04-12: Advance Auto, Panda Express, Steak N Shake, Rite Aid, Jiffy Lube

1. Advance Auto Parts (S&P BBB-) in Jenison, MI: 7000 SF Advance Auto Parts store built in 2005 on 1+ ac outparcel to Meijer supermarket at densely retail corridor and near I-196.  High income area. 100% NNN- lease till 2020. NOI $128K/yr with a 10% rent bump in 2015. $1.64M. 7.84% cap. Buyer to assume $1.046M loan at low 5.72% interest rate. 
2. Panda Express in Crestwood, IL: 2488 SF drive-thru restaurant built in 2007 on .76 ac lot next to Walgreen’s anchored center and Rivercrest Shopping Center in Chicago metro. 20 yrs absolute NNN corp ground lease (land is for sale, tenant owns the building) with 15 yrs left. NOI $76K/yr with 10% rent increases every 5 yrs. $1.274M. 6% cap. 
3. Steak ‘n Shake in Cincinnati, OH: 4544 SF dinner-style restaurant across from Tri-County Mall at main retail corridor. In fast growing and middle-class area. Tenant built new structure in 2004 and has occupied this location for 30+ yrs.100% NNN leased till 2016. NOI $54K/yr. $700K. 7.8% cap. 
4. Rite Aid in Belleville, MI: 12,500 SF Rite Aid on 1.40 ac lot at hard corner location 2 blocks from Ford Motor Company. Among top performing stores in MI. 100% absolute NNN lease with 13 yrs left. NOI $306K/yr with rent increases every 5 yrs. $3.602M. 8.50% cap.  
5. O’Reilly Auto & Dollar Tree in White Lake, MI: 21,600 SF two-tenant retail building on 2.37 ac lot at high income area. 100% NNN leased by 2 national tenants. NOI $159K/yr. $1.83M. 8.70% cap.  
6. Strip Mall in Norwalk, CA: 9946 SF strip center built in 1985 on .83 ac lot near I-5 in densely populated city in Los Angeles. Area with high barrier to entry. 100% NNN leased. NOI $165K/yr. $2.15M. 7.7% cap.  
7. Rite Aid in Royal Oak, MI: 11,520 SF pharmacy built in 1989 on .87 ac lot at a hard corner location. High volume location with low rent to sales ratio. 100% NNN- lease with 7 yrs left. NOI $152K/yr.  $1.6M. 9.50% cap. 
8. Office Building in Rocklin, CA: 12,266 SF single-tenant office building constructed in 2001 on 1+ ac lot in Sacramento suburbs. Strong demographics: high growth and high income. 100% NNN lease to Phoenix Childrens Academy Inc., a national tenant with operations in 14 states. NOI $281K/yr with 12% rent increases every 5 yrs including options. $2.741M. 10.26% cap.  
9. Retail Center in Mesa, AZ: 13,261 SF retail center built in 1999 on 1.78 ac lot across from Power Square. Close to Superstition Spring Center and Fwy-60. 86% NNN lease with only one vacancy. NOI $191K/yr. $2.46M. 7.79% cap. 
10. Jiffy Lube in Concord, CA: 4170 SF 3-service bay auto center completely renovated in 2009 on .36 ac lot. In high income (AHI $96K/yr in 3 miles) Concord/Pleasant Hill area. 100% absolute NNN lease to Jiffy Lube International with 8 yrs left. NOI $125K/yr with 2½% annual rent increases. $2.015M. 6.25% cap. 

© Transmercial 2012