02-11: Grocery store, Shopping Centers, and Office building

1.      Grocery store in Salem, OR: 21,000 SF grocery store on 2 acres lot in underserved grocery market.  100% NNN long term lease.  NOI $153K/yr.  $1.92M. 8% cap.

2.      Applebee’s in Springfield, IL: 4997 SF restaurant built in 2004.  New 19 yrs NNN lease to an operator with 19 Applebee’s.  NOI $135K/yr with 1.25% annual rent bump.  $1.635M. 8.26% cap.

3.      Retail Center in Columbia, SC: 10,601 SF upscale retail center in fast growing upper middle class area.  100% NNN leased to 5 tenants.  NOI $171K/yr. $2.14M. 8% cap.

4.      Shopping Center in Albuquerque, NM: 22,944 SF shopping center on 1.92 acres lot.  100% leased to Family Dollar, Rent-A-Center, Titan Auto, and Bella Clothing with very low avg rent of $7.51/SF/yr.  NOI $165K/yr. $2.062M. 8% cap.

5.      Office building in San Jose, CA: 7347 SF single-tenant office building on .79 acre lot on busy Winchester blvd. in high income area. 100% NNN leased.  NOI $149K/yr.   $2.125M. 7% cap.

6.      Retail Center in Vallejo, CA: 3456 SF single-tenant retail center on ½ acre lot.  100% NNN leased to Access Dental, a regional tenant with 15 locations. NOI $56K/yr. Just $775K. 7.22% cap.  Upside potential as rent is below market.

7.      Strip Center in Edinburg, TX: 8338 SF strip center on .95 acre lot in a fast growing McAllen metro (53% since 2000).  100% NNN leased.  NOI $76K/yr. $850K.  9% cap.

 

© Transmercial 2011.

02-09: Pizza Hut, Walgreens, Shopping centers, Rite Aid, Church's Chicken, Starbucks for sale

1.      Pizza Hut in Auburn, ME: 2585 SF restaurant built in 1999 on 1.15 acres lot. 20 yrs NNN lease with 9 yrs remaining to a large franchisee.  NOI $110K/yr with 12% rent bump every 5 yrs. $1.22M. 9% cap.

2.      Walgreens in Chicago, IL: 13,332 SF drug store on .86 acre with visibility from I-90.  In dense-populated upper middle class area. 1 mile from Resurrection Hospital. 100% NNN- lease with 9 yrs remaining.  NOI $384K/yr. $4.955M. Store with strong est. sales revenue of $10M.  7.75% cap.

3.      Shopping Center in Lincoln, NE: 53,321 SF shopping center renovated in 1997.  98% leased to national and regional tenants including, Ace Hardware, Goodwill Industries, Outback Steakhouse, Fazolis Restaurant, Papa John' s Pizza, and Peel' s Beauty Supply.  NOI $435K/yr.  $4.15M. 10.5% cap.

4.      Rite Aid in Wildomar, CA: 17,272 SF new Rite Aid built in 2007 on 1.5 acres corner lot with easy access to I-15 in high income Riverside county.  20 yrs NNN lease.  NOI $462K/yr. $5.8M. 85 cap.

5.      Alberto’s Mexican restaurant with drive thru in Artesia, CA: 2350 SF regional Mexican restaurant on .8 acre lot in densely populated area with over 600K residents in 5 miles ring.  100% NNN lease with 5 yrs remaining.  NOI $90K/yr. with 5% annual rent bump. $1.385M. 6.5% cap.

6.      Retail Center in San Jose, CA: 6998 SF 4-unit retail condos center built in 2006 with 35 parking spaces on busy Alum Rock Avenue.  Anchored by 4050 SF Chase Bank.  80% NNN lease with 1 avail unit.  Pro forma NOI $200K/yr.  $2.498M. 8% cap.

7.      Office Building in Rochester, NY: 43,885 SF 2-tenant office building constructed in 2001 on 2.72 acres lot.  100% leased.  NOI $328K/yr. $3.2M. 10.25% cap.

8.      Strip Center in Arlington, TX: 20,000 SF retail center on 1.3 acres corner lot in Dallas metro.  Anchored by Advance Auto.  100% leased.  9.35% cap.  Price not disclosed.

9.      Church’s Chicken in Sacramento, CA: 1169 SF restaurant built in 1980 on .42 ac corner lot on the busy Stockton blvd. NNN lease with 14 yrs left to an operator with 270 locations.  NOI $49K/yr with 1.5% annual rent bump. $820K. 6% cap.

