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.