214.915.8890

BOB MOORHEAD

bob@exp1031.com

JOE CAPUTO

joe@exp1031.com

RUSSELL SMITH

russell@exp1031.com

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

SITE PLANDollar General

114 W. 12th Street, Alturas, CA

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

7

Location mapDollar 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