05-10: Fresenius, Walgreens, Rite Aid, MOB, Health Club

·         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.  Strip Center in Newman, GA: 12,600 SF strip center built in 2000 on 2 acres lot in high growth, high income Atlanta metro. All units face Hwy-34. 100% NNN lease to three national tenants: Advance Auto, Snap Fitness, and Sherwin Williams Paint.  NOI $167K/yr. $1.939M. 8.62% cap.
2.  Fresenius Dialysis Center in Baytown, TX: 7194 SF brand new dialysis center on over 1 ac lot across from San Jacinto Regional Mall and near San Jacinto Methodist Hospital.  High income area (AHI $91K/yr in 1 mile) in Houston suburbs. 12 yrs NNN- corp lease. NOI $126K/yr with 12% rent bump in yr 7. $1.742M. 7.25% cap.  (Note: no flyer) 
3. Walgreens in Jacksonville, FL: 13,908 SF double drive-thru pharmacy on 2+ ac lot at a hard corner location and near I-295. 100% NNN lease with 7 yrs left. NOI $268K/yr. $3.458M. 7.75% cap.  
4. Office Building in La Habra, CA: 30,288 SF two-story Class-B office building on a major artery, high income (AHI $94K/yr in 3-miles) and densely populated city in Orange county. NOI $268K/yr. $3.35M. 8% cap.  
5. Medical Center & Heath Club in Oak Lawn, IL: 33,936 SF newly constructed medical and health center on 2+ acres lot in Chicago metro. 100% NNN leased to 3 tenants: Advocate Home Health Care, VA Outpatient Clinic and LA Fitness. NOI $800K/yr. $10M. 8% cap.  
6. Rite Aid in Virginia Beach, VA: 12,784 SF drug store on 3.25 acres lot near I-64. 100% NNN lease with 13 yrs remaining. Recent “Wellness Store” remodel.  NOI $315K/yr. $3.715M. 8.50% cap.  Store with strong sales of $7.3M  
7. Retail Building in Chicago, IL: 9053 SF well-maintained retail building on .93 ac lot on a major artery and close to Metro-West Pullman Station. 100% NNN leased to JPMorgan Chase and Community Assistance Program. NOI $126K/yr. $1.39M. 9% cap.  
8. Fresenius Dialysis Center in Round Lake, IL: 6500 SF single-tenant dialysis center on .44 ac lot at a busy corridor. In growing and upper-middle class Chicago metro. 100% NNN- corp lease with 11 yrs left. High barrier of entry as IL is a certificate of need (CON) state. NOI $115K/yr. $1.544M. 7.5% cap.  
9. Retail Center in Southaven, MS: 18,200 SF high quality newly constructed retail center on 2.44 ac lot close to I-55/69 in Memphis suburbs. 94% leased. NOI $276K/yr. $3M. 9.20% cap. 
10. Strip Center in Manassas, VA: 7830 SF well-located strip center on .91 ac lot in affluent (AHI $101K/yr) Washington DC suburbs. 77% leased to 4 tenants. Current NOI $89K/yr. $1.1M. 8.11% cap.  Upside potential when fully leased.

© Transmercial 2012.