02-03: Shopping Center, TX Roadhouse, Perkins restaurant, Walgreens, CVS for sale

1.      Shopping Center in San Jose, CA: 15,000 SF 9-unit shopping center built in 2007 on 1.35 acres corner lot on busy Monterey Rd.  85% NNN leased.  NOI $453K/yr. $6.98M. 6.5% cap.

2.      Texas Road House Restaurant in Saint Charles, MN: 7135 SF franchised restaurant on 1.9 acres corner lot at the main entrance to 300,000 SF shopping center with easy access to I-70 in Saint Louis suburbs.  Long term NNN corp ground lease (only land is for sale) to Texas Roadhouse (NASDAG: TXRH) with locations in 46 states.  NOI $70K/yr. $1.075M. 6.5% cap.

3.      AutoZone in Ft Lauderdale, FL:  7300 SF AutoZone on .82 ac lot on a major artery near I-95 exit.  20 yrs absolute NNN corp ground lease (only land is for sale).  NOI $80K/yr with rare 10% rent bump every 5 yrs. $1.23M. 6.5% cap.

4.      Strip Center in Forest Park, GA: 12,200 SF multi-tenant strip center built in 2006 on a corner lot in Atlanta metro.  100% leased.  NOI $89K/yr. $996K.  9% cap.

5.      Perkins Restaurant in Independence, MO: 5500 SF casual franchised family restaurant on 1.36 acres outparcel to a Wal-mart & Sam’s Club with easy access to I-70 in growing Kansas City suburbs.  Long term NNN lease to an operator with 4 units.  NOI $140K/yr.  $1.555M. 9% cap.

6.      CVS in College Park, GA: 10,722 SF drug store built in 1995 on .88 acre lot near Hartsfield-Jackson airport in Atlanta metro.  100% NNN lease with 4 yrs remaining.  NOI $107K/yr.   Store with strong sales of $6.3M (extremely low 1.7% rent to sales ratio, i.e. highly profitable location and highly like to renew lease).  Only $1.385M. 7.75% cap.

7.      Walgreens in Mc Murray, PA: 14,991 SF drug store built in 2010 on 1.32 acres corner lot in affluent (AHI $128K/yr in 1 mile)  Pittsburgh metro. 25 yrs NNN lease.  NOI  $541K/yr. $8.135M. 6.65% cap.

8.      Shopping Center in Simi Valley, CA: 13,853 SF shopping center on 1.18 acres lot as a part of a shopping center anchored by Vons Grocery (owned by Safeway) and Rite Aid in upper middle class city. 73% NNN leased.  Pro forma NOI $209K/yr. $2.6M. 8% cap.

9.      Retail Center in Madison, TN: 7281 SF retail center on .64 ac lot across from 150-store Rivergate Mall in Nashville suburbs.  100% NNN leased to Men’s Warehouse, T-Mobile and SunTrust Bank ATM. NOI $177K/yr. $2.216M. 8% cap.

10.   Shopping Center in Phoenix, AZ: 15,000 SF shopping center on 1.4 acres across from Walgreens and just off of I-10. 95% leased.  NOI $210K/yr. $2.1M. 10% cap.

© Transmercial 2011.