08-30: Urgent care center, Walgreens, Applebee's For Sale

1. Urgent Care Center in Westminster, CO: 6000 SF single-tenant urgent care center on .45 ac outparcel to a shopping center anchored by Albertson supermarket.  Across from Wal-mart in Denver metro.  15 yrs NNN lease to Guardian Urgent Care with 3 locations.  NOI $155K/yr with 1.5% annual rent bump. $1.794M. 8.67% cap.
2. Jack In The Box in Los Angeles, CA: 1591 SF restaurant on a signalized corner lot in a densely-populated are with over 1M residents within 5 miles ring.  Renovated in 2005.  New 20 yrs absolute NNN lease to a franchisee with 18 locations.  NOI $144K/yr with rent bump every 5 yrs.  Store with strong sales of over $2.2M (low 6.5% rent to income, e.g. highly profitable location).  $1.92M. 7.5% cap. 
3. Strip Center in Corona, CA: 3835 SF 2-unit strip center on .28 acre corner lot in a stable and strong income area.  100% NNN leased with below market rent.  NOI $60K/yr. $995K.  6.09% cap.  Upside potential. 
4. Shopping Center in Redding, CA: 44,246 SF shopping center on over 3 acres lot in Northern CA.  100% leased by 14 tenants.  NOI $434K/yr. $5.498M. 7.91% cap. 
5. Office Building Alpharetta, GA: 15,800 SF 2-story 10-yr-old multi-tenant office building on 2.21 acres lot in affluent Atlanta suburbs (AHI $132K/yr).  100% leased.  NOI $204K/yr. $2.5M. 8.16% cap. 
6. Medical Office Building in West Covina, CA: 25,836 SF 2-story single-tenant office building on 1.73 acres lot in high income area near Queen of the Valley Hospital and Westfield West Covina Mall.  Renovated in 2006.  20 yrs NNN leased to West Covina Medical Group with 16 yrs remaining.  NOI $762K/yr. with 3% annual rent bump.  Tenant has been practicing in the area for 50 yrs.  $9.25M. 8.25% cap. 
7. Apartments in San Diego, CA: 6-unit 4540 SF apartments in excellent North Park area.  100% occupied.  Gross income of $780K/yr. $850K. 6.19% cap. 
8. Burger King in Sterling Heights, MI: 2175 SF restaurant built in 2007 on ¾ ac outparcel to a shopping center anchored by Lowes and Target in upper middle class Detroit suburbs (AHI $85K/yr). New 20 yrs absolute NNN lease to a franchisee with 18 locations.  NOI $112K/yr with 10% rent bump every 5 yrs.  Strong with strong annual revenue of over $1.4M, i.e. profitable. $1.333M. 8.4% cap. 
9. Walgreens in Fort Myers, FL: 14,820 SF drug store built in 1995 on 2.6 acres lot in growing & high income area with AHI $86K/yr.  100% NNN- leased.  NOI $224K/yr.  Store has est. annual sales revenue of $5M (very low 4.48% rent to revenue ratio, i.e. highly profitable location).  Price reduced from $2.63M to $2.24M. 10% cap.  Note: while the tenant has an option to terminate the lease in 2015, Transmercial believes the tenant won’t do so since the store is highly profitable. 
10. Applebee’s in Mesa, AZ: 5934 SF restaurant built in 1998 on .9 acre outparcel at a signalized corner in growing Phoenix metro.  New 15 yrs NNN lease to the 12-th largest franchisee with in the US with 90 Applebee’s locations.  NOI $213K/yr. with 1% annual rent bump.  $2.509M. 8.5% cap.

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