Tuesday, December 28, 2010

12-14: Shopping Center, Food city, Medical Office Building For Sale

AHI: Avg. Household Income.  National average is about $50K/yr.
NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
NNN: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

  1. Shopping Center in Walnut Creek, CA: 52,797 SF high-quality constructed shopping center built in 2000 anchored by Office Max.  Just off of I-680 exit in wealthy city East of San Fran. 100% NNN leased. NOI $1.242M/yr. $17.75M. 7% Cap.
  2. Food City in Avondale, AZ: 42,559 SF Food City Grocery store as an anchored tenant in a 86,560 SF shopping center in fast growing Phoenix metro.  100% NNN lease with 7 yrs remaining.  NOI $353K/yr. $3.9M. 9.04% cap.
  3. Shopping Center in Greenville, SC: 31,000 SF well-maintained shopping center anchored by Outback Steakhouse at densely populated area (over 156,000 residents within a 5-mile radius) off of I-385. 89% NNN leased to an array of national/local tenants. NOI $320K/yr. $3.4M. 9.42% Cap.
  4. Shopping Center in Augusta, GA: 21,000 SF attractive multi-tenant shopping center constructed in 2005 on 1.43 acres of land across from power center anchored by Target, Best Buy, Sport Authority and more. 100% NNN leased. NOI $602K/yr. $6.6M. 9.13% Cap.
  5. Medical Building in Chula Vista, CA: 9146 SF Class-B multi-tenant two-story medical building next to Scripps Mercy Hospital Chula Vista at hard corner location in San Diego metro. 100% leased. NOI $166K/yr. $1.950M. 8.61% Cap.
  6. Shopping Center in Lake Worth, FL: 28,000 SF shopping center along main retail corridor in fast growing (40.73%) middle-class (AHI $77K/yr within 1-mile radius) neighborhood in West Palm Beach. 93% leased. NOI $280K/yr. $3.5M. 8% Cap.
  7. Retail Center in Sumner, WA: 10,570 SF retail center on an outparcel in front of Fred Meyers Marketplace, a chain of hypermarkets in fast growing Tacoma suburbs. 100% NNN leased. NOI $251K/yr. $3.240M. 7.75% Cap.   
© Transmercial 2010.  All rights reserved.

12-13: 24-hr Fitness, Office Building, Wendy's, Burger King Auto Center For Sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market today.

AHI: Avg. Household Income
NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.
  1. 24 Hr Fitness Center in Beaverton, OR: new 45,172 SF state-of-the-art fitness center on 3.44 acres lot in an affluent area (AHI $92K/yr in 1 mile).  New 15 yrs NNN lease.  NOI $1.287M/yr. with 12% rent bump every 5 yrs.  $13.5M. 9.5% cap. 
  2. Office Building in Morgan Hill, CA: 19,618 SF single-tenant office building on 1.1 acres lot with easy access to hwy 101 in a upper middle class town South of Silicon Valley (AHI $109K/yr in 1 mile).  New NNN lease at close of escrow to Ricken Backer Group, a profitable Collection Agency in the business for 20 yrs (also recession insensitive business).  NOI $282K/yr with 3% annual rent bump.  $3.138M. 9% cap. 
  3. Wendy’s in Clermont, FL: 3025 SF restaurant at the intersection of 2 state highways in booming Orlando suburbs (113% pop growth 2000-2009).  New 20 yrs absolute NNN lease to an operator with 84 locations.  NOI $106K/yr with 8% rent bump every 5 yrs.  $1.382M. 7.7% cap. 
  4. Burger King in Saint Joseph, MO: 3480 SF restaurant built in 19998 on 1.3 acres parcel.  New 20 yrs absolute NNN lease at closing to a franchisee with 74 locations,  $88M in sales and $20M in net worth.  NOI $141K/yr. $1.825M. 7.75% cap. 
  5. Office Building in Dallas, TX: 51,043 SF 4-story office building with visibility from I-30.  Anchored by Resource One Credit Union, US Dept of Labor, and Reliable Life Insurance. 87% leased.  NOI $379K/yr. $3.45M. 11% cap. Just $67/SF (below replacement cost). 
  6. Auto Center in Corona, CA: 11,681 SF auto center built in 2009 on 1.26 acres lot next to I-15 exit in a fast growing upper middle-class city in Riverside county.  Anchored by Goodyear Tire (20 yrs NNN lease) and Jiffy Lube (20 yrs NNN lease).  100% NNN leased to 5 tenants.  NOI $371K/yr.  Price reduced to $4.95M.  7.5% cap. 
  7. Shopping Center in Ontario, CA: 45,075 SF shopping center on 3.89 acres parcel just off Pomona Fwy exit.  100% leased.  NOI $655K/yr. $7.5M. 9% cap.
© Transmercial 2010.  All rights reserved.

Thursday, December 23, 2010

12-10: Day Care Center, Applebee's, Hooter's For Sale

AHI: Avg. Household Income
NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

  1. Day Care Facility in Petaluma, CA: 7424 SF day care facility constructed in 2000 on 1.38 acres of parcel in well-off neighborhood (AHI $90K/yr within 3-miles radius) just 17-miles South of Santa Rosa.  Easy access to Hwy-101. 100% NNN leased (just signed 5 yrs renewal) to KinderCare Learning Center. NOI $120K/yr. $1.415M. 8.5% Cap.
  2. Apartments in Canoga Park, CA: 15-units story well-maintained multi-family building close to parks, shopping centers and hospital in densely populated Los Angeles. NOI $84K/yr. $1.2M. 7% Cap.
  3. Shopping Center in Lancaster, CA: 60,113 SF shopping center consisting of 3 parcels built in 2000 on 5.27 acres of land at a signalized intersection. Anchored by CVS-Pharmacy & Dollar Tree. 90% leased. Pro forma NOI $868K/yr.  Un-priced.
  4. Applebee’s Restaurant in Longview, TX: 5529 SF free-standing retail building conveniently located across from 650,000 SF Longview Mall anchored by JCPenny, Sears, Bealls, and Dillard’s. Long-term absolute NNN lease with 2% annual rent increases. NOI $171K/yr. $2.020M. 8.5% Cap.
  5. Hooters in Phoenix, AZ: 6207 SF single-tenant fully remodeled Hooters Restaurant outparcel to Desert Sky Mall. 20-years NNN lease. NOI $150K/yr. With 10% rent bump every 5-years. 2M. 7.5% Cap.    
© Transmercial 2010.  All rights reserved.

