01-04: Shopping Centers, Walgreens, Rite Aid, Starbucks, Tire Works

1. Shopping Center in Forney, TX: 4350 SF strip mall built in 2007 on 1.1 ac lot across from Wal-mart and Walgreens in Dallas suburbs.  100% NNN leased to 2 national tenants: Starbucks, GameStop and Cash Store. NOI $146K/yr. $1.46M. 10% cap.
2.  Bank-owned Shopping Center in Raleigh, NC: 50,200 SF 3-building center on 17.68 acres lot near Dick' s Sporting Goods, Kohl' s, Target, Barnes & Noble, BJ' s Warehouse, Staples, Wal-mart Super Center, Ross, HH Gregg, Marshalls, and Petco.  Excellent demographics: high income (AHI $85K/yr) and fast growing (143% since 2000).  Entire 30,000 SF building is leased to Best Buy.  60% leased.  Pro forma NOI $868K/yr. $5.79M. 30% below as-is appraised value.  15% pro forma cap. 
3. Walgreens in Austin, TX: 14,490 SF Walgreens built in 2001 on 1.94 ac corner lot in high income area (AHI $91K/yr).  100% NNN lease with 10+ yrs left.  NOI $357K/yr. $5.288M. 6.75% cap. 
4. Starbucks in Sacramento, CA: 2658 SF Starbucks on .76 ac outparcel to 136,000 SF shopping center anchored by Save Mart supermarket and Rite Aid. 100% NNN- leased till 2020.  NOI $92K/yr. $1.25M. 7.4% cap.  
5. Rite Aid in Reading, MA: 13,611 SF drug store built in 1997 on 1.5 ac lot in affluent Boston suburbs (AHI $122K/yr in 1 mile).  100% NNN leased till 2028.  NOI $301K/yr with 10% rent bump every 10 yrs.  $3.469M. 8.7% cap.  
6. Tire Works Car Care Center in Las Vegas, NV: 7600 SF Car care center built in 2003 on .88 ac lot in fast growing and high income area.  Renovated in 2010.  20 yrs NNN corp lease.  NOI $108K/yr with 10% rent bump every 5 yrs.  $1.5M. 7.2% cap. 
7. Walgreens in Powder Springs, GA: 15,120 SF Walgreens at a hard corner in front of Home Depot in high income Atlanta suburbs.  20 yrs NNN- lease with 9+ yrs left.  NOI $317K/yr. $4.375M. 7.25% cap. 
8. Strip Center in Antioch, CA: 7008 SF retail center built in 1998 on .48 ac outparcel to Safeway & Rite Aid anchored shopping center.  Easy access to hwy 4 in Northern CA.  100% NNN leased to 2 national tenants: Chase Bank (over 80% space) and Jamba Juice.  NOI $290K/yr.  $4.5M. 6.5% cap.
9. Retail Center in Antioch, CA: 8212 SF retail center on an outparcel to a anchored shopping center and across from County East Mall.  100% NNN leased to Bank of the West and Mountain Mike’s Pizza (chain with 150+ locations).  NOI $268K/yr. $3.575M. 7.5% cap. 
10. Shopping center in Windsor, CA: 14,212 SF shopping center built in 2002 on 1.41 ac outparcel to a shopping center anchored by Wal-mart, Home Depot and Office Depot next to Hwy 101 exit.  High income & stable town just North of San Francisco.  100% NNN leased to 6 tenants.  NOI $416K/yr. $4.45M. 7.75% cap.

(c) Transmercial 2012.