03-25: CVS, Walgreens, Comfort Inn, Shopping Centers, Office Buildings, AutoZone

1. CVS in Lawrenceville, GA: 13,225 SF drug store built in 2008 on 3.47 acres lot with double drive-thru in fast growing middle class Atlanta suburbs.  25 yrs NNN lease with 23 yrs remaining.  NOI $347K/yr. $5.347M. 7% cap. 
2. Comfort Inn & Suites in Houston, TX: 49-room 3-story 34,326 SF hotel built in 2004 on 1+ acre lot with indoor swimming pool.  Gross income $586K.  NOI $241K.  $2.5M.  9.67% cap. 
3. Shopping Center in San Diego, CA: rare 23,303 SF 4-building retail center built in 2007 on 5.11 acres lot across from the harbor with high barriers of entry and development.  Zoned visitor commercial (tourists area). 83% NNN leased to 11 tenants.  Pro forma NOI $916K/yr. $10.5M. 8.73% cap. 
4. Office Tower in Grand Prairie, TX: 118,536 SF class-A 8-story office tower with 4-level parking garage on 3.3 acres lot in affluent Dallas/Fort Worth suburbs (AHI $127K/yr in 1 mile). 94% leased to institution-grade tenancy with long term leases.  NOI $1.44M. $16M. 9% cap. 
5. CVS in Jacksonville, FL: 13,824 SF drug store built in 2004 on 2.47 acres parcel in an upscale Southern suburb of Jacksonville. 100% NNN lease with1 4 yrs remaining.  NOI $416K/yr. $5.75M. 7.25% cap. 
6. Strip Mall in Houston, TX: 7200 SF strip center built in 2006 on .7 ac lot in upper middle area (AHI $90K/yr).  100% leased to 5 tenants including T-Mobile, Goodwill, Liberty Tax, and Payday Loan.  NOI $158K/yr. $1.75M. 8.5% cap. 
7. Walgreens in Bremerton, WA: 14,490 SF drug store built in 2009 on 1.45 acres lot in Seattle metro.  100% NNN lease.  NOI $423K/yr. with rare 17% rent bump in first option. $6.295M. 6.75% cap.  No state income taxes in WA. 
8. AutoZone in Fontana, CA: 7183 SF AutoZone built in 1996 on .72 ac outparcel to 630,000 SF Power Center anchored by Target, Ross and Kaiser Permanente next to I-10 exit.  100% NNN leased till 2018.  NOI $129K/yr with 10% rent bump every 5 yrs (next one in 2013).  $1.985M. 6.5% cap. 
9. Childtime in Yorktown, VA: 7893 SF childcare center built in 1996 on 1.32 acres lot in high income Newport News metro.  10 yrs absolute NNN leased till 2020 to Learning Care Group with 1000 units.  NOI $158K/yr. with CPI-based annual rent bump.  $1.7M. 9.3% cap. 
10. Medical Office Building in San Jose, CA: 3766 SF medical office building with 25 parking spaces with easy access to Hwy 101.  3 of 4 tenants will sign new leases at close of escrow.  75% leased.  NOI to be determined.  $1.05M. 

© Transmercial 2011.