10.   Starbucks Center in Davis, CA: 3264 SF 2-tenant retail center built in 2005 on 1.05 acres lot at a busy intersection in high income area (AHI $89K/yr).  Next to Sutter Davis Hospital. 100% NNN lease to Starbucks (new 10 yrs lease) and Domino Pizza.  NOI $145K/yr. $2.403M. 6.1% cap.

© Transmercial 2011.

02-08: Raley’s, Dairy Queen, Shopping Centers, IHOP, Best Buy for sale

1.      Raley’s Supermarket in Roseville, CA: 66,890 SF supermarket on 5.4 acres lot in prime commercial corridor in growing upper middle class (AHI $87K/yr) Sacramento suburbs.  Surrounded by Target, Petco, Wal-mart, Ross, TJ-Max, Fry’s, and more.  Close to 55-acre Kaiser Permanente. Easy access to I-80.  100% NNN lease with 6 yrs remaining.  NOI $764K/yr. $10.75M. 7.1% cap.

2.      Dairy Queen in Vancouver, WA: 2522 SF restaurant close to I-205 in a growing middle class area.  New 20 yrs NNN lease.  NOI $80K/yr with 10% rent bump every 5 yrs. $1.142M. 7% cap.

3.      Shopping Plaza in Tucson, AZ: 14,000 SF shopping plaza built in 2000 on 1.74 acres lot.  Shadow anchored by Walgreens, Bally’s Fitness.  Across from Fry’s grocery.  90% NNN leased to 6 tenants. In place NOI $273K/yr. $3.25M. 8.4% cap.

4.      Strip mall in Las Vegas, NV: 6227 SF 2-tenant strip center on busy Sahara avenue in affluent area (AHI $100K/yr).  100% NNN leased to 2 national tenants: Chipotle and Cox Communication.  NOI $232K/yr. $3M. 7.75% cap.

5.      Shopping Center in Downers Grove, IL: 9180 SF retail center in high income Chicago metro (AHI 91K/yr).  100% NNN leased to 2 tenants: Back to Bed (45 locations in Chicago) and Sprint.  NOI $255K/yr. $2.5M. 10.2% cap.

6.      IHOP in South Charleston, WV: 4977 SF family restaurant built in 2004 on an outparcel to Lowe’s, Target, and Home Goods.  25 yrs NNN lease with 20 yrs remaining to a franchisee with 14 IHOPs.  NOI $204K/yr with 7.5% rent bump every 5 yrs.  $2.61M. 7.75% cap.

7.      Auto Service Center in Davie, FL: 12,204 SF multi-tenant auto service center on 1.2 acres lot in Fort Lauderdale.  100%  leased.  NOI $189K/yr. $ 2.1M. 9% cap.

8.      Best Buy in Roanoke, VA:  45,000 SF big box next to Valley View Mall and adjacent to Target, Wal-mart, Petsmart, and Staples. 20 yrs NNN leased to Best Buy with 10 yrs remaining.  NOI $519K/yr. $6.29M. 8.25% cap.

9.      Strip Center in Orland Park, IL: 8927 SF strip center built in 1995 on ¾ acres lot in high-growth and high income Chicago suburbs. 73% leased.  Pro forma NOI $134K/yr. $1.222M. 11% cap.

© Transmercial 2011.

02-07: Carls Jr, Shopping Centers, Medical office buildings, Arbys, Office Max for sale

1.      Carl’s Jr Restaurant in Norman, OK: 3527 SF restaurant on 1.19 acres lot in a growing city.  Tenant will spend $150K in remodeling the property after closing.  New 20 yrs NNN lease from 39-unit operator.  NOI $75K/yr.  $1M.  7.5% cap.

2.      Shopping Center in Round Lake Beach, IL: 28,721 SF shopping center on 3.3 acres corner lot in growing middle-class Chicago suburbs.  95% leased to 11 tenants.  NOI $404K/yr. $4.75M. 8.51% cap.

3.      Shopping Plaza in Chicago, IL: 10,978 SF retail center on ½ acre corner lot in densely-populated area.  100% NNN leased to 3 good tenants: Citibank, MS Beauty Supply, and Cricket wireless.  NOI $189K/yr.  $1.985M. 9.54% cap.

4.      Office Max in Phoenix, AZ: 18,000 SF single-tenant retail center as part of a shopping center anchored by Wal-mart supercenter in a high growth area (195% since 2000).  100% corp NNN- till 2018. NOI $306K/yr.  $3.308M. 9.25% cap.

