06-13: Save mart, Shopping Centers, Advance Auto, Family Dollar, Office Building

1.     Save Mart Supermarket in Chowchilla, CA: 46,500 SF Save Mart grocery store built in 2008 on 4.75 ac lot in growing town next to Hwy-99. Regional tenant with 240 stores in CA and NV. 17 years remaining on NNN lease. NOI $287K/yr. Price reduced from $4.2M to $3.825M. 7.5% Cap.

2.     Shopping Center in New Haven, CT: 49,146 SF shopping center on busy corridor close  to Lowes/Wal-Mart and Hwy-91. Shadowed anchored by Aldi Food market, an international grocery chain.  93% NNN leased. NOI $574K/yr. $7.66M. 7.5% Cap.

3.     Strip Center in Shelby Township, MI: 19,000 SF strip center with excellent tenant mix: O’Reilly Auto Parts, Curves, Hairlines and Thai Cuisine and next to Aldi Supermarket in middle class Detroit suburbs. 83% leased. NOI %153K/yr. $1.525M. 10.04% Cap.

4.     Advance Auto Parts in Elizabeth, NJ: 7000 SF 4-years old retail in densely populated middle class city. Sales above national average. 11½ years remaining on original 15-years NNN- corp lease. NOI $257K/yr. $3.115M. 8.25% Cap.

5.     Bank-owned Borges Supermarket in Homeland, FL: 19,440 SF successful grocery store close to Miami-Dale College Campus/South Dale Adult Education Center. Short-term NNN lease. Tenant would consider staying. NOI $178K/yr. $1.508M. 11.80% Cap.

6.     Retail Center in Collegeville, PA: 10,664 SF well-maintained retail center on 1.68 ac lot in affluent (AHI $98K/yr within 1-mile radius) Philadelphia suburbs. 100% NNN leased. NOI $133K/yr. $1.725M. 7.72% Cap.

7.     Strip Center in Killeen, TX: 10,186 SF newly constructed retail center next to Wal-Mart at densely retail location near Hwy-190. 100% NNN leased to four tenants and ATM. NOI $238K/yr. $2.986M. 8% Cap.

8.     Family Dollar in Miami, FL: 8238 SF recently renovated free-standing retail building at a major signalized corner location. 10-years NNN- corp lease. NOI $163K/yr with 10% rent increases every 5 years. $2.113M. 7.75% Cap.  

9.     Office Building in Sarasota, FL: 21,700 SF Class-B upscale multi-tenant office building close to I-75. High income area with AHI of $89K/yr in 1 mile. 98% leased to long-term national tenants.  NOI $238K/yr. $2.650M. 9% Cap.

10.  Shopping Center in Scottsdale, AZ: 29,075 SF beautiful shopping center built in 1995. Shadow anchored by CVS Pharmacy. Very affluent area in Phoenix suburbs (AHI of $166K/yr in 1 mile).  90% leased to eight tenants. Current NOI $374K/yr. (with 2 tenants not paying rents) $4.750M. 7.89% Cap. Upside potential when fully leased.

© Transmercial 2011.