1. Walgreens in Mesa, AZ: 15,525 SF drug store built in 1995 on 1.5 acres corner lot. 100% NNN- leased till 2015. NOI $242K/yr. Store with sales revenue of 5+M/yr (low rent to income of 4.8% which means tenant is expected to renew lease). $2.849M. 8.5% cap.
2. Shopping Center in North Ogden, UT: 59,000 SF shopping center built in 1997 on 4.67 acres corner lot in high income Salt Lake City metro (AHI $82K/yr in 1 mile). Anchored by 45,000 SF Lee’s Marketplace, a regional grocery store affiliated with Associated Foods. 100% NNN leased to 11 tenants. NOI $689K/yr. $8.62M. 8% cap. Buyer to assume $5.78M loan at low 5.6% interest.
3. Shopping Center in Pomona, CA: 58,485 SF 8-unit shopping center built in 2009 on 4.25 acres corner lot in densely-populated Los Angeles county with over 450K residents in 5 miles radius. Anchored by El Super grocery with 36 stores in CA, NV, and AZ. NOI $1.057M. $15.1M. 7% cap.
4. Strip mall in Cedar Hill, TX: 8174 SF 2-yrs old attractive strip mall on 2.4 acres lot across from Wal-mart supercenter in fast growing prosperous Dallas suburb. 87% NNN leased to 3 tenants with 2 main tenants in stable healthcare field. NOI $157K/yr. $1.85M. 8.5% cap.
5. CVS Pharmacy in Dallas, TX: 12,973 SF CVS built in 2001 on 1.71 acres corner lot at a major intersection and easy access to I-35E. 100% NNN leased to 2021. NOI $467K/yr. with 5% bump in each of the six 5-yr options. Store with very strong sales of $15M (sales to revenue ratio of 3.1%, highly profitable location). $6M. Buyer to assume $4.4M loan at low 5.43% interest.
6. Shopping Center in Tyron, GA: 21,600 SF Bank-owned shopping center in fast growing and affluent Atlanta suburbs. NOI N/A and occupancy expected to be low. Just $820K.
7. Retail Center in Fredericksburg, VA: 14,800 SF multi-tenant retail center on 1.55 acres lot in growing high-income town 30 minutes from Washington DC. 100% occupied. NOI $315K/yr. $4.5M. 7% cap.
8. Shopping Plaza in Saint Louis, MO: 105,651 SF shopping center built in 1987 on 9.19 acres lot right off I-55 exit and next to South County Center mall. Anchored by Marshalls and JC Penney that have been here since 1988 and 1993, respectively. 100% leased. While the property is unpriced, the listing broker expects 8.5% cap and $8+M. Buyer to assume $6M non-recourse loan.
9. Strip Center in South Lake Tahoe, CA: 4812 SF strip center in affluent ski resort town (AHI $102K/yr) on 1/3 ac lot. 75% leased. Pro forma NOI $88K/yr. $985K. 9% cap.
10. Shopping Center in Glendale, AZ: 85,789 SF shopping center next to Loop 101 on ramp in affluent (AHI $118K/yr in 1 mile) Phoenix metro. Anchored by 99 Cent Only Store, and Ace hardware. 85% leased. NOI $861K/yr. Unpriced but cap rate is expected to be around 8%.
© Transmercial 2011.
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