05-03: Rite Aid, Tutor Time, Captain D's, shopping centers

·         AHI: Avg. Household Income.  National average is about $50+K/yr.

·         NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.

·         NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.

·         NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1.  Rite Aid in La Vergne, TN: 14,564 SF double-drive thru Rite Aid built in 2009 on 1.62 ac lot at a hard corner location in Nashville fast growing suburbs. 20+% annual sales growth. 100% absolute NNN corp lease with 17 yrs left. NOI $461K/yr with 10% rent bump every 10 yrs.  $5.125M. 9% cap. 
2. Shopping Center in Delaware, OH: 33,625 SF shopping center built in 2001 in Columbus metro. Shadow-anchored by an 81,052 SF Kroger grocery. Excellent tenant mix: Blockbuster, Hallmark, Radio Shack, Great Clips, GNC, Cleaners, Nails Salon, L.A. Tan, The Jug Grill & Patio, Manpower Staffing and Shanghai Restaurant. In growing (93% growth since 2000) and middle-class area. 100% NNN lease. NOI $397K/yr. $4.865M. 8.70% cap.  
3. Neighborhood Center in Waterbury, CT: 146,930 SF community center on 16.63  acres lot at a high traffic location. Anchored by Big Lots, Savers, Harbor Freight and Dollar Tree. Close to Brass Mill Center and I-84. 80% leased. NOI $1.095M/yr. $13.199M. 8.30% cap. Upside potential. 
4. Shopping Center in Vista, CA: 37,803 SF newly constructed shopping center at a signalized intersection in San Diego suburb. Tenants include: Wells Fargo, Jack in the Box, Taco Bell and Postal Annex. NOI $1.072M/yr. $13.995M. 7.66% cap. 
5. Tutor Time in Gilbert, AZ: 10,200 SF childcare center built in 2000 in growing and well-off (AHI $95K/yr) Phoenix suburbs. 100% NNN lease with 9 yrs left to Tutor Time, a national childcare provider. NOI $216K/yr with annual CPI increases. $2.4M. 9% cap. 
6. Captain D’s in Fairview Heights, IL: 2574 SF restaurant built in 2002 on .92 ac lot in upper middle-class St. Louis suburbs. Close to St Clair Square and I-64. 20 yrs absolute NNN corp lease with 10 yrs left. NOI $70K/yr. $826K. 8.50% cap.  
7. Shopping Center in Irving, TX: 27,498 SF attractive shopping center built in 2007 on 3.87 ac lot next to I-635 in Dallas metro. Excellent demographics: AHI $213K/yr in 1 mile. 77% NNN leased. NOI $467K/yr. $4.995M. 9.36% cap.  
8. Strip Center in Saint Petersburg, FL: 6460 SF strip center built in 2006 on 1 ac lot close to Wal-Mart and I-275 in high income area. 100% NNN leased to three tenants, all with 10 yrs leases: IHOP, Subway, and Brewburgers. NOI $160K/yr. $2M. 8% cap.  
9. Shopping Center in Middleton, WI: 43,570 SF well-maintained shopping center in affluent Madison suburbs (capital of WI). Excellent tenant mix: Ace Hardware, Dollar Tree, Weaver Auto Parts, H&R Block, Edward Jones and Subway. NOI $329K/yr. $3.295M. 10% cap.

© Transmercial 2012