12-09: Shopping Centers, Medical Buildings For Sale

1.      Shopping Center in Duluth, GA: 18,820 SF shopping center built in 2004 on 1.8 acres corner lot in high-growth, high income area in North East Atlanta suburbs.  100% NNN leased.  NOI $315K/yr. $2.975M. 10.61% cap.
2.      Shopping Center in Covington, GA: 19,900 SF retail center built in 2009 on 2.14 acres parcel across from Wal-mart supercenter in Atlanta metro.  Anchored by Dollar Tree with 10 yrs lease.  Other tenants include: Citi Financial, AT&T, Subway, Shane’s rib Shack.  100% occupied.  NOI $320K/yr. $3.46M. 9.24% cap.
3.      Single tenant medical building in Port Charlotte, FL: 7134 SF 5-yrs old medical office building on 1.1 acres lot.  100% NNN lease with 9 yrs remaining.  NOI $124K/yr. $1.425M. 8.75% cap.
4.      Strip Mall in Norwalk, CA: 9946 SF strip center built in 1985 on .83 acres corner lot in a densely populated city in Los Angeles.  100% leased.  NOI $165K/yr. $2.49M. 6.4% cap.
5.      Medical Office Building in Downey, CA: 4810 SF class-A medical office building on .41 acres lot in upper middle class (AHI $92K/yr in 1 mile) in Los Angeles.  Main artery with easy access to I-5.  100% leased with 9 yrs remaining.  NOI $64K/yr. $750K.  8.63% cap.

© Transmercial.  All rights reserved.

Wednesday, December 22, 2010

12-08: Advance Auto, Office Building, Walgreens, Shopping Centers, Kids R Kids, Starbucks For Sale

1.      Advance Auto Parts in Snellville, GA: 8000 SF auto parts built in 1995 on .79 acres lot at the intersection of 2 major arteries in middle-class Atlanta suburbs.  100% NNN lease.  Tenant just renew 5 yrs lease with way below market rent of $.66/SF/month.  NOI 62K/yr. with 36% rent bump in the next 5 yrs option.  Just $756K.  8.25% cap.
2.      Office Building in Lexington, KY: 45,210 SF class-A office building on 2.86 acres lot in front of 215-bed St. Joseph East Hospital.  95% leased.  NOI $484K/yr. $5.7M. 8.5% cap.
3.      Walgreens in McKinney, TX: 14,820 SF drug store built in 2008 in booming (312% since 2000) and affluent (AHI $106K/yr) Dallas suburbs.  25 yrs NNN lease.  NOI $457K/yr. $7.046M. 6.5% cap.
4.      Shopping Center in Merced, CA: 27,350 SF 16-unit inline retail center on a major artery in a growing middle class area.  Shadow anchored by Raley’s Supermarket.  82% NNN leased with 4 small vacant units. Current NOI $488K/yr. $5.96M. 8.2% cap.  Potential 10% cap when 100% leased.
5.      Strip Center in Elk Grove, CA: 7800 SF upscale retail center on an outparcel to Bel-Air Supermarket (owned by Nob Hill) in high-growth (99% since 2000), high income (AHI $97K/yr in 1 mile ring) Sacramento suburbs.  100% NNN leased to 6 god tenants.  NOI $234K/yr.  $2.9M. 8% cap.
6.      Shopping Center in Manteca, CA: 19,445 SF retail center as part of a shopping center anchored by Raley’s Supermarket and Kragen Auto Parts in a fast growing city.  95% NNN leased to 12 tenants with 1 small vacant unit.  NOI $377K/yr. $4.2M. 8.75% cap.
7.      Child Care Center in Lexington, KY: 13,550 SF established childcare center built in 1999 on 1.5 acres lot in middle class area.  15 yrs NNN lease to a multi-unit operator of Kids R Kids.  NOI $210K/yr. with 10% rent bump every 5 yrs. Price reduced to 2.335M. 9% cap.
8.      Starbucks in Kokomo, IN: 1800 SF coffee shop built in 2008.  10 yrs NNN- with 8 yrs remaining.  NOI $93K/yr with 10% rent bump every 5 yrs. $1.12M. 8.37% cap.
9.      Advance Auto in Brownsville, TX: 7000 SF single-tenant retail center built in 2004 on 2/3 acres lot.  15 yrs NNN lease with 9 yrs remaining.  $1.041M. 8.25% cap.

© Transmercial 2010.  All rights reserved.

Tuesday, December 21, 2010

12-07: Shopping Centers, Walgreens, Auto Service Centers For Sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market today.

AHI: Avg. Household Income
NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1.      Shopping Center in Tucson, AZ: 37,450 SF shopping center on 4.22 acres lot as part of a larger center at the intersection of 2 major arteries.  100% NNN leased to 2 national tenants: Michaels & Ace Hardware.  Shadow anchored by CVS, Dollar Tree, and Checker Auto Parts.  Across from Target, Office Max, Walgreens, Lowe’s, Big Lots, Office Depot, Fry’s Supermarket.  NOI $354K/yr with strong rent bumps.  $4.435M. 8% cap.
2.      Walgreens in Brooklyn, NY: 12,360 SF brand new drug store in an area with over 2.5M residents in 5 miles ring.  New 49 yrs NNN lease.  NOI $720K/yr. $11.077M. 6.5% cap.
3.      Auto Service Center in Tucker, GA: 10,840 SF multi-tenant auto service center on 1.16 acres lot in middle class North Atlanta suburbs.  100% NNN leased to 4 tenants.  NOI $104K/yr. $1.1M. 9.5% cap.
4.      Bevmo! in Glendale, AZ: 14,552 SF single-tenant retail center built in 2000 on 1.52 acres lot.  100% NNN sub-leased to Bevmo! with 101 locations in CA and AZ (lease is guaranteed by CVS and CVS subleases to Bevmo! at higher rent!).  NOI $276K/yr. $3.79M. 7.3% cap.
5.      Auto Service Center in Antioch, CA: 19,380 SF multi-tenant auto service center built in 2003 on 1.5 acres lot.  100% occupied.  NOI $239K/yr. with annual rent bumps.  $2.8M. 8.55% cap.
6.      Shopping Center in Elk Grove, CA: 30,130 SF 16-unit inline shopping center right next to Hwy 99 exit in upper middle class Sacramento suburbs.  Shadow anchored by Big Lots and CVS. 92% NNN leased with 2 small avail units.  Current NOI $727K/yr. $7.27M.  10% cap.
7.      Retail Center in Nipomo, CA: 10,190 SF retail center built in 2002 next to hwy 101 in a fast growing town near Santa Maria. Shadowed anchored by Ace Hardware and across from Vons and CVS. 100% NNN leased to 5 tenants.  NOI $153K/yr. $1.83M.  8.38% cap.
8.      Retail Center in Stockton, CA: 15,314 SF 8-unit shopping center built in 2008 on 1.84 acres lot.  Shadow anchored by Walgreens and Costco.  58% NNN leased with current NOI of $275K/yr. $3.44M.  Strong upside when 100% leased.

