Friday, April 29, 2011

04-15: Forever 21, Walgreen's, Office Buildings, Strip Centers, Fresenius, Office Max


AHI: Avg. Household Income.  National average is about $50+K/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 Norco, CA: 32,296 SF shopping center built in 2002 on 3.41 ac lot anchored by CVS Drug Store off of Fwy 15/19. 89% leased. NOI $323K/yr. $4.250M. 7.61% Cap. Upside potential when fully leased.

  1. Shopping Center in Henderson, NV: 34,707 SF retail center on 2 ac lot at high traffic location in fast growing area. 60% leased. NOI $349K/yr. $3.650M. 9.6% Actual Cap. Huge Upside.

  1. Walgreen’s in Colorado Springs, CO: 15,120 SF single tenant retail building constructed in 2000 at a signalized corner location in densely populated area. Above average sales. 100% NNN corp lease with 9 yrs remaining. NOI $423K/yr. $5.465M. 7.75% Cap.

  1. Walgreen’s in San Bernardino, CA: 14,820 SF retail building constructed in 2001 in fast growing Los Angeles suburbs. 100% NNN corp lease. NOI $409K/yr. $5.655M. 7.25% Cap.

  1. Office Building in Keller, TX: 13,191 SF Class-A multi-tenant office buildings consisting of three buildings in affluent Dallas suburbs. 100% NNN leased to 12 tenants. NOI $202K/yr. $2.251M. 9% Cap.

  1. Strip Center in Glen Cove, NY: 7200 SF well-maintained strip center on .53 ac lot with excellent exposure in a prime North Shore Location in New York metro. NOI $134K/yr. $1.790M. 7.5% Cap.

  1. Office Max in Wichita, KS: 18,260 SF retail building at main retail corridor. 100% absolute NNN corp leased till 2018. NOI $234K/yr. $2.796M. 8.75% Cap. 

  1. Strip Center in Madison, WI: 9254 SF newly constructed retail center on 1.34 ac lot in wealthy (AHI $84K/yr within 1 mile radius) neighborhood. 100% NNN leased to Panera Bread, CitiFinancial and Piano Gallery. NOI $238K/yr. $2.850M. 8.37% Cap.

  1. Fresenius Medical Center in Birmingham, AL: 7955 SF recently renovated medial building at a signalized intersection along Hwy-78. 100% NNN corp leased. NOI $115K/yr. $1.4M. 8.24% Cap. Great for 1st time investors.

  1. Forever 21 @ Antelope Valley Mall in Palmdale, CA: 76,556 SF single tenant retail building on 5.74 ac lot across from 1 million SF Antelope Valley Mall with excellent freeway access/visibility. New 10-yr NNN lease with annual rent increases. Forever 21 is one of the fastest growing retailers in the industry. NOI $702K/yr. $9.370M. 7.5% Cap.    

© Transmercial 2011.  All rights reserved.

Thursday, April 28, 2011

04-14: Comfort Suites, Shopping centers, Pep Boys, Starbucks, Burlington Coat Factory, Burger King, VA Clinic


