07-13: Shopping centers, Tuffy Auto, Burger King, Fresenius

1.       Shopping Center in Wake Forest, NC: 21,860 SF upscale retail center built in 2005 on 2.36 acres lot in Raleigh suburbs.  95% NNN leased with1 small vacant unit.  NOI $341K/yr.  $3.9M. 8.75% cap.

2.       Shopping Center in Allen, TX: 14,743 SF 8-unit retail center built in 1996 on 1.7 acres lot across from Target and Home Depot in affluent Dallas suburbs (AHI $119K/yr).  82% NNN leased with 2 vacant units.   Current NOI $222K/yr. $2.5M. 8.89% cap.  Upside potential when 100% leased.

3.       Strip Mall in Indianapolis, IN: 9076 SF strip mall built in 2010 on a .97 acre outparcel to Washington Square Shopping center in fat growing middle class area. 100% NNN leased to 3 brand name tenants: the Vitamin Shoppe, Jimmy John’s Gourmet sandwiches, and Aspen Dental. NOI $235K/yr. $2.858M. 8.25% cap.

4.       Retail Center in Mason, OH: 8878 Sf retail center built in 2006 on 1.73 acres lot in fast growing upper-middle class Cincinnati suburbs.  Shadow anchored by Walmart.  100% NNN leased to 4 good tenants: Starbucks, FedEx, Mattress Firm, Verizon. NOI $219K/yr. $2.5M. 8.77% cap.

5.       Retail center in Texas City, TX: 6861 SF retail center on ¾ acres corner parcel in Houston metro.  Renovated in 2010.  100% NNN leased to 3 tenants: H&R Block, Verizon, and Schlotzskys Deli. NOI $129K/yr. $1.528M. 8.5% cap.

6.       Tuffy Auto in Omaha, NE: 3900 SF auto center built in 2007 on an outparcel to a  Super Target in affluent area with AHI over $102K/yr in 1 mile ring.  New 20 yrs absolute NNN corp lease to Tuffy Auto with 220 locations in 20 states. NOI $11K/yr. with 7.3% rent bump in 2013.  $1.369M. 8.15% cap.

7.       Shopping Center in Glen Allen, VA: 9763 SF shopping center built in 2002 on 1.3 acres outparcel to a 266,000 SF power center in growing Richmond metro with AHI of $75K/yr.  Close to I-295. 100% NNN leased to Starbucks, Papa John' s Pizza (NASDAQ PZZA), Quizno's Subs, T-Mobile, Atlantic Tanning, and GameStop.  NOI $312K/yr. $4M. 7.8% cap.

8.       Shopping Center in Madison, WI: 18,195 Sf attractive shopping center built in 2008 in growing upper middle class area.  Shadow anchored by Super Target.  100% NNN leased.  NOI $456K/yr. $4.9M. 9.32% cap.

9.       Burger King in Oklahoma, OK: 3000 SF restaurant on .69 ac lot next to I-240.  New 20 yrs absolute NNN lease to a 30-yrs veteran franchisee.  NOI $97K/yr. with 1.75% annual rent bump.  $1.256M. 7.75% cap.

10.   Fresenius Dialysis in Salem, OR: 5916 SF dialysis center built in 2010 on .98 ac lot in a growing middle class area. 100% NNN leased till 2020.  NOI $233K/yr. $2.915M. 8% cap.

© Transmercial 2011.