© Transmercial 2010.  All rights reserved.

Monday, December 20, 2010

12-06: Retail Condos, Ryan's Buffet, Advance Auto, Apartments, NTB, Goodwill For Sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market today.

AHI: Avg. Household Income
NOI: Net Operating Income.  It’s the income after all expenses (prop. taxes, ins., maintenance) paid.
NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1.      Retail Condos in Fremont, CA: 3000 SF new retail condo in 96,000 SF shopping center.  Shadow anchored by 30,000 SF Marina Food, an Asian market.  Long term NNN lease to a dim sum restaurant.  NOI $81K/yr. $1.349M. 6% cap.
2.      Ryan’s Buffet Restaurant in Baton Rouge, LA: 11,571 SF buffet restaurant on 3.09 acres lot refurbished in 2004 in a stable middle class area.  100% absolute NNN lease with 8 yrs remaining and guaranty from Buffet Holdings, Inc., the largest buffet-style restaurant operator with 650 locations in 42 states and $1.4B in revenue. NOI $155K/yr. with 10% rent bump every 5 yrs. $1.722M. 9% cap.
3.      Advance Auto in Grand Rapids, MI: 11,163 SF Advance Auto built in 1999 on 1.09 ac lot at the intersection of 2 major arteries. Across from Walgreens.  20 yrs NNN- from Rite Aid (Advance Auto subleases from Rite Aid).  NOI $313K/yr. $2.472M. 12.66% cap.
4.      Smart & Final in Stanton, CA: 30,476 SF single-tenant retail center renovated in 2008 (tenant spent $2M).  Middle-class city in Orange county with over 600k residents in 5 miles ring. 20 yrs NNN- lease to Smart & Final grocery with 235 locations.  NOI $549K/yr with 10% rent bump every 5 yrs. $8.446M. 6.5% cap.
5.      Apartments in Phoenix, AZ: 75-unit single-story apartments with red-tile roof & copper plumbing on 2.42 acres lot in high income area (AHI $82K/yr). 82% occupied.  NOI $230K/yr. $2.65M. 8.7% cap.
6.      National Tire & Battery in Douglasville, GA: 12,200 SF single-tenant retail center built in 2005 on 1.26 acres lot as part of a neighborhood center just off I-20.  Shadow anchored by Home Depot, Petco, Office Depot, Jo-Ann Fabrics, K-mart, Best Buy, and Lowe’s.  20 yrs NNN lease with 15 yrs remaining to NTB, a auto servicing retailer with over 220 locations.  NOI $148K/yr with 10% rent bump every 5 yrs.  $1.982M. 7.5% cap.       
7.      Goodwill Industries in Lancaster, CA: 11,811 SF single-tenant retail center renovated in 2008 on 1.04 acres lot near on-ramp to Hwy 14. 10 yrs NNN lease with 8 yrs remaining to a recession insensitive non-profit organization.  NOI $196K/yr. with 10% rent bump every 5 yrs. $2.65M. 7.42% cap.

© Transmercial 2010.  All rights reserved.

Friday, December 17, 2010

12-03: Save-a-Lot, Urgent Care, Starbucks, Strip Mall, Advance Auto For Sale

  1. Save A Lot Grocery in Chicago, IL: 16,920 SF newly rehabbed (to be completed in 2/2011) single-tenant retail center.  10 yrs NN corp to Save A Lot Grocery with 1200 locations in 39 states.  NOI $206K/yr.  $2.423M. 8.5% cap.
  2. Urgent Care Center in North Port, FL: 6500 SF medical urgent care center built in 2009 in fast growing Port Charlotte metro. 100% NNN leased till 2019 to Health Management Associates, Inc. (NYSE: HMA) currently operating 58 hospitals with $5B revenue. NOI $202K/yr. with generous 3% annual rent bump. $2.7M. 7.5% Cap.
  3. T-Mobile in Austin, TX: 2761 SF single-tenant retail center on .6 ac corner lot.  Shadow anchored by Walgreens.  New 7 yrs NNN lease.  NOI $91K/yr with 10% rent bump every 5 yrs. $1.175M. 7.75% cap.
  4. Starbucks Coffee in Austin, TX: 1795 SF free-standing drive-thru building on .48 acre lot at hard signalized corner close to I-35. 100% NNN- leased till 2018. No Early Termination clause.  NOI $88K/yr. $1.174M. 7.5% Cap.
  5. Shopping Center in Hickory, NC: 70,756 SF neighborhood multi-tenant center on over 10 acres of land anchored by Fresh Air Galaxy Foods (chain with 200 locations) and Dollar General. 99% leased. NOI $478K/yr. $4.780M. 10.01% Cap.
  6. Strip Mall in Kenosha, WI: 3138 SF 2-tenant strip center built in 2005 on a corner lot.  100% leased by 2 national tenants: Starbucks and EZ Payday Loan.  NOI $96K/yr. $1.174M. 8.26% cap.
  7. Shopping Center in Oak Park, IL: 22,760 shopping center conveniently located at signalized intersection in densely-populated (over 850K residents in 5 miles ring) high income (AHI $99K/yr). 100% NNN leased with excellent tenant mix: Dunkin Donuts, US Cellular, Check ‘n Go and UPS. NOI $446K/yr. $5.335M. 8.37% Cap.
  8. Office Building in Flower Mound, TX: 11,013 SF office building in an affluent city in Dallas suburbs (AHI $111K/yr in 1 mile ring).  100% leased.  NOI $221K/yr. $2.6M. 7.9% cap
  9. Office Building in Riverside, CA: 12,000 well-maintained two-story office building with excellent visibility at infill location. Average rent less than $1 per SF. 92% leased. NOI $84K/yr. $1.1M. 7.7% Cap.
  10. Advance Auto Parts in Brownsville, TX: 7000 SF Advance Auto Part retail building constructed in 2004 on .67 acre pad in fast growing area. 100% NNN leased with 9 yrs remaining. NOI $85K/yr. $1.401M. 8.25% Cap.
© Transmercial 2010.  All rights reserved.

