10-27: Starbucks, Davita, shopping centers, Rite Aid, REC Warehouse

1. Starbucks in Schenectady, NY: 1650 SF Starbucks built in 2006 on ½ ac lot near I-890 exit in Albany metro (NY capital).  100% NNN- corp lease with 5 yrs left.  NOI $84K/yr.  $1.1M. 7.64% cap. 
2. Davita Dialysis Center in Austell, GA: 5460 SF dialysis center built in 2009 on 1.06 acres lot in affluent (AHI $108K/yr in 1 mile) Atlanta suburbs.  100% absolute NNN lease with 12 yrs left and DaVita’s subsidiary guaranty.  NOI $226K/yr with 2% annual rent bumps. $2.922M. 7.75% cap. 
3. Shopping center in Pearland, TX: 20,452 SF 5-yrs old shopping center in affluent (AHI $141K/yr) & fat growing (124% since 2000) Houston suburbs.  Easy access to South Fwy 288. 100% NNN leased to 8 tenants.  NOI $395K/yr.  9% cap. 
4. Rite Aid in High Point, NC: 13,824 SF drug store built in 2000 with double drive-thru,  on 1.83 ac lot in Winston-Salem/Greensboro metro.  100% absolute NNN lease with 11 yrs left.  NOI $263K/yr. $2.877M. 9.15% cap. 
5. Retail Center in Antelope, CA: 11,057 SF retail center built in 2006 on 1.19 acres lot in Sacramento metro.  Shadow anchored by BelAir supermarket and 24-hr Fitness.  100% leased to 4 tenants.  NOI $182K/yr. $2.435M. 7.5% cap. 
6. Shopping Plaza in Corning, CA: 53,934 SF well-maintained shopping plaza on 5.26 acres lot next to I-5 on-ramp in a small town in Northern CA.  Anchored by 27,584 SF Safeway supermarket (tenant since 1980 and recently spent $3M to remodel its unit), and Rite Aid (tenant since 1981 and recently remodeled its unit) and shadow anchored by O’Reilly Auto and 76 Gas Station.  100% NNN leased to 8 tenants.  NOI $349K/yr.  $4.4M. 7.92% cap.  Buyer just needs $1.13M equity and assume $3.27M loan due in 2016. 
7. Single tenant retail center in Kennesaw, GA: 22,138 SF single-tenant retail center adjacent to Town Center Mall with easy access to I-75 and I-575 in high income Atlanta metro.  100% NNN lease at closing to REC Warehouse, the largest retailer of above ground swimming pools, portable spas, billiard tables, tanning beds, gas grills, and patio furniture in the US with 33 locations. NOI to be determined.  $1.549M.  This is a sale & lease back.  Just $70/SF! 
8. Davita Dialysis Center in Trenton, NJ: 7930 SF dialysis center built in 2009 on 2.19 acres lot near several medical centers in a stable area.  100% absolute NNN lease with 12 yrs left and DaVita’s subsidiary guaranty.  NOI $244K/yr with 2% annual rent bumps. $3.15M. 7.75% cap.  Note: Trenton is home of the famous Princeton University.

© Transmercial 2011.