5.      Arby’s in Allen, TX: 2915 SF restaurant built in 1999 on .83 ac lot in booming (120% since 2000) and affluent (AHI $115K/yr in 1 mile).  100% corp NNN lease with 8 yrs remaining.  #1 performing location in the area.   NOI $142K/yr. with 2% annual rent bump. Price reduced to $1.629M. 8.75% cap.

6.      Medical Office Building in West Covina, CA: 25,836 SF 2-story medical office building on 1.73 acres lot.  Great locations: i) near Citrus Valley Medical Center, ii) Close to I-10 exit, iii) close to 208-store Westfield West Covina Mall.  100% NNN leased to West Covina Medical Group till 2026 and guaranteed by Lakeside Medical Organization with network over $70M.  NOI $833K/yr. $9.8M. 8.5% cap.

7.      Strip Center in Coral Springs, FL: 7200 SF strip center on ½ ac lot in wealthy Fort Lauderdale metro (AHI $95K/yr in 1 mile).  100% leased.  70% LTV seller financing available.  NOI $73K/yr. $900K. 8.14% cap.

8.      Medical Office Building in Plantation, FL: 13,556 SF medical office building develop in 1990 on 1.34 acres lot middle class Fort Lauderdale suburbs.  76% NNN leased to 2 national tenants: DaVita Dialysis (new 12 yrs lease), and LabCorp (NYSE: LH).  Current NOI $281K/yr. $3.45M. 8.2% cap.  Upside potential when 100% leased.

© Transmercial 2011.

02-04: Walgreens, Auto Service center, Apartments, Retail Condos, Shopping center, Childcare Center for sale

1.      Walgreens in Richardson, TX: 13,905 SF drug store built in 1996 at the intersection of 2 major arteries in affluent Dallas suburbs.  Easy access to both I-75 and Bush Turnpike.  100% NNN- lease.  NOI $243K/yr.  Store with strong sales of $9M (revenue est., low 2.7% rent to income which means this is a cash cow for Walgreens)  $2.9M.  8.39% cap.

2.      Auto Service Center in Corona, CA: 11,681 SF auto service center built in 2009 on 1.26 acres lot next to I-15 exit in fast growing & affluent city (AHI $105K/yr in 1 mile).  Anchored by Jiffy Lube and Goodyear each with 20 yrs NNN lease.  100% NNN lease to 5 auto-related tenants.  NOI $371K/yr. $4.95M. 7.5% cap.

3.      Apartments in Arlington, TX: 54-unit 1BR/1BA apartments built in 1986 on 2 acres lot in Dallas metroplex.  ½ block from University of TX with no deferred maintenance.  NOI $192K/yr. $2.295M. 8.4% cap.

4.      Retail & Medical Building in Birmingham, AL: 62,680 SF retail building constructed in 2007 on 5.27 acres lot in affluent area (AHI $100K/yr).  100% NNN lease to 2 tenants: Gold’s Gym, and Brookwood Medical.  NOI $794K/yr. $9.635M. 8.25% cap.

5.      Retail Condos in Cupertino, CA: rare 3856 SF 3-unit retail condos on the busy Stevens Creek blvd in affluent Silicon Valley town with AHI $136K/yr.  1 unit leased with 2 units avail.  Ideal for owner/user.  $1.021M.  90% LTV CBA loan avail.

6.      Office Building in Memphis, TN: 18,290 SF professional and medical office building constructed in 2001 on 2.83 acres lot.  67% leased with actual NOI of $132K/yr. $1.35M. 9.8% cap.  Just $73/SF!  Upside potential when fully leased.

7.      Strip Center in Decatur, GA: 30,430 SF established 11-unit shopping center built in 1988 on4.5 acres lot in Atlanta metro.  Anchored by 6600 SF AutoZone.  91% leased with just 1 vacant unit.  Actual NOI $249K/yr. $2M. 12.49% cap.

8.      KinderCare Childcare Center in Indianapolis, IN: 10,310 SF childcare center on 1.43 acres lot in high income area (AHI $85K/yr.) with high demand for childcare services  Near I-455 and convenient for parents to pickup/drop off.  100% NNN lease to KinderCare, the largest operator of Child Care in the U.S. Annual Revenue is over $1.6 Billion.  NOI $92K/yr. $1.02M. 9% cap.

9.      Retail center in Lynbrook, NY: 4900 SF single-tenant retail center on .21 ac lot on busy Sunrise Highway in high income New York metro (AHI  $113K/yr in 3 miles).  Long term NNN lease.  NOI $98K/yr. $895K.  11% cap.

10.   Apartments in Lynn, MA: 29-unit apartments with 1 commercial building in NE of Boston suburbs.  NOI $166K/yr. $1.85M. 9% cap.

© Transmercial 2011.