Thursday, December 16, 2010

12-02: Shopping Centers, Burger King, Apartments For Sale

Advisory: Just a year ago, new Walgreens offers 7.25-7.5% cap.  Today they offer 6.5-7% cap.  So the cap rate has gone down between .5%-.75% for new Walgreens.  The cap rate for Walgreens with a  new 20-25 yrs is indicative of the cap rate trend for commercial properties.  Transmercial believes the cap rate will continue to come down further in the near future.

1.      Shopping Center in San Jose, CA: 31,408 SF shopping center on the ground floor as part of 22-story mixed-used tower with 197 luxury condos completed in 2008 in  downtown San Jose. 77% leased to Safeway.  NOI $834K/yr. $12.84M. 6.5% cap.
2.      Retail center in Burnsville, MN:  6758 SF retail center across from 1.1M SF Burnsville Center Mall in middle class Minneapolis suburbs.  100% NNN lease to Vitamin Shoppe (NYSE: MSI) and Wedding Day Diamonds. NOI $194K/yr. $2.427M. 8% cap.
3.      Burger King in Rogers, AR: 3621 SF restaurant on .95 acres corner lot in Bentonville metro (Wal-mart Headquarters).  Store with strong sales of $1.89M in 2009.  New 20 yrs absolute NNN lease to an operator with 9 locations.  NOI $144K/yr. with 1.5% annual rent bump.  $1.6M. 9% cap.
4.      Strip Mall in Placentia, CA: 5370 SF strip center on .39 acres lot in densely-populated area in Orange county with easy access to hwy 57.  100% leased to 2 tenants.  Just $1.005M. 10.5% cap.
5.      Apartments in Melbourne, FL: 143-unit apartments on 6.43 acres lot next to Florida Institute of Technology.  77% occupied.  Pro forma NOI $348K/yr. $3.5M. 9.95% cap.
6.      Medical Office Building in Town and Country, MO: 31,199 SF 2-story class-A medical office building in affluent St Louis’s suburbs (AHI $145K/yr in 1 mile ring).  Less than 1 mile from Saint Luke’s Hospital.  95% leased.  NOI $408K/yr. $4.54M. 9% cap.

© Transmercial 2010.  All rights reserved.

Wednesday, December 15, 2010

12-01: Big K, Medical Office buildings, shopping Centers, Buffalo Wild Wing For Sale

1.      Big-K Center in Rocklin, CA: 86,479 SF single-tenant big box built in 1988 on 7.5 acres lot in growing middle class Sacramento suburbs.  25 yrs absolute NNN lease to Kmart Holding Corp with 5 yrs remaining.  NOI $411K/yr. $5.139M. 8% cap.
2.      Medical office building in Waco, TX: 4943 SF single-tenant Sleep Disorders Center built in 2008.  Next to 218-bed Providence Health Center. 100% NNN lease with 8 yrs remaining to a wholly owned Subsidiary of Graymark Healthcare.  NOI $101K/yr. $1.126M. 9% cap.
3.      Retail Center in Colorado Springs, CO: 8737 SF established and well-maintained  retail center on .92 acres corner lot on a major artery. 100% NNN leased to 3 tenants.  NOI $147K/yr. $1.593M. 9.25% cap.
4.      Buffalo Wild Wing Restaurant in Tyler, TX: 6000 SF franchised restaurant built in 2008 on 1.39 acres lot in a high-income area (AHI $90K/yr).  15 yrs absolute NNN lease. NOI $211K/yr. with 9% rent bump every 5 yrs.  $2.561M. 8.25% cap.
5.      Shopping Center in Folsom, CA: 25,396 SF upscale shopping center built in 2005 on 3.29 acres lot in fast growing (28% since 2000) and upper middle class (AHI $94K/yr) Sacramento suburbs. Directly across from a 214,000-Square-Foot Power Center Anchored by Target and East of a 176,000-square-foot center anchored by Lowe's and Trader Joe's.  95 Percent NNN Leased to National and Regional Tenants.  NOI $690K/yr. $9.1M. 7.59% cap.
6.      Shopping Center in The Colony, TX: 18,900 SF shopping center on 1.59 acres lot in affluent Dallas suburbs (AHI $103K/yr).  Shadow-anchored by a Super Wal-mart.  85% leased.  NOI $274K/yr. $3.052M. 9% cap.
7.      Shopping Plaza in Folsom, CA: 17,445 SF 10-unit retail plaza on 1.53 acres corner lot in wealthy Sacramento suburbs (AHI $101K/yr within 1 mile).  88% leased with 2 small avail units. Pro forma NOI $296K/yr. $2.399M. 7.1% cap.  Just $137/SF.
8.      Medical building in Marysville, CA: 4616 SF class-A high-quality medical office building just one short block from Fremont-Rideout Memorial Hospital.  100% leased to 2 tenants.  NOI $112K/yr. $1.4M. 8% cap.
9.      Strip Mall in San Jose, CA: 4587 SF new retail center at the corner of Story & King road in Silicon Valley.  Across from Target and Mi Pueblo Grocery.  100% NNN leased to 3 tenants with 7-10 yrs leases.  NOI $231K/yr. $3.7M. 6.25% cap.
10.   Car Care Center in Algonquin, IL: 10,545 SF multi-tenant car care center on 1.13 acres lot in growing upper middle-class Chicago suburbs (AHI $91K/yr). 100% leased to 3 tenants: a mechanic, detail center and oil change business.  NOI $104K/yr. $1.1M. 9.5% cap.

© Copyright Transmercial 2010.  All rights reserved.

Tuesday, December 14, 2010

11-30: Office Building, Medical office buidlings, Strip Centers, Kragen Auto, Jack In the Box For Sale

1.      Office Building in Sewell, NJ: 50,240 SF office building in upper middle-class Philadelphia suburbs. 100% leased to 3 tenants.  NOI $313K/yr. $2.9M. 10.84% cap.
2.      Shopping Center in Crystal Lake, IL: 50,092 SF shopping center anchored by 29,400 SF Big Lots and 12,400 SF Factory Card & Party Outlet (now owned by Party City).  Growing middle class Chicago suburbs.  Across the street from Sam’s Club, Target, Kohl’s, Border Books, Red Bath & Beyond, Best Buy, Big K, and more.  83% leased.  NOI $172K/yr. $1.72M. 10% cap.
3.      Strip Center in Davie, FL: 13,375 SF strip center built in 2004 on 1.55 acres as part of a 28 acres commercial development in suburbs of Fort Lauderdale (AHI $111/yr within 1 mile).  90% leased.  NOI $246K/yr. $3.1M. 8% cap.
4.      Medical Office Building in Lewisville, TX: 10,000 SF multi-tenant medical office building on 1 ac lot across from Lewisville Medical Center in Dallas suburbs.  70% leased.  Seller will master lease vacant unit for 1 yr.  NOI $114K/yr.  $1.341M. 8.5% cap.
5.      Shopping Center in Suwanee, GA: 20,037 SF upscale shopping center built in 2008 on 2.46 acres lot in fast growing and affluent Atlanta suburbs (AHI 100K/yr within 1 mile).  100% NNN leased.  NOI $426K/yr. $4.975M. 8.58% cap.
6.      Jack in the Box & Crispy Crème in Seattle, WA: 2 retail buildings on 1.4 acres outparcel to Lowe’s in middle class area and stable city.  100% absolute NNN ground lease (land is for sale and tenants own the buildings).  NOI $224K/yr with 12% rent bump every 5 yrs.  $3.3M. 6.8% cap.
7.      Medical Office Building in Las Vegas, NV: 5200 SF class-A single-tenant medical office in an office park in affluent SW part of the city (AHI $92K/yr).  Easy access to I-213.  100% leased.  NOI $123K/yr. $144M. 8% cap.
8.      Kragen Auto Parts in Clovis, CA: 7002 SF single-tenant retail center built in 2006. 15 yrs NNN lease with 11 yrs remaining.  NOI $130K/yr with 10% rent bump in Oct 2011.  Price reduced to $1.869M. 7% cap (7.7% in Oct 2011).

© Transmercial 2010.  All rights reserved.

Monday, December 13, 2010

11-29: Del Taco, Medical Office Buildings, Retail Centers For Sale

  1. Del Taco in Pittsburg, CA: 2780 SF restaurant built in 2001 on ¾ acres outparcel to a power center anchored by Lowe’s, Ross, Petsmart, Best Buy, Target, Burlington Coat Factory just off Hwy 4 exit.  New 20 yrs absolute NNN lease by an operator with 13 locations.  $1.7M. 6% cap.
  2. Medical Office Building in Las Vegas, NV: 44,238 SF medical office building on 2.38 acres lot across from 286-bed Desert Springs Hospital.  Anchored by Quest Diagnostics, a national medical diagnostics provider which occupies 86% of the center with over 2000 locations in the US.  NOI $699K/yr. $8.1M.  8.69% cap.  Buyer to assume $6+M loan at low 5.1% interest. 
  3. Short-sale Medical Office Building in Gold Canyon, AZ: 6064 SF 2-yrs old class-A medical building in upper middle-class Phoenix suburbs.  100% NNN leased to 2 medical tenants.  NOI $125K/yr. $1.3M. 9.62% cap.
  4. Retail Center in Oakland, CA: 17,760 SF single-tenant retail center on 1.08 acres lot.  20 yrs NNN corp lease with 17 yrs remaining to Famsa with over 400 locations in US & Mexico and S&P rating of B.  NOI $315K/yr with 12% rent bump every 5 yrs.  $4.09M. 7.7% cap. 
  5. Medical Office building in Sacramento, CA: 24,708 SF 3-story medical office building on campus of Methodist Medical Center and 2 blocks from Kaiser Permanente. 100% leased.  NOI $430K/yr. $5.8M. 7.42% cap. 
  6. Medical Office Building in Boca Raton, FL: 26,241 SF 4-story medical office building on 1.77 acres lot next to 400-bed Boca Raton Regional Hospital in a very wealthy Miami metro (AHI $119K/yr within 3 miles).  90% occupied.  NOI $382K/yr. $4.4M. 8.5% cap. 
  7. Office Building in South Jordan, UT: 8940 SF single-tenant office building in an affluent city in Salt Lake City metro (AHI 4110K/yr within 1 mile).  100% NNN lease with 7 yrs remaining.  NOI $117K/yr. $1.3M. 9% cap. 
  8. Retail Center in Marietta, GA: 16,000 SF retail center on 1.69 acres parcel in Atlanta metro.  90% leased.  NOI $152K/yr. $1.8M. 8.85% cap. 
  9. Strip Center in Mahwah, NJ: 7554 SF retail center in an affluent New York suburbs (AHI $126K/yr).  NOI $199K/yr. $2.499M. 8% cap.
© Transmercial 2010.  All rights reserved.

