03-22: Neighborhood Centers, Walgreen's, Family Dollar, Office Depot, Wendy's

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 Folsom, CA: 25,396 SF stunning neighborhood center constructed in 2006 on 3.29 acres of parcel in growing upper middle class Sacramento suburbs (AHI 94K/yr). Across from Folsom Square, a 214,000 SF power center anchored by Target. 100% NNN leased to national/regional tenants. NOI $720K/yr. $8.875M. 8.12% Cap.
2. Retail Center in Windsor, CA: 14,210 SF Class-A retail center on 1.41 acres outparcel to a Wal-mart, Home Depot and Office Depot anchored center with outstanding visibility from U.S. Hwy-101. 100% NNN leased with great tenant mix: Sleep City, Quizno’s. Urgent Care, Nail Salon, Cold Stone and Veterinary Equities. NOI $416K/yr. $5.370M. 7.75% Cap.
3. Neighborhood Center in Columbus, OH: 34,416 SF well-maintained shopping center on 4.38 acres of land in fast growing (78.87%) middle-class (AHI $80K/yr) Columbus metro. 95% NNN leased. NOI $565K/yr. $5.975M. 9.46% Cap.
4. Walgreen’s in Midland, TX: 14,820 SF newly constructed Walgreen’s Pharmacy at busy intersection in growing oil town. 100% NNN leased. NOI $479K/yr. $6.699M. 7.15% Cap.
5. Family Dollar in Ocala, FL: 8050 SF single tenant retail building constructed in 2010 on over 1 acre lot. New10-years NNN corp lease. NOI $129K/yr. $1.527M. 8.5% Cap.
6. Office Depot in Greensboro, NC: 27,416 SF Office Depot built in 1994 on 2.26 acres lot in commercial corridor in high income area.  15 yrs NNN corp lease with 13.5 yrs remaining.  NOI $329K/yr with 10% rent bump every 5 yrs (next one in 3.5 yrs).  $4.112M. 8% cap.
7. Office Building in Arlington Heights, IL: 48,285 SF Class-B multi-tenant two-story office building in upper middle (AHI $93K/yr in 1 mile) Chicago metro.  Close to shopping centers & restaurants with established tenants. 83% leased. NOI $355K/yr. $3.950M. 9% Cap.
8. Strip Center in Winnetka, CA: 12,776 SF strip center with good ingress/egress at major thoroughfare in densely populated Los Angeles suburbs. 100% NNN leased. NOI $236K/yr. $3.1M. 7.63% Cap.
9. Wendy’s Restaurant in Cypress, TX: 3397 SF free-standing Wendy’s Restaurant constructed in 2004 on .97 acre lot outparcel to Kroger Supermarket in Houston suburbs. New 20-years NNN lease. NOI $112K/yr. with 7% rent increases every 5-years.  Store with strong sales revenue of $1.44M.   $1.425M. 7.88% Cap.
10. Shopping Center in Woodland, CA: 22,400 SF six-tenant shopping center at busy signalized intersection north-west of Sacramento close to I-5. 80% leased. NOI $105K/yr. $1.5M. 7% Cap.    

© Transmercial 2011.