05-09: Tire Pros, Wendy's Restaurant, MOB, Shopping Centers

1.     Shopping Center in Glendale, AZ: 91,563 SF newly upgraded shopping center anchored by Big! Lots at corner location with good tenant mix. 92.9% NNN leased to 20 tenants. Current NOI $769K/yr. $9.5M. 8.1% Cap. Upside potential when 100% leased.

2.     Strip Center in Van Nuys, CA: 13,644 SF well-positioned strip center on .55 ac corner lot in densely populated Los Angeles metro with 700K residents within 3 miles. 92% leased. NOI $504K/yr. $5.8M. 8.7% Cap.

3.     Tire Pros in Chandler, AZ: 6429 SF retail shop built in 2005 on .81 ac lot at high traffic location. 100% NNN leased to a successful chain Tire Pros with 300+ locations. NOI $96K/yr. $1.18M. 9.5% Cap.

4.     Medical Office Building in Sacramento, CA: 75,000 SF Class-A multi-tenant medical office building adjacent to two major hospitals. 95% NNN leased. 8% cap. Price Not Disclosed.

5.     Wendy’s Restaurant in Johnson City, TN: 2,912 SF restaurant on .90 ac lot across from East Tennessee State University and near James H. Quillen VA Medical Center/Johnson City Medical Center. 100% absolute NNN leased till 2019 to an operator with 20 units. NOI $88K/yr. with 7.5% rent bumps every 5-years $1.141M. 7.8% Cap.

6.     Shopping Center in Sterling Heights, MI: 162,448 SF shopping center on 17 acres corner lot.  Anchored by 96,268 SF Kmart in a stable & affluent (AHI $109K/yr in 1 mile) residential area with recently profitable auto industry. 88.47% leased. Current NOI $610K/yr. $6.425M. 9.5% Cap.

7.     Office Building in Orlando, FL: 19,425 SF high-quality recently constructed office building on a corner lot in affluent (AHI $113K/yr within 1-mile) area. 94% leased. NOI $446K/yr. $5.88M. 7.6% cap.

8.     Shopping Center in Rancho Mirage, CA: 31,900 SF shopping center built in 1991 on 2.88 acres lot.  Property with 500 feet frontage on Hwy 111 in affluent Palm Desert metro (AHI $139K/yr in 1 mile).  Adjacent to Rancho Las Palmas Resort & Spa  (recently completed a $35M renovation).  89.03 % NNN leased to 3 tenants. NOI $601K/yr. $7.765M. 7.75% Cap.

9.     Apartments in San Antonio, TX: 112-units brick exterior multifamily complex built in 1973 on 5.80 ac lot. 85% Occupied. NOI $194K/yr. $2.25M. 8.64% Cap.  Just over $20K/unit.

10.  Strip Center in San Diego, CA: 10,100 SF strip center built in 2001 on 2/3 acre lot at a signalized intersection. 86% NNN leased. NOI $248K/yr. $3.5M. 7% Cap.  

© Transmercial 2011.