Thursday, December 9, 2010

Best Properties to Invest in the US: How They Are Selected

Every day there are about 300-350 new retail and office properties between $700K to $15M on the market in all 50 states listed by various companies.  Out of these hundreds of listings, only the top 5-10 properties make it to the list that you see on this blog.  By focusing on the short list of best properties, you will save time and are more likely to be successful with your investments.
Below are some of the selection criteria:
1.       Price range:  most investors look for properties between $700K and $15M.
2.       Property types: most if not all investors of Trasnmercial want to invest in retail properties and office buildings where tenants sign long term low-risk NNN leases, i.e. tenants pay for property taxes, insurance and maintenance expenses, in favor of landlords.  They prefer not to invest in apartments where leases are mostly riskier gross, i.e. landlords pay for taxes, insurance and unpredictable maintenance expenses.  Besides, apartment tenants normally don’t have much money which may affect their ability to pay the rent on time.
3.       Cap rate: the return of investment must be “reasonable”, e.g. generally higher than the interest rate.  The cap rate is typically lower in CA and higher in other states.  However cap rate is not everything.
4.       Property condition: investors prefer properties with little deferred maintenance.
5.       Demographics: the selected properties tend to be in growing, high income and bigger cities/metros as they have better chance to appreciate and easier to find tenants.  Besides they are easier to sell if needed. 
·         You won’t see properties in an area where people are moving out, e.g. Detroit downtown.  These properties are easy to buy but hard to sell.  In addition, it’s hard to get attractive financing, if at all, for these properties.
·         Properties in a middle of nowhere won’t make it to the lists.  These are also easy to buy but hard to sell.
·         Properties in cities where the average household income is way below the national average, e.g. $28,000/year, also won’t make it to the list as these are most likely high-crime areas. 
6.       Occupancy: close to 100%.
7.       Good Visibility: properties tend to have most if not all units facing the road to show case the tenant businesses.  Tenants love visibility.  What’s good for tenants is also good for investors.
8.       Great locations: properties on a major artery with heavy traffic, near the freeway exit, on corner lot, near a mall, on an outparcel to a shopping center.
9.       Land: if land is not included then it does matter how beautiful the property is, it will not be selected. This is the type of property that is easy to buy but hard to sell.
10.   Lease Type: most likely NNN leases.
11.   Parking spaces: at least 4 spaces per 1000 SF of leasable space..  It’s hard to lease a retail property unless it has sufficient parking spaces.
12.   Age: not over 20 yrs old unless the property is well-maintained or recently renovated.
13.   Price per square foot:             sometimes a property is selected because the price per SF is low, e.g. less than $200/SF for a retail property in California.  The main reason for the selection is appreciation potential.
14.   Low rent: there is upside potential if the rent is below market.  When the leases expire, the rent is adjusted to market rent which increases the value of the property. 
15.   Financing: sometimes a property may be selected because it offers attractive financing.  For example, the seller is willing to carry 80% LTV at low interest rate or buyer can assume a loan at 5.5% interest, fixed for 10 years.  This in turn may increase the overall return or cash on cash.   On the other hand, a property may be screened out because it is difficult to get reasonable financing.  For example, in this tight credit market it is extremely difficult to get financing for a single-tenant mom-and-pop restaurant.
16.   Misc: A property could be selected or screened out for other reasons
·         If a property has a dry cleaner with onsite cleaning, it will not be selected due to potential soil contamination by a chemical called Perc used in the cleaning process.
·         A property in an affluent Santa Monica, CA could be selected simply because it’s rarely available.
·         A vacant restaurant in front of a mall in San Francisco Bay Area could make the list because it may have lots of interests from investors in CA.
If you are interested on a particular property and would like additional information, i.e. a brochure, please email to maria@transmercial.com. It’s good idea to provide Maria with:
  • The date the property was selected (not posted date.) This is on the subject of the post.
  • Name of the property, e.g. Walgreens in Dallas, TX.
You will notice that the properties are posted 2 weeks after the date they are selected. The reason for this 2-week delay is we don’t want other companies to take advantage of our research work. If you are an investor and would like to receive the list daily without two weeks delay, we invite you to join Transmercial investors club.  Just send a “subscribe” email to iclub@transmercial.com. The daily list of best properties is emailed to members by 6PM PST, Monday-Friday. The email also contains a 1-page flyer for each selected properties with picture, address, and a brief description about the properties.

Membership to Transmercial investors club is FREE. More membership details are posted on www.transmercial.com/club.htm. Don’t worry; there are absolutely no obligations of anything from you to us for being a member. Of course, we hope that you like our work and will eventually ask us to represent you. However, it’s all up to you as you have no contractual obligations to us for anything.

Wednesday, December 8, 2010

11-24: Rite Aid, Walgreen's, Hotel, Retail Center For Sale

Advisory: if you ever finance a commercial property, lenders will ask you to sign a document called “Subordination, Non-Disturbance and Attornment” or SNDA.  Attached is an article written by an attorney explaining what it is.

1.      Rite Aid in Douglasville, GA: 11275 SF drugstore located at an intersection in middle-class Atlanta metro.  Store with excellent sales of over $10M/yr., i.e. profitable.  New 20 yrs NNN lease with no landlord responsibilities.  NOI $255K/yr with 10% rent bump every 10 yrs.  $2.95M. 8.65% cap.
2.      Walgreens in Mount Pleasant, SC: 14,283 SF drug store built in 2003 in an affluent coastal town in Charleston metro (AHI $100K/yr).  Across from Lowe’s.  100% absolute NNN lease.  NOI $373K/yr. $5.074M. 7.35% cap.
3.      Mainstay Suites Hotel in Phoenix, AZ: 87-room well-maintained hotel built in 1997 near Metrocenter Mall.  Just 10 minutes from the airport.  NOI $360K/yr. $3.6M. 10% cap.
4.      Retail Center in Altoona, IA: 5220 SF strip center built in 2005 on 1.09 acres corner lot in middle-class Des Moines.  Across from Wal-mart & Lowe’s.  100% NNN leased to 2 brand name tenants: Tuffy Auto and US Sprint.  NOI $115K/yr. $1.446M. 8% cap.

© Transmercial 2010.  All rights reserved.

