3% nationwide; #365 out of 12,810 stores)
• Top 10% dd’s Discounts – Per Placer.AI, foot traffic at this particular dd’s Discounts location ranks in the top 10% of stores nationwide and in the top 15% of stores in California. Call broker for further details on strong site performance by dd's Discounts.
• Surrounded by National Retailers – Including a brand-new Superiors Grocer, Costco, Food4Less, In-Shape Health Club, El
• Pollo Loco, McDonald’s, IHOP, Rite Aid, Bank of America, Starbucks, AutoZone, and more.
• Main & Main Intersection – 7th Street & La Paz Dr. is one of the trade area’s busiest commercial intersections with over 39,700 vehicles passing per day.
• Close Proximity to Interstate 15 – Victor Town Center is less than 0.4 miles from Interstate 15.
• Victorville Named Top 100 Boomtowns in America – Ranked #13 by SmartAsset due to strong population, business, and housing growth.
• Upside Potential – Previously a Kmart, the property features a 3,750 SF former garden area that can be enclosed and converted to leaseable area, providing the opportunity to enhance value and drive higher income.
• Low, Replaceable Rents –In-place rents average just $0.87/SF on a net basis, well in-line with the overall market average and below comparable properties in the immediate trade area.
• Depreciable Asset – Both the land and buildings are included. By taking advantage of a cost segregation analysis, investors can potentially accelerate the depreciation of the asset, providing a key tax advantage and higher after-tax cash flow.
• Below Replacement Cost – At $158/SF, the subject property is offered to investors at a price point below its replacement cost.

Description:

Progressive Real Estate Partners is proud to present a prime portion of Victor Town Center – a 100% leased 3-tenant retail investment opportunity in the well established and growing city of Victorville, CA (ranked #13 in SmartAsset’s Top 100 Boomtowns in America). The subject property is leased to a nationwide top 10% performing dd’s Discounts (Ross Stores, Inc.), a state-of-the-art VA Outpatient Clinic (STG International), and a 16-stall Tesla Supercharger station (Tesla, Inc). The property features NNN leases, low replaceable in-place rents averaging just $0.87/SF, highly invested tenants (the VA is estimated to have spent over $2M in tenant improvements)— all of which is offered at a below-replacement cost price of $158/SF. Leases feature 10% increases every 5-years, providing a strong hedge against inflation. Further, the property features a ±3,750 SF partially enclosed former garden center, providing investors the opportunity to capture additional upside by enclosing the area and creating additional leasable space.

.

Documents: