Tuesday, December 20, 2011

12-06: Advance Auto, IHOP, Jiffy Lube, KFC, Staples, Shopping centers


  1. Advance Auto Parts in Pearl, MS: 7000 SF Advance Auto built in 2007 on ¾ ac lot in Jackson metro.  15 yrs NNN corp lease till 2022 with landlord responsible for structure only.  NOI $94K/yr. $1.305M. 7.25% cap. 
  2. Neighborhood Center in Crete, IL: 10,200 SF multi-tenant center on 1.25 ac lot in affluent Southern Chicago suburbs (AHI $116K/yr in 1 mile).  100% NNN leases to established tenants.  NOI $130K/yr. $1.37M. 9.52% cap. 
  3. IHOP in Pasadena, TX: 4972 SF IHOP restaurant on 1.25 ac lot with frontage on Sam Houston Tollway in upper middle class Houston metro. 20 yrs NNN lease with 18 yrs left to the largest IHOP franchisee with over 250 IHOPs.  NOI $189K/yr with annual rent bump. $2.67M. 7.1% cap. 
  4. Jiffy Lube in Peoria, AZ: 2539 SF Jiffy Lube on .59 ac lot in high income Phoenix metro. 100% absolute NNN lease till 2024 to a franchisee with 60 units.  NOI $126K/yr. with 2% annual rent bump. $1.51M. 8.35% cap. 
  5. KFC in Stow, OH: 3200 SF newly remodeled KFC in high income (AHI $73K/yr in 1 mile) Akron metro.  20 yrs NNN corp lease to Yum! Brands, Inc.  NOI $78K/yr with 7.5% rent bump every 5 yrs. $950K.  8.25% cap. 
  6. Strip Mall in Riverside, CA: 8326 SF strip center on 1.32 ac lot outparcel to a shopping center anchored by Wal-mart, Target, Pier 1 Import, and Petsmart.  Surrounded by JoAnn Fabrics, Petco, Old Navy, Marshalls, World Market, Best Buy and more.  Next to Moreno Fwy exit in high income and fast growing area.  100% NNN leased to 4 national tenants: Payless Shoesource, Verizon Wireless, GameStop, and Subway.  NOI $259K/yr. $3.7M. 7% cap. 
  7. Strip Center in Riverside, CA: 8312 SF 5-unit strip center on 1.04 ac lot outparcel to a shopping center anchored by Best Buy, Michaels, Smart & Final grocery.  Across from Target, and Wal-mart in high income and fast growing area.  100% NNN lease.  NOI $182K/yr. $2.5M. 7.3% cap. 
  8. Staples in Dallas, TX: 23,942 SF Staples on 1.9 ac lot as the anchored tenant in a shopping center near I-30 with exposure to 227,000 vehicles per day.  15 yrs NNN lease with 4 yrs left.  NOI $305K/yr. $3.7M. 8.25% cap. 
  9. Retail Plaza in Bellmore, NY: 5600 SF retail plaza in affluent New York suburbs (AHI $132K/yr).  100% leased.  NOI $168K/yr. $2.1M. 8% cap.


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