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3-Tenant NNN Retail Investment 14598 7th St 47,650 SF 100% Leased Retail Building Victorville, CA 92395 $10,605,270 CAD ($222.57 CAD/SF) 6.60% Cap Rate

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INVESTMENT HIGHLIGHTS

Anchored by: dd’s Discounts, Department of Veterans Affairs Outpatient Medical Clinic, & Tesla Superchargers
In 2025, dd’s Discounts exercised a 5-year option renewal with a 10% rent increase, demonstrating continued commitment to the property.
Including new roofing systems ($485K), parking lot LED lighting and an extensive grind/overlay of the parking lot ($150K)

In 2025, the VA Outpatient Medical Clinic executed an early 20-year renewal with structured rent increases
The property is adjacent to several nationally top-performing retailers including Costco (top 5% nationwide), AutoZone (top 1%), McDonald’s (top 3%)
A ±3,750 SF former garden center can be enclosed for a rentable area, and a parking at the rear of the site allows for potential future development

EXECUTIVE SUMMARY

Progressive Real Estate Partners & Hanley Investment Group are pleased to present the opportunity to acquire a 100% leased, national-credit anchored retail asset combining secure cash flow, embedded rent growth, and meaningful long-term upside in one of the High Desert’s top-performing retail corridors. The property is anchored by dd’s Discounts (backed by Ross Stores – S&P 500 / Fortune 500), a Department of Veterans Affairs Outpatient Clinic, and a 16-stall Tesla Supercharger station— creating a diversified, e-commerce-resistant income stream. In 2025, both anchors executed renewals, including a 20-year Veterans Affairs renewal with a 15% rent increase in 2031 and a 5-year dd’s Discounts option renewal with a 10% increase in 2032, which together push the blended yield to an attractive 7.40% by 2032. With replaceable rents averaging just $0.86/SF NNN and an appealing $161/SF below-replacement-cost basis, the asset provides exceptional downside protection. Additional upside includes a significant mark-to-market opportunity in 2037 and the ability to enclose ±3,750 SF of former garden center space for future income.

PROPERTY FACTS

Sale Type

Investment

Property Type

Retail

Property Subtype

Freestanding

Building Size

47,650 SF

Building Class

Year Built/Renovated

1968/2021

Price

$10,605,270 CAD

Price Per SF

$222.57 CAD

Cap Rate

6.60%

NOI

$699,969 CAD

Percent Leased

100%

Tenancy

Multiple

Building Height

1 Story

Loading Docks

2 Exterior

Building FAR

0.21

Lot Size

5.32 AC

Opportunity Zone

Yes

Zoning

Specific Plan - Specific Plan (Civic Mixed)

Parking

255 Spaces (5.35 Spaces per 1,000 SF Leased)

Corner Lot
Dedicated Turn Lane

Pylon Sign

Signage

Signalized Intersection

Public Administration
-
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Vet Centers are community-based counseling centers that provide a wide range of social and psychological services, including professional counseling to eligible Veterans, service members, including National Guard and Reserve components, and their families. Counseling is offered to make a successful transition from military to civilian life or after a traumatic event experienced in the military to include military sexual trauma (MST). Individual, group, marriage and family counseling is offered in addition to referral and connection to other VA or community benefits and services. Vet Center counselors and outreach staff, many of whom are Veterans themselves, are experienced and prepared to discuss the tragedies of war, loss, grief and transition after trauma.