Tuesday, September 27, 2011

09-13: DaVita, Dennys, Shopping centers, Toys R Us


  1. DaVita Dialysis Center in Plainfield, IN: 7475 SF dialysis center on 1.38 acres lot in growing & affluent (AHI $90K/yr in 1 mile) Indianapolis suburbs.  15 yrs NNN- with 12 yrs remaining.  NOI $181K/yr with annual CPI based rent bumps of up to 3%.  $2.267M. 7.98% cap. Recession insensitive tenant. 
  2. Denny’s in Phoenix, AZ: 3893 SF restaurant built in 2004 on 1.19 ac lot across from Outlets at Anthem & next to I-17. 100% absolute NNN lease till 2031. NOI $100K/yr with 7% rent bumps every 5-yrs. $1.375M. 7.27% Cap. 
  3. Shopping Center in The Woodlands, TX: 17,636 SF recently constructed shopping center on 2.63 ac lot along main corridor in affluent (AHI $122K/yr) Houston MSA. 87% NNN leased. NOI $304K/yr. $3.579M. 8.5% Cap. 
  4. Toys “R” Us & Babies “R” Us in Irving, TX: 55,824 SF recently renovated retail building on 6.41 ac lot in prime commercial corridor  between I-635 and Hwy-114. 100% NNN corporate lease with 7 yrs left. NOI $901K/yr. $10.6M. $8.5% Cap. 
  5. Shopping Center in Torrance, CA: 22,914 SF well-maintained shopping center anchored by 7-Eleven at highly visible/busy corner location in Los Angeles suburbs. 82% NNN leased. NOI $399K/yr. $5.95M. 6.71% Cap. 
  6. Retail Center in Arlington Heights, IL: 5773 SF brand new retail center shadow-anchored by PetSmart, Trader Joe’s and Barnes & Noble across from Burlington Coat Factory. Upper middle-class (AHI $95K/yr in 1 mile) Chicago suburbs.  New 10 yrs NNN leases to  3 tenants: Smashburger, Jersey Mike's and Caribou Coffee. NOI $173K/yr. $2.381M. 7.35% Cap. 
  7. Shopping Center in San Antonio, TX: 34,300 SF attractive shopping center built in 2000 across from Target, Office depot, Lowes, and  next to Loop-1604. Very affluent area with AHI of $125K/yr in 1 mile radius.  73% NNN leased. Actual NOI $400K/yr. $4.4M. 9.1% Cap.  Pro forma NOI $602K/yr., 13.68% pro forma cap. 
  8. Shopping Center in Killeen, TX: 58,300 SF shopping center built in 2000 on 12 ac lot next to Wal-Mart, Kohls and Lowe’s. 100% NNN leased, 98% spaces leased to national tenants. NOI $578K/yr. $6.8M. 8.5% Cap.
© Transmercial 2011.
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