11-14: Best Buy, Shopping Center Family Dollar, Chase Bank

Welcome new investors.  Each property has a brief description and a flyer (attached).  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties between $700K-$20M on the market today (please advise if you are interested in properties above $20M).  Underlined names if any indicate safe hyperlinks that you can click for more info.

For a full marketing brochure, please forward the email to maria@transmercial.com and specify the property number.  We may ask you for feedback later for the listing broker.  If so, please cooperate.

• 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. Best Buy in Sioux City, ID: 48,035 SF single-tenant retail center built in 1996 as part of Western Mall.  100% NNN- corp lease.  Tenant has been at this location since 2001 and has just renewed for 10 yrs.  NOI $420K/yr.  $5.4M. 7.78% cap. 
2. Shopping Center in Farmington, MI: 27,620 SF retail center on 3 ac lot in affluent and stable Detroit suburbs (AHI $117K/yr in 3 miles).  100% NNN leased to Gordon Food Service ($5.5B company), and Advance Auto.  NOI $410K/yr. $5.664M. 7.25% cap. 
3. Family Dollar in McDonough, GA: 8000 SF Family Dollar store under construction in fast growing Atlanta metro.  Long term NNN- corp lease.  NOI $136K/yr. $1.64M. 8.3% cap. 
4. JP Morgan Chase in Phoenix, AZ: 3106 SF 3 yrs old bank on .78 ac lot on a major artery.  100% NNN lease to Chase (S&P A+).  NOI $137K/yr with 10% rent bump every 5 yrs.  $2.119M. 6.5% cap. 
5. Retail Center in Moreno Valley, CA: 23,888 SF retail center on 2.19 ac lot. Shadow anchored by Cardenas Market, a regional tenant with 30 locations in CA and NV. 100% leased to 3 tenants.  NOI $213K/yr. $2.499M. 8.52% cap.
6.  Strip Mall in Austin, TX: 9750 SF multi-tenant strip mall with I-35 frontage in fast growing & high income (AHI $89K/yr) area.  100% leased to 2 retail and 2 dental tenants.  NOI $264K/yr. $3.11M. 8.5% cap.

© Transmercial 2011.