Top 9 properties 05-11-10

1.  Staples in Woodbury, MN: 20,053 SF single-tenant 1-yr-old retail center on over 2 acres lot by I-94 exit in suburban St Paul with strong demographics (AHI $107K/yr). Near Sam’s Club and Wal-mart. 10 yrs NNN lease.  NOI $320K/yr with rent increase every 5 yrs.  $4M. 8% cap. 
2. Shopping Center in North Myrtle Beach, NC: 90,722 SF 2-yrs old 20-unit neighborhood center in an affluent coastal town (AHI $108K/yr).  Anchored by 48,520 SF Bi Lo grocery, a regional chain.  87% NNN.  Proforma NOI $1.169M. $11.95M. 9.79% cap. 
3. PepBoys Auto in Greece, NY: 22,277 SF single-tenant auto parts & service center on 3.4 acres lot next to in an upper middle class Rochester metro. 15 yrs NNN lease.  NOI $209K/yr. $2.708M. 7.75% cap. 
4. Retail Office Center in Santee, CA: 20,518 SF 2-story 24-unit  retail office complex in San Diego metro.  80% leased.  NOI $272K/yr.  Price reduced from $4M to $3.4M. 8% cap. 
5. Jack in the Box in Houston, TX: 2645 SF restaurant built in 1991 on .71 acre corner lot.  New 20 yrs NNN lease with corp guaranty.  NOI $121K/yr with 8% rent bump every 5 yrs.  $1.73M. 7% cap. 
6. PepBoys Auto in Staten Island, NY: rare 17,720 SF auto parts and service center built in 1998 on 1.1 acres lot in a growing New York area.  15 yrs NNN lease with 13 yrs remaining.  NOI $444K/yr with 1.5% annual rent bump.  $5.85M. 7.6% cap. 
7. Big O Tires in Fountain Hills, AZ: 4740 SF single-tenant auto center built in 2000 on .57 acre lot in an upper middle class Phoenix (AHI $110K/yr).  New 15 yrs NNN lease.  NOI $135K/yr.  $1.597M. 8.47% cap. 
8. O’Reilly Auto in Simi Valley, CA: 5555 SF free-standing auto parts center on 1.09 acres outparcel to a neighborhood center anchored by Rite Aid, Big 5 Sports and 99 Cents Only.  High income area with AHI over $104K/yr.  100% NNN lease with 5 yrs left.  NOI $126K/yr.  Firm at $1.687M. 7% cap. 
9. Sola Salons in Las Vegas, NV: 5134 SF single-tenant 2 yrs old retail center just off Fwy 215 exit in an affluent area of Las Vegas with AHI over $97K/yr.  10 yrs NNN lease by Sola Salons, a regional tenant with locations in 17 states. NOI $156K/yr. with 3% annual rent bump.$1.98M. 7.5% cap.

© Transmercial 2010.  All rights reserved.