03-29: Shopping centers, Walgreens, Urban Fitness, Taco Bell

1.       Shopping Center in Chula Vista, CA: 19752 SF shopping center on 1.5 acres lot in San Diego metro.  91% leased to 9 tenants.  Current NOI $439K/yr. $5.85M. 7.51% cap.

2.       Tire Pros in Chandler, AZ: 6429 SF auto service center on .81 acre lot in middle class Phoenix metro.  5 yrs NNN lease.  NOI $98K/yr with annual CPI-based rent increase.  $1.15M. 8.5% cap.

3.       Shopping Plaza in Lakeside, CA: 40,812 SF shopping plaza on 3.45 acres corner lot in middle-class San Diego metro.  Shadow anchored by 43,624 SF Albertsons supermarket.  Anchored by Rite Aid, O’Reilly’s Auto and Chase Bank. 91% leased with 3 small vacant units.  NOI $639K/yr. $7.8M.  8.2% cap.

4.       Strip Mall in Montgomery, AL: 10,000 SF strip center built in 1999 on 1.43 acres outparcel to a Wal-mart and 350,000 SF power center.  75% NNN leased to RadioShack, GameStop, Advance America, Kimberly's Beauty Supply.  NOI $127K/yr. $1.2M. 10.65% cap.

5.       Walgreens in Morgan Hill, CA: 14,976 SF drug store built in 2002 on 1.75 acres lot near Hwy 101 exit in high income Silicon Valley suburbs (AHI $129K/yr).  100% NNN lease till 2022 in primary term.  NOI $401K/yr.  $5.5M. 7.3% cap.

6.       Urban Active Fitness center in Charlotte, NC: 42,160 SF 2-story fitness center built in 2010 on 3.35 acres lot in prestigious Ballantyne Development in South Charlotte with AHI $103K/yr.  next to I-485 exit.  20 yrs NNN lease to Urban Active Fitness.  NOI $893K/yr. $9.922M. 9% cap.

7.       Towne Market Center in Dallas, TX: 52,688 SF retail center on 4.9 acres lot near I-30.  Remodeled in 2008-2010.  100% NNN leased to 3 national/regional tenants: DD’s Discount owned by Ross), Save-A-Lot 9chain with 1250 stores), and Citi Trends (chain with 449 stores in 6 states).  NOI $314K/yr. $3.936M. 85 cap.

8.       Shopping Center in Jacksonville, FL: 174,153 SF neighborhood shopping center in fast growing area (22% since 2000).  Anchored by Floor & Decor, Office Depot, Harbor Freight Tools and Dollar General. 99% leased.  NOI $1.285M. $14M.  9.18% cap.

9.       Retail Office Center in Palm Bay, FL: 17,760 SF retail/office center on 2.5 acres lot in fat growing Melbourne metro.  83% leased.  Current NOI $162K/yr. $1.8M. 9% cap.

10.   Taco Bell in Las Vegas, NV: 2828 SF restaurant on major artery in Las Vegas.  100% NNN leased to a franchisee with 60 stores.  NOI $156K/yr. $1.84M. 8.5% cap.

© Transmercial 2011.