Tuesday, December 7, 2010

11-23: Strip Mall, KFC/Taco Bell, CVS, Wendy's, Starbucks For Sale

1.      Strip mall in Sarasota, FL: 7131 SF retail center in Tampa metro.  100% NNN leased to Subway Sandwiches, Metro PCS and Pizza restaurant. NOI $117K/yr.  $1.2M. 9.8% cap.
2.      Smith’s Food & Drug in Albuquerque, NM: 44,722 SF grocery store in a middle class area.  100% NNN lease with 9 yrs remaining to Smith’s Food & Drug (a subsidiary of Kroger, NYSE: KR).  NOI $480K/yr.  $6M. 8% cap.
3.      KFC/Taco Bell in Alpharetta, GA: 2727 SF dual-branded restaurant built in 2000 on .7 acre parcel in probably the wealthiest city in Atlanta suburbs (AHI $140K/yr).  In front of Kroger supermarket anchored shopping center.  Store with strong sales.  Tenant with 29 stores just exercised 5 yrs option.  NOI $90/yr.  $1.21M. 7.5% cap.
4.      Bank-owned Retail center in Cudahy, CA: 11,759 SF 2-story retail/office center built in 1996 on ¾ acres lot in densely-populated Southern CA (1M resident within 5 miles ring).  75% leased.  Current NOI $92K/yr. $1.305M. 7.06% cap.  Upside potential when full leased.  Just $110/SF, below replacement cost.
5.      Retail Center in Knoxville, TN: 8000 SF retail center across from 150-store 1.3 Million SF West Town Mall.  Middle class area.  100% NNN leased to Aspen Dental and Nicola's Furniture.  NOI $132K/yr.  $1.275M. 10.41% cap.
6.      CVS in Dallas, TX: 12,973 SF drug store built in 2001 on 1.7 acres lot corner lot with rare 5 points of access.  Store with increasing and strong sales of $14.9M in 2009.  20 yrs NNN lease with 11 yrs remaining.  NOI $469K/yr.  $6.45M.  7.27% cap.
7.      Wendy’s in Missouri City, TX: 2963 SF restaurant on .92 acres outparcel to Wal-Mart Super Center and across from Kohl' s and Target in wealthy Houston suburbs (AHI $105K/yr within 1 mile).  Store with strong sales of $1.388M.  18 yrs NNN lease to an operator with 76 locations.  NOI $111K/yr. $1.442M. 7.75% cap.
8.      Retail Center in Sacramento, CA: 7320 SF retail center built in 2010 on 1.1 acres lot.  100% NNN leased to 2 tenants each with 10 yrs lease.  NOI $177K/yr.  Price reduced from $2.3M to $2M. 8.89% cap.
9.      Retail Center in Keller, TX: 11,400 SF retail center on a corner lot in high growth (148% since 2000), high income (AHI $81K/yr) Dallas suburbs.  100% leased to 3 tenants.  NOI $193K/yr. $2.5M. 7.75% cap.
10.   Starbucks in San Antonio, TX: 1795 SF coffee shop built in 2008 on .48 acres corner lot across from Walgreens. Near San Antonio College with 22,000 students.  10 yrs NNN- lease with 8 yrs remaining.  NOI $88K/yr. with 10% rent bump every 5 yrs.  $1.174M. 7.5% cap.

(c) Transmercial 2010.  All rights reserved.

Monday, December 6, 2010

11-22: Rite Aid Pharmacy, Retail Building, Shopping Center For Sale

AHI: Avg. Household Income
NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

  1. Free Standing Retail Building in Moreno Valley, CA: 11,852 newly constructed single-tenant retail building at hard corner location with ample parking near Fwy-215. 100% NNN leased with 3% annual rent increases. NOI $369K/yr. $4.1M. 9% Cap.
  2. Rite Aid Pharmacy in Marshfield, MA: 13,876 SF Rite Aid Pharmacy on 2.99 acres of land in growing wealthy (AHI $109K/yr within 3-miles radius) southeast of Boston suburbs. 100% absolute NNN lease with scheduled 10% rental increases every 10 yrs. NOI $247K/yr. $2.892M. 8.55% Cap.
  3. Retail Building in San Jose, CA: 4100 SF retail building on .34 acre lot close to Regional Medical Center of San Jose use as Adult Day Care. 100% NNN leased. NOI $69K/yr. $1.150M. 6% Cap. Ideal for owner user!
  4. Shopping Center in Sacramento, CA: 38,744 SF shopping center on 4 acres of land at a signalized corner just minutes from I-80/5. 80% leased. NOI $651K/yr. $8.047M. 8.10% Pro forma Cap.   
  5. Shopping Center in Las Vegas, NV: 63,759 SF neighborhood center constructed in 2004 on 8.64 acres of land. 60% leased to local, regional and national tenants. NOI $663K/yr. $8.5M. 7.8% Cap. Upside potential when fully leased.
  6. Office Building in Charlotte, NC: 33,600 SF attractive Class-A multi-tenant office building recently renovated conveniently located near I-77. 100% leased to a diverse mix of tenants. NOI $289K/yr. $3.393M. 8.5% Cap.
  7. NextCare Medical Office in Phoenix, AZ: 4321 SF medical building next to Walgreens in fast growing area just one block from I-10. 100% NNN leased till 2017. NOI $112K/yr. $1.4M. 8% Cap.
  8. Retail Center in Bend, OR: 15,000 SF well-maintained retail center built in 2006 with good tenant mix: Quizno’s, Double Happiness, Super Cuts, MK Nails, Bits & Pieces Framing and Premier West Bank. NOI $214K/yr. $2.750M. 7.81% Cap.       
© Transmercial 2010.  All rights reserved.

Friday, December 3, 2010

11-19: Mini Storage, Davita Dialysis, Apartments, Shopping Center For Sale

1.      Mini-Storage Facility in Victorville, CA: 59,630 SF 547-unit mini storage facility built in 1984 on 2.7 acres lot with 1 BR 1 BA onsite residence. 55% economically occupied.  Current NOI $195K/yr. $2.175M. 9% cap.  Upside potential with lower vacancy.
2.      Shopping Center in Royalton, OH: 18,900 SF shopping center next to Discount Drug Mart in affluent Cleveland suburbs (AHI $104K/yr within 1 mile).  93% occupied with 1 small vacant unit.  Current NOI $170K/yr. $1.7M. 10% cap.
3.      Davita Dialysis Center in Grand Rapids, MI: 8518 SF dialysis center on 1 acre lot with easy access to I-96, I-196 and Hwy 131.  New 10 yrs NNN corp lease to Davita (NYSE : DVA, BB- credit rating).  NOI $146K/yr. $1.89M. 7.75% cap.
4.      Davita Dialysis Center in Temple Terrace, FL: 7056 SF dialysis center on 1 ac lot in Tampa metro.  Davita just spent $700K renovated the property.  17 yrs NNN lease.  NOI $125K/yr. $1.67M. 7.5% cap.
5.      Apartments in Portland, OR: 36-unit townhouse multi-family built in 2001 in a stable city.  NOI $169K/yr. $2.625M. 6.45% cap.
6.      Strip Center in Anaheim, CA: 8100 SF retail center on .92 ac outparcel to a Target.  Just about 1000 yard from I-5.  High income area with over 650K residents within 5 miles ring.  Completely remodeled in 2009. 100% NNN leased.  NOI $160K/yr. with CPI increases. $2.295M. 7% cap.
7.      Retail Center in Redwood City, CA: 6150 SF retail center remodeled in 2001 on 1/3 ac corner lot in wealthy Silicon Valley (AHI $147K/yr).  100% leased to 7 tenants.  NOI $174K/yr. $2.6M. 6.71% cap.

© Transmercial 2010.  All rights reserved.