1.       Comfort Suites in Houston, TX: 64-room Comfort Suites built in 2000 on 1.47 acres lot on hwy 249 in upper middle-class NW Houston metro.  NOI $303K/yr. $3.75M. 8.09% cap.
2.       Shopping Center in Charlottesville, VA: 27,606 SF shopping center built in 2003 on 3.4 acres corner lot near the intersection of Hwy 29 and Hwy 250 in high income and stable city.  Shadow anchored by Best Buy.  100% NNN leased to 2 national tenants: Cost plus World Market and Petco.  NOI $506K/yr. $6.75M. 7.5% cap.
3.       Pep Boys Auto in Las Vegas, CA: 18,196 SF Pep Boys Auto parts and services on a major artery in upper middle class area.  15 yrs absolute NNN lease with 12 yrs remaining to Pep Boys (NYSE: PBY).  NOI $337K/yr. $4.499M. 7.5% cap.
4.       Starbucks Coffee in Sacramento, CA: 2658 SF Starbucks on ¾ ac corner outparcel to a shopping center anchored by Save Mart supermarket  and Rite Aid.  100% NNN- lease till 2015 (note: Starbucks subleases 1280 SF to Mr Pickles Sandwiches).  NOI $92K/yr. with 15% rent bump in 2015.  $1.32M. 7% cap.
5.       Lender–owned Shopping Center in Rocklin, CA: 87,894 SF 6-yrs old bank-owned 28-unit shopping center on 12.8 acres corner lot in a booming (279% since 2000) and high income (AHI 89K/yr in 1 mile) Sacramento suburbs.  2 extra pads for further development.  87% leased.  Current NOI $833K/yr.  Unpriced but will probably trade for $100+$/SF.  Offer due 4/19/11.
6.       Bank Owned Burlington Coat Factory in Garden Grove, CA: 83,746 SF single-tenant Burlington Coat Factory on  the busy Harbor blvd. near Fwy 22 in densely populated Orange county.  Co-anchored by Albertsons and Ross.  New 10 yrs lease.  NOI $628K/yr. $8.38M. 7.5% cap.
7.       Burger King in Oklahoma, OK: 3352 SF Burger King on .93 acres lot near I-240 and Oklahoma City Community College.  New 20 yrs NNN lease to a operator with 23 locations.  NOI $85K/yr with 1.75% annual rent bump. $1.103M. 7.75% cap.
8.       VA Outpatient Clinic in San Jose, CA: 71,830 SF class-A build-to-suit VA clinic completed in 1996.  100% occupied with 5 yrs remaining.  NOI $783K/yr.  $9.79M. 8% cap.
9.       Office Building in Sacramento, CA: 56,000 SF 2-story office building with easy access to I-80.  44% long term leased to G-Tech Corp, a leading provider of lottery and gaming technology.  NOI not avail.  $3.6M.  Just over $64/SF!

© Transmercial 2011.

Wednesday, April 27, 2011

04-13: Shopping Center, Texas Roadhouse, Napa Auto parts, Fresenius Dialysis, Medical office building



1.      Shopping Center in Palmdale, CA: 99,913 SF 30-unit shopping center on 6.75 acres lot with ingress/egress on 3 different roads in Los Angeles metro.  Anchored by Vallarla Supermarkets (37 stores in Southern CA) and Anna Linen.  97% leased.  NOI $1.343M. 18.5M. 7.25% cap.
2.      Texas Roadhouse in Palm Bay, FL: 7202 SF Texas Roadhouse restaurant (320 locations in 46 states) built in 2004 on 2.56 acres lot with I-95 visibility in growing Melbourne metro.  100% NNN corp lease till 2010.  NOI $240K/yr with 10% rent bump every 5 yrs.  $2.825M. 8.5% cap.
3.      Shopping center in Glendale, AZ: 22,280 SF 11-unit inline shopping center built in 2001 on 2.27 acres lot next to Hwy 101 exit in growing and affluent Phoenix metro (AHI $122K/yr in 1 mile).  Shadow anchored by Albertson supermarkets and Checks Auto parts.  Across from Fry’s Grocery.  95% NNN lease with1  small vacant unit.  NOI $486K/yr. $5.522M. 8.62% cap.
4.      Shopping center in Escondido, CA: 41,307 SF shopping center on 2.7 acres lot near hwy 78 exit in San Diego metro. 75% leased.  Current NOI $373K/yr. $4.45M. 8.4% cap.  Upside potential when 100% leased.
5.      Napa Auto Parts in Lakewood, CO: 22,100 SF Napa Auto parts center on a 6-lane artery in Denver metro.  10 yrs NNN corp lease with no landlord responsibilities.  NOI $148K/yr. $2.048M. 7.25% cap.
6.      Logan’s Roadhouse in Wichita, KS: 6800 SF Logan’s Roadhouse (200+ locations in 23 states) built in 2007 in upper middle class area (AHI $80K/yr).  15 yrs NNN absolute corp lease with 12 yrs remaining.  NOI $115K/yr with 10% rent bump every 5 yrs.  $1.557M. 8% cap.
7.      Strip Mall in Pittsburg, CA: 9580 SF strip center built in 2007 next to Hwy 4 exit in a stable city East of San Francisco. Shadow anchored by the growing chain Mi Pueblo Food Center.  100% NNN leased to panda Express, Pittsburg Fed Credit Union, Cartridge World, The UPS Store and Western Dental.  NOI $335K/yr.  $4.585M. 7.3% cap.  Buyer to assume $3.2M loan at low 5.5% interest due in 2018.
8.      Retail Center in Hiram, GA: 7488 SF retail center built in 1997 on a corner lot in Atlanta metro.  Great location: next to Wal-mart supercenter, and surrounded by Big K, Home Depot, Staples, Sports Authority, Best Buy, Sam’s Club, Super Target, Ross, Kohl’s and more.  100% NNN leased to Sears Home Appliance and Ortho Zone (Orthodontist).  NOI $171K/yr. $2M. 8.56% cap.
9.      Fresenius Dialysis Center in Raleigh, NC: 18,100 SF dialysis center in a fast growing area (30% since 2000).  12 yrs NNN lease with 8 yrs remaining.  NOI $150K/yr. $1.65M. 9% cap.
10.   Medical Office Building in Westbury, NY: 12,000 SF single tenant medical office building on .81 acre lot in affluent NY suburbs (AHI $122K/yr in 1 mile).  100% leased till 2018 to Brightheart Veterinary with 9 locations and guaranty from parent company.  NOI $178K/yr. $2.2M. 8.1% cap.

