09-27: Taco Bell, Shopping centers, Golden Coral, Goodwill, Davita, CVS, Arbys

1. Taco Bell in East Meadow, NY: 1400 SF Taco Bell on 1/3 ac lot in densely-populated (500K residents in 5 miles) & upper middle class New York suburbs (AHI $100K/yr in 1mile). Limited competition & high barrier to entry area.  100% absolute NNN corp lease (YUM Brands) with 2+ yrs remaining.  Tenant has been here since 1977.  NOI $70K/yr. Just $950K.  7.39% cap. 
2. Shopping Center in Oswego, IL: 18,651 SF shopping center built in 2007 on 2.33 acres lot in high income Chicago suburbs.  Shadow Anchored by a Power Center (with Old Navy, Bed, Bath & Beyond, and Michaels) and Meijer Supercenter; Directly Across the Street from Dominick's Grocery Store & Target.  100% NNN leased to 5 tenants: 4 of which are corp.  NOI $432K/yr. $4.55M. 9.51% cap. 
3. Golden Coral in Houston, TX: brand new 14,155 SF growing American buffet restaurant on 3.2 acres lot with I-10 frontage. 15 yrs NNN corp lease.  NOI $296K/yr with 5% rent bump every 5 yrs.  $3.957M. 7.5% cap. 
4. Single tenant Retail Center in Hartford, CA: 19,300 SF single-tenant retail center built in 1994 on 2 acres lot in a growing town in San Joaquin Valley.  Factory 2-U, a discount store chain has been here for several yrs and just signed 10 yrs NNN- corp lease.  NOI $135K/yr with 12% rent bump every 5 yrs.  $1.93M. 7% cap. 
5. Goodwill in Midwest City, OK: 25,133 SF Goodwill store on 2.69 acres lot in Oklahoma City metro.  10 yrs NNN lease to Goodwill Industries with 2600 locations.  NOI $189K/yr. with rent bump every 5 yrs. $2.1M. 9% cap. 
6. Davita in Murrieta, CA: 8500 SF Davita Dialysis under construction on .83 ac parcel with easy access to I-215 in high income and fast growing area (160% since 2000).  New 15 yrs corp NNN- lease.  NOI $229K/yr. with 10% rent bump every 5 yrs.  $3.4M. 6.75% cap. 
7. CVS Pharmacy in Dallas, TX: 12,973 SF drug store built in 2001 on 1.71 acres corner lot with 3 points of access from 3 frontages.  100% NNN lease with 10 yrs left.  NOI $469K/yr.  Store with strong sales of over $15M (very low rent to income ratio of 3.1% which means very profitable location).  $6M. 7.8% cap.  Buyer to assume $4.4M loan at 5.43% interest.
8. Retail Center in Mansfield, TX: 10,151 SF 4-unit retail center in Dallas suburbs.  Anchored by 5620 SF Davita Dialysis and shadow anchored by Big! Lots.  80% NNN leased.  NOI $170K/yr. $1.43M. 8% cap. 
9. Arbys in Layton, UT: 2100 SF restaurant at an intersection of 2 major arteries in Salt Lake city suburbs.  100% absolute NNN lease with 5 yrs left.  NOI $73K/yr. $838K.  8.75% cap.

© Transmercial 2011.