Thursday, March 31, 2011

03-17: Taco Bell, Office Building, Neighborhood center, Lone Star, Rite Aid


  1. Retail Center in Alpharetta, GA: 10,808 SF 5-unit retail center built in 2004 on 1.69 acres corner lot in high growth (155% since 2000)), high income (AHI $102K/yr in 2 miles) Atlanta suburbs.  63% leased to 3 tenants with 2 avail units.  Pro forma NOI $142K/yr.  $1.4M.  10% cap.
  2. Corp Taco Bell/Long John Silver in Plant City, FL: 2924 SF dual-branded Taco Bell-Long John Silver on ½ acre outparcel to a shopping center in Tampa suburbs.  20 yrs NNN corp ground lease (land is for sale) with14 yrs remaining.  NOI $44K/yr with 10% rent bump every 5 yrs.  Only $733K.  6% cap.  Great for 1st time investors.
  3. Office Building in Las Vegas, NV: 24,000 SF office building on 1.13 acres lot.  15 yrs NNN corp lease to Qwest Communications (NYSE: Q) with 4+ yrs remaining.  NOI $448K/yr with 1.5% annual rent bump. $5.28M. 8.5% cap.
  4. Boston Market in Whittier, CA: Boston market restaurant on .59 acres lot in densely populated middle class area in Los Angeles.  Across from a neighborhood center with Anna’s Linen, Petco, Michaels, Old Navy, Ralph’s, Rite Aid, Dollar Tree, Ross, TJMaxx, Staples, and Burlington.  20 yrs NNN corp leased till 2015.  NOI $71K/yr including $12K in percentage rent (NOI in 2016 will be $94K/yr).  $1.19M. 6% cap.
  5. Neighborhood Center in Mesa, AZ: 70,699 SF shopping center built in 2005 on 12.2 acres lot in fast growing upper middle class Phoenix metro.  Easy access to Superstition Hwy.  Shadow anchored by Wal-mart supercenter.  84% leased.  NOI $670K/yr.  $8M. 8.4% cap.  Priced below replacement value.
  6. Marketside by Wal-Mart in Gilbert, AZ: 14,841 SF Marketside store by Wal-mart on 2.07 acres corner lot  in affluent Phoenix suburbs (AHI $99K/y in 1 mile).  100% NNN Wal-mart corp lease with 9 yrs remaining.  NOI $344K/yr. $4.749M. 7.2% cap.
  7. Lone Star Steakhouse in Bourbonnais, IL: 5498 SF steakhouse on 1.58 acres outparcel to a 275,000 SF shopping center anchored by Target, Staples, Marshalls, Michaels, and Petsmart.  Across from Northfield Square Mall in Chicago metro.  Store with strong $2.3+M in sales and profitable business.  15 yrs NNN corp lease with 11.5 yrs left.  NOI $194K/yr. $1.892M. 10.25% cap.
  8. Rite Aid in East Northport, NY: 10,908 SF drug store on a corner long in affluent New York suburbs (AHI$117K/yr).  100% NNN corp lease since 2003.  NOI $462K/yr.  $5.605M. 8.25% cap.  Buyer to assume $4.325M loan (77% LTV) at 5.59% interest due in 2015.
© Transmercial 2011.
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