Thursday, February 10, 2011

01-26: Sonic, Famous Dave's, KFC, Walgreens, Strip Center, CVS, Jack in the Box for sale

1.      Sonic Drive-in in Woodland, CA: 1718 SF restaurant built in 2005 on ¾ ac lot one block from I-5 and Hwy 113 in Sacramento suburb.  Close to Wal-Mart, Food 4 Less, Big 5 Sports. 100% NNN ground lease (only land is for sale) to high networth franchisee.  NOI $130K/yr. $1.857M. 7% cap.
2.      Bank-owned Famous Dave’s in Palmdale, CA: 6600 SF Famous Dave’s BBQ Restaurant on 1.3 acres lot across from 1M SF Antelope Valley Mall.  100% NNN lease.  Tenant wishes to extend the lease.  NOI $178K/yr. $1.8M. 9.9% cap.
3.      KFC in Eugene, OR: 2041 SF restaurant on .59 ac in growing middle class area.  New 20 yrs absolute NNN lease to an operator with 16 locations.  NOI $86K/yr. with 1.5% annual rent bump. $1.225M. 7.02% cap.
4.      Walgreens in Mesa, AZ: 15,120 SF drug store built in 2001 on 2.15 acres corner lot in fast growing and affluent Phoenix suburbs (AHI $102K/yr within1 mile). 100% absolute NNN lease with 10 yrs remaining on primary term.  NOI $332K/yr. $4.295M. 7.75% cap.
5.      Strip Center in Campbell, CA: 7406 SG 7-unit retail center on .63 ac lot in high income city (AHI $107K/yr) in Silicon Valley.  73% NNN leased with 2 small vacant units.  Current NOI $144K/yr. $1.8M. 8% cap.  Upside potential when 100% leased.
6.      Beach front Retail center in Melbourne, FL: 4482 SF beach-front retail center in an affluent area (AHI $122K/yr).  100% NNN leased to 3 tenants: Starbucks, Cold Stone Creamery and Burrito Ranch.  NOI $142K/yr. $1.95M. 7.3% cap.
7.      CVS Pharmacy in Erie, PA: 10,125 SF drug store on 1.3 acres lot.  100% NNN lease with 8 yrs remaining.  NOI $165K/yr. Store with strong sales of over $4.9M (low rent to income ratio of 3.36% means tenant is VERY profitable and likely to extend the lease). $1.834M. 9% cap.
8.      Jack In the Box in Santa Clara, CA: 2376 SF JIB built in 1998 on ½ acres lot in the heart of Silicon Valley with over 500K residents within 5 miles ring.  Close to Kaiser Hospital complex.  18 yrs corp NNN lease with 5 yrs remaining.  NOI $114K/yr. $2.05M. 5.57% cap.
9.      Shopping Center in Santa Rosa, CA: 27,674 SF shopping center on 1.4 acres corner lot with easy access to Hwy 101 in high income area.  Anchored by Cash & Carry, a regional easy-to-shop warehouse that caters to foodservice operators of all types with 10+ yr remaining.  NOI $177K/yr. $2.35M. 7.53% cap.
10.   Sonic Restaurant in Denver, CO: 1483 SF restaurant built in 2001 on 25,000 SF lot on a heavily travelled road.  15 yrs NNN corp lease with 5 yrs remaining.  NOI $66K/yr.  with rent bumped to $78K/yr in 2014.  $850K.  7.76% cap.

© Transmercial 2011.

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