© Transmercial 2011.

Tuesday, April 26, 2011

04-12: Shopping centers, Medical Office building, Fazoli's, Dollar Tree

  1.  Shopping Center in Katy, TX: 33,000 SF shopping center built in 1995 on 2.9 acres lot in fast growing (93%) high income (AHI $80K/yr) Houston suburbs.  Easy access to I-10 and near the entrance to 200-store Katy Mills outlet mall.  Tenants include MRI center and Dialysis center.  75% leased.  NOI $450K/yr. $4.5M. 10% cap (note: not clear if current or pro forma). 
  2.  Medical Office Building in Colorado Springs, CO: 8,000 SF class-A medical office building completed in 2002 on 1.26 acres lot in high growth (51%)  and high income (AHI $80K/yr) area.  Seller, Pediatric Associates will sign a 10 yrs NNN lease at close of escrow.  NOI $126K/yr.  $1.4M. 9% cap. 
  3. Strip Mall in Cranston, RI: 6000 SF strip center built in 2005 on .7 ac lot in growing upper middle class of Providence.  100% leased to 5 tenants.  NOI $84K/yr. with 3% annual rent bump on 5 leases. $1.028M. 8.25% cap. 
  4. Office Building in Weston, FL: 61,264 SF 2-building class-A headquarters of Ultimate Software, a public company (NASDAG: ULTI) with $227M in revenue in 2010. 4.6 acres lot in growing & affluent (AHI $147K/yr in 1 mile) Fort Lauderdale metro.  100% NNN lease.  In place NOI $1.544M. $19M. 8% cap. 
  5. Neighborhood center in Desert Hot Springs, CA: 40,540 SF retail center on 5.38 acres corner lot as part of a neighborhood center anchored by Vons Supermarket, McDonald, Big O Tires, Wells Fargo (these 5 not included).  90% leased to 12 tenants with 1 4000 unit avail.  Current NOI $363K/yr. $4.625M. 7.83% cap.  Upside potential when 100% leased. 
  6. Fazoli’s restaurant in Waco, TX: 3632 SF Frazoli’s Italian restaurant (chain with 230 locations) built in 2000 on .79 acre corner outparcel to Home Depot. Across from Burlington and Toys R Us.  15 yrs NNN lease to a  operator with 4 locations.  NOI  $134K/yr with 7% rent bump every 5 yrs.  $1.54M. 8.75% cap. 
  7. Dollar Tree in Arvin, CA: 9000 SF single-tenant Dollar Tree store built in 2009 on 1.11 acres lot in a growing Central Valley town.  10 yrs NNN- till 2019.  NOI $92K/yr. $1.1M. 8.39% cap. Recession resistant tenant. 
  8. Condo Apartments in Stockton, CA: 40-unit condo apartments built in 2004 on 3 acres lot.  All units have washer/dryer/refrigerator.  39 unit occupied.  NOI $213K/yr. $2.595M. 8.21% cap. 
  9. Strip Center in Corona, CA: 7109 SF multi-tenant strip center on .4 ac corner outparcel to Vons supermarkets anchored shopping center.  100% leased. NOI $187K/yr. $2.6M. 7.2% cap. 
  10. Retail Center in Keansburg, NJ: 16,000 SF retail center on 1.6 acres in a high income coastal town.  Seller will master lease vacant space.  Pro forma NOI $155K/yr. $1.375M. 11.32% cap.
© Transmercial 2011.