Thursday, December 2, 2010

11-18: Fresenius, CVS, Wendy's, shopping Centers, Advance Auto, Denny's For Sale

1.      Fresenius Dialysis Center in Chicago, IL: 5690 SF dialysis center in densely-populated area with over 1.1M residents within 5 miles ring. 100% NNN leased till 2013 to Fresenius Medical, a national health care provider.  NOI $100K/yr. $1.343M. 7.5% cap.
2.      CVS Pharmacy in league City, TX: 10,908 SF drug store built in 2000 on 1.35 acres corner lot in high income Houston suburbs.  100% NNN lease till 2020.  Buyer to assume 2.05M non-recourse loan at low 5.36% interest. 7.5% cap.
3.      Wendy’s in Midlothian, IL: 3000 SF restaurant on .82 acres lot in Chicago suburbs.  100% NNN corp lease till 2015.  NOI $68K/yr. $725K.  9.38% cap.
4.      Shopping Center in Sacramento, CA: 119,998 SF shopping center built in 1991 on 11.42 acres corner lot in strong income area.  Anchored by 49,950 SF Food Maxx and 20,000 SF Goodwill store.  83% leased.  Current NOI $900K/yr. $9.9M. 9.1% cap.
5.      Shopping Center in Desert Hot Spring, CA: 17,800 SF retail center on 1.61 acres lot.  Shadow anchored by Vons supermarket, a regional chain in Southern CA. 100% leased by 5 tenants.  NOI $140K/yr. $2M. 7% cap.
6.      Shopping Center in Lakeside, CA: 40,818 SF shopping center on 3.4 acres lot in San Diego.  Anchored by Rite Aid, Kragen Auto Parts and Chase Bank.  Shadow anchored by Albertson’s supermarket.  90% NNN leased.  NOI $654K/yr.  $7.8M. 8.4% cap.  Assumable loan with 5.91% interest rate.
7.      Advance Auto Parts in Durham, NC: 7000 SF auto parts store built in 2008 on 1.1 acres lot in upper middle class.  15 yrs NNN lease with 13 yrs remaining.  NOI $186K/yr. $2.573M. 7.25% cap.
8.      Shopping Center in Oswego, IL: 18,651 SF shopping center built in 2007 on 2.33 acres parcel in high income Chicago suburbs.  Shadow anchored by Meijer Supercenter and across from Super Target.  100% NNN leased.  NOI $428K/yr. $4.9M. 8.75% cap.
9.      Apartments in San Jose, CA: 12-unit apartments in high income area (AHI $95K/yr). NOI $100K/yr. $1.395M. 7.2% cap.
10.   Denny’s in Hacienda Heights, CA: 5204 SF restaurant on .72 acres lot at Pomona Fwy exit/entrance in high income area.  100% NNN corp lease with over 10 yrs remaining.  Tenant has been here continuously since 1968.  NOI $187K/yr with 15% rent bump every 5 yrs.  $2.75M. 6.8% cap.

© Transmercial 2010.  All rights reserved.

Wednesday, December 1, 2010

11-17: Apartments, Office Max, Arbys, Shopping Center, Medical Office Building For Sale

1.      Apartments in Orlando, FL: 336-unit bank owned apartments next to a lake.  Appraised over $22M in Jan 2007 when gross income was $2.796M with 92% occupancy.  Property has unpaid loan balance of over $17M and is now 25% occupied. Offering price $3.5M. Strong upside potential.
2.      Office Max in Saint Charles, MO: 23,484 SF single-tenant retail center built in 1995 on 2.05 acres lot in St Louis metro with I-70 visibility.  Adjacent to a shopping center anchored by Sam’s club and Wal-mart. Tenant has been here since 1995 with a 15 yrs NNN- lease and just renewed 5 yrs option.  NOI $268K/yr.  $2.83M. 9.5% cap.
3.      Retail center in Clearfield, UT: 10,150 SF inline retail center on 1 ac corner lot in Salt Lake city suburbs.  Shadow anchored by Macey’s Grocery and Family Dollar store.  100% NNN leased by 4 established tenants.  NOI $112K/yr. $1.25M. 9% cap.
4.      Apartments in Houston, TX: 300-unit 230,000 SF foreclosed apartments complex built in 1982 in a wealthy Champion Forest area of Northwest Houston (AHI $95K/yr within 1 mile). Minutes from HP campus.  64% occupied.  Pro forma NOI $841K/yr.  $5.3M. 14.3% pro forma cap.
5.      Apartments in Houston, TX: 244-unit 319,000 SF condo converted multi-family on 17 acres lot in good Woodlake area (AHI $101K/yr within 1 mile).  89% occupied. Pro forma NOI  $1.068M. $10M. 10.2% cap.
6.      Arby’s in San Bernardino, CA:  2416 SF restaurant built in 1988 on .46 acres lot near 100+ store Inland Center Mall.  Property will undergo tenant-paid remodel in 2011 to the new Arby's "Pinnacle Modified Image", per Arby's Franchise Agreement.  New 20 yrs absolute NNN lease.  NOI $87K/yr. with 8% rent bump every 5 yrs.  $1.46M. 6% cap.
7.      Shopping center in Crystal Lake, IL: 7738 SF 1-yr old retail center adjacent to Wal-Mart and across from 325,000-square foot retail center anchored by K-Mart, Best Buy, Sam’s Club, and Sports Authority. 100% NNN leased to 3 tenants.  NOI $226K/yr. $2.42M. 9.36% cap.
8.      Shopping Center in Fairview Heights, IL: 59,398 SF 4-unit shopping center built in 2009 on 5.9 acres lot in prime commercial corridor in St Louis suburbs.  Anchored by 2 credit tenants: Jo Ann fabrics and Party City.  100% NNN lease.  NOI $626K/yr.  Price reduced to $7.68M. 8.15% cap.
9.      Retail Center in Sacramento, CA: 7320 SF new upscale retail center on 1.1 acres lot near I-80 off-ramp.  100% leased to 2 tenants, each with 10 yrs lease and generous 3% & 5% annual rent bump.  NOI $177K/yr.  Price reduced to $2.15M.  8.25% cap.
10.   Medical Office Building in Apple Valley, CA: 10,640 SF 2-story well-maintained medical office building constructed in 1990 on .56 ac parcel one block to Saint Mary Medical Center in high growth, high income area.  Stable property with 100% occupancy for over 10 yrs.  NOI $115K/yr.  $1.375M. 8.26% cap.
  
© Transmercial 2010.  All rights reserved.