07-14: Walgreen's, Lowes Center, El Pollo Loco, El Torito for sale

AHI: Avg. Household Income.  National average is about $50+K/yr.

NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.

NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.

NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1.     Lowe’s Distribution Center in White House, TN: 252,000 SF recently expanded distribution center (for 226 Lowes stores) on 37.67 acres of land next to I-65 & about 25 miles North of Nashville. 100% NNN- corporate lease to Lowes (S&P rating of A+). NOI $609K/yr. $8.750M. 8.15% Cap.

2.     Walgreen’s in McFarland, WI: 14,550 SF retail building constructed in 2007 on 1.34 ac lot across from Pick ‘n Save along busy road (20,800 VPD) in Madison metro.  Absolute NNN corporate lease till 2032. NOI $284K/yr. $4.116M. 6.9% Cap. Buyer to assume $3.370M non-recourse loan at low 5.93% interest due in 2017.

3.     Shopping Center in Pensacola, FL: 49,768 SF 4-yrs old shopping center on 9.20 acres of land across from The Home Depot/Wal-Mart. 95% NNN leased to 3 national tenants: Office Depot, Ross and Chilis (Chili’s Restaurant is on Ground Lease). NOI $434K/yr. $5.830M. 7.45% Cap.

4.     Retail Center in Apple Valley, CA: 6417 SF retail center built in 2007 outparcel to The Home Depot across from Lowe’s and Stater Bros. 86% NNN leased to great tenant mix: Taco Bell, Hertz, US Army and Jewelry Store. NOI $224K/yr. $2.150M. 10.42% Cap.

5.     Advance Auto Parts in Poinciana, FL: 7292 SF single-tenant retail building on a pad site to Wal-Mart in growing middle-class neighborhood. Long NNN corporate lease. Store with strong sales of over $2M.NOI $95K/yr with 10% rent increase in 2014. $1.325M. 7.22% Cap.

6.     El Pollo Loco in Atlanta, GA: 3210 SF free-standing restaurant built in 2007 on .75 ac lot along busy highway. Long absolute NNN ground lease (landlord owns land). NOI $86K/yr. $1.232M. 7% Cap.

7.     Shopping Center in Sugar Land, TX: 96,623 SF shopping center on 10.7 acres parcel at a signalized intersection on Hwy-6 in affluent Houston metro. Anchored by Kroger supermarket. NOI $696K/yr. $9.487M. 7.35% Cap.

8.     El Torito in Fresno, CA: 7790 SF restaurant on .95 ac lot close to Community Regional Medical Center minutes from Amtrak, City Hall and Courthouse. Absolute NNN corporate lease till 2018. NOI $126K/yr. $2.1M. 6% Cap.

© Transmercial 2011.