11-18: KFC, Ashley Furniture, Strip Center, Arbys, May's Drug, Tires Plus, White Castle

1. KFC & Long John Silver’s in Holland, OH: 3400 SF dual-branded KFC and Long John Silver’s restaurant on .86 ac outparcel to Menards in Toledo metro.  20 yrs NNN lease.  NOI $110K/yr with 7.5% rent bumps every 5 yrs. $1.3M. 8.5% cap. 
2. Ashley Furniture in Midland, TX: 62,133 SF single-tenant retail center built in 2006 on 4 acres lot as part of Kohl’s anchored shopping center in high income (AHI $88K/yr) oil & gas town.  100% NNN leased till 2022.  NOI $691K/yr with rent bumps every 5 yrs.  $8.135M. 8.5% cap. 
3. Strip Mall in Port Saint Lucie, FL: 8140 SF strip center built in 2007 on .92 ac lot in a fast growing city.  100% NNN leased to 6 tenants.  NOI $152K/yr. $1.52M. 10% cap. 
4. Mini Storage in Odessa, FL: 32,220 SF 296-unit mini storage facility built in 2001 on 2.33 acres lot in high income (AHI $88K/yr) Tampa suburbs.  94% occupied.  NOI $138K/yr. $1.725M. 8% cap. 
5. Arby’s in Glendale, AZ: 2889 SF restaurant built in 1992 on .59 ac outparcel to a grocery-anchored center in high income Phoenix metro.  100% NNN corp lease till 2019.  NOI $88K/yr with 6% rent bumps every 3 yrs. $1.18M. 7.5% cap.
6. May’s USA Drug in Tulsa, OK: 15,000 SF May’s USA Drug (regional chain with 150 stores in 5 states) built in 2004 on 1.35 acres corner lot. 20 yrs NNN corp lease till 2024.  NOI $187K/yr. with $7500 rent bumps every 5 yrs. $2.55M. 7.35% cap. 
7. Tires Plus in Coralville, IA: 5046 SF Tires Plus auto service center on .58 ac lot in a fast growing Iowa city metro.  10 yrs NNN lease guaranteed by Bridgestone Retail Operations. NOI $100K/yr with 2.5% annual rent bumps.$1.35M. 7.48% cap. 
8. White Castle in Maywood, IL: 1400 SF White Castle fast food restaurant (regional chain with 420 stores) built in 1992 on .48 ac lot across from Layola University Medical Center campus in Chicago metro. New 10 yrs NNN lease.  NOI $65K/yr with 10% rent bumps every 5 yrs.  $838K.  7.75% cap.

© Transmercial 2011.