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A "red blob" camera can be quite noticeable when it flashes, if the subject is looking in the right direction.
You could go with a cam that has high-output "black flash," like a Reconyx, but those are more expensive than the Bushnell. Also be aware that almost any IR-illumination cam is going to have motion blur in the night images, and they'll all be black-and-white photos, so there might be some loss of information like clothing colors, etc. Video is one way around the motion blur, and if it has sound, that could prove useful, too.
But maybe knowing he was photographed will make the thief do a "risk-benefit analysis," and decide to steal from some other place, where they're not trying so hard to catch and prosecute him. Put a small sign under the cam so that once he sees the flash, it might draw his attention to the sign: "The ones you don't
see are watching you, too."