02-22: Shopping Centers. Del Taco, Burger King, DC Sarnies Restaurant, Medical Buildings

1. Retail Center in Arlington, TX: 2-years old 11,012 SF high-quality construction retail center on 1.23 acres across from Fry’s Electronics and next to I-20 in middle-class (AHI $72K/yr) Dallas/Fort Worth metro. 100% NNN leased to 7 tenants. NOI $202K/yr. Price reduced from $2.635M to $2.375M. 8.5% cap. 
2. Shopping Center in Austin, TX: 10,014 SF strip mall built in 2005 on 1.74 ac lot in high income area (AHI $82K/yr in 1 mile).  100% NNN- leased to 6 tenants.  NOI $226K/yr. $2.78M. 8.15% cap. 
3. Retail Center in Windsor, CA: 14,210 SF multi-tenant retail center on an outparcel to Wal-Mart, Home Depot and Office Depot. High income & stable town just North of San Francisco.  100% leased. NOI $352K/yr. $4.55M. 7.75% cap.  
4. Professional Building in San Diego, CA: 9983 SF well-maintained professional building on .71 acre lot at a signalized corner location close to Alvarado Hospital and San Diego State University. 100% leased to seven tenants. NOI $106K/yr. $1.331M. 8% cap. 
5. Del Taco in Aurora, CO: 2491 SF drive-thru restaurant built in 2005 on .95 ac lot outparcel to Wal-Mart & Home Depot anchored center in Denver suburbs. Great demographics: AHI $108K/yr in 1 mile. Absolute NNN lease till 2025 to a strong operator. NOI $145K/yr with 5% rent bumps every 5-yrs. $1.717M. 8.5% cap. 
6. Burger King in Winter Haven, FL: 2618 SF recently constructed fast food restaurant on 1+ ac lot at a busy corner location and outparcel to The Shoppes at Miller’s Landing in Tampa suburbs. 10 yrs absolute NNN ground lease (land is for sale, in the unlikely event that tenant does not renew lease then building is reverted to landowner) with 6+ years left. NOI $85K/yr. with 10% rent bumps every 5 yrs. $1.37M. 6.5% cap. 
7. DC Sarnies Restaurant in Deerfield, IL: 6572 SF restaurant at busy retail corridor surrounded by several corp headquarters and close to I-94. In affluent (AHI $179K/yr in 1 mile) Chicago suburbs. 100% NNN lease. NOI $121K/yr. $1.425M. 8.5% cap. 
8. Medical Building in Edinburg, TX: 10,802 SF medical building constructed in 1998 in fast growing and high income (AHI $158K/yr in 1 mile) McAllen metro. Walking distance to Doctor's Hospital and Medical Tower at Renaissance. 100% leased to multiple tenants. NOI $145K/yr. $1.514M. 10.40% cap. 
9. Medical Building in Chesapeake, VA: 11,526 SF newly upgraded medical building on 1.72 acres adjacent to 717,000 SF Chesapeake Square Mall in Norfolk suburbs. 100% leased. NOI $177K/yr. $1.975M. 9% cap. 
10. Shopping Center in Peoria, AZ: 24,143 SF attractive shopping center next to Sprouts Market, 99¢ Only Store and Lowe’s in high income Phoenix suburbs.  89% leased. NOI $444K/yr. $5.775M. 7.70% cap.

© Transmercial 2012