06-28: Shopping centers, Apartments, CVS, Jack in the Box, Burger King, Walgreens, Office Depot.

1.       Shopping Plaza in Joliet, IL: 225,597 SF 18-unit shopping plaza on 29 acres parcel at a hard corner in Chicago suburbs.  Anchored by Marshalls, Burlington Coats Factory, Hobby Lobby, Office Max, Fashion Bug.  Shadow anchored by 73,690 SF Ultra Foods with 13 locations in Chicago.  Across from Food 4 Less and Jewel Osco Grocery.  97% NNN leased with 3 small vacant units.  NOI $1.408M.  $15.63M. 9% cap.

2.       Apartments in Houston, TX: 52-unit apartments on 1.8 acres lot in high income Houston (AHI $91K/yr in 3 miles).  94% occupied.  Pro forma NOI $161K/yr.  $1.56M. 10% cap.

3.       CVS Pharmacy in Murfreesboro, TN: 10,125 SF drugstore built in 1999 on 1.5 acres lot at a high traffic corner in Nashville suburbs.  100% NNN lease till 2020.  NOI $249K/yr. with rent bump in 2014.  $3.215M. 7.75% cap.

4.       Strip Mall in Hometown, IL: 10,890 SF strip mall in Chicago suburbs.  Shadow anchored by Walgreens.  100% NNN leased to 5 tenants: insurance agency, American General, dentist, dry cleaner and The Casual Male.  NOI $193K/yr. $2.208M. 8.75% cap.

5.       Jack In the Box in Tolleson, AZ: 2654 SF restaurant built in 2007 on .88 ac lot in fast growing Phoenix suburbs.  20 yrs NNN corp ground lease (land is for sale).  NOI $80K/yr. $1.276M. 6.25% cap

6.       Burger King in Santa Rosa, CA: 2536 SF Burger King with drive thru built in 1998 on .65 ac lot in middle class area North of San Francisco.  100% NNN lease to an experienced operator with 7 locations in Northern CA.  NOI $72K/yr. $1.1M. 6.5% cap.

7.       Strip Center in Salt Lake City, UT: 6949 SF retail center constructed in 2003.  100% NNN lease to 5 national tenants: Subway, Jackson Hewitt Tax Service, Cricket Wireless, Check ‘N Go, and Papa Murphy’s Pizza.  NOI $130K/yr. $1.586M. 8.25% cap.

8.       Business Center in Las Vegas, NV: 20,644 SF well maintained 2-story office building with 5 suites on a busy street in affluent area (AHI $117K/yr in 1 mile). 91% leased.  NOI $370K/yr. $2.75M. 13.48% cap.

9.       Walgreens in Spokane, WA: 14,550 SF drugstore built in 2000 in the residential area.  100% NNN- with 9 yrs remaining.  NOI $372K/yr. $4.894M. 7.5% cap.

10.   Office Depot in Annapolis, MD: 16,708 SF Office Depot on .98 ac corner lot in affluent Washington DC’s suburbs.  New 10 yrs NNN corp lease.  NOI $534K/yr with 10% rent bump every 5 yrs. $7.71M. 7% cap.

© Transmercial 2011.