Thursday, June 7, 2012

05-24: Burger King, Dollar General, KFC, Denny's, Office Building


  1. Burger King in Countryside, IL: 3526 SF Burger King fast food restaurant built in 2009 on 1+ ac outparcel to Country Plaza Center anchored by The Home Depot, Best Buy, PetSmart, Jo-Ann Fabrics and Office Depot. Along main retail corridor in high income Chicago metro. Tenant has been at this location for over 20 yrs. 20 yrs corp ground lease (you own the land and tenant owns the building). NOI $91K/yr. with 82% (yes, that’s correct) rent increase in 1st option. $1.407M. 6.50% cap. 
  2. Retail Center in Hollywood, FL: 15,197 SF recently renovated retail center on 2.27 ac lot in densely populated North Miami metro.  Close to Memorial Hospital Pembroke and Hwy-817. 100% NNN leased. NOI $162K/yr. $1.895M. 8.60% cap.  
  3. Dollar General in Dallas, TX: brand new 9026 SF retail building on 1+ ac lot next to Fwy-175. New 15 yrs NNN corp lease. NOI $96K/yr. with a rent increase in year 11. $1.331M. 7.25% cap.  
  4. KFC in Burbank, CA: 1504 SF free-standing restaurant built in 2000 near Burbank Airport in a densely populated area with almost 500K residents within 5 miles. New 15 yrs absolute NNN lease to 2nd largest franchisee with 237 locations. NOI $84K/yr. with 5% rent increases every 5 yrs. $1.3M. 6.47% cap. 
  5. Denny’s in Grand Prairie, TX: 5241 SF sit-down family restaurant built in 2005 on 1.33 ac lot with excellent visibly and next to I-20. At high income Fort Worth/Dallas suburbs. 20 yrs absolute NNN lease to strong franchise with 52 units and net worth of $11M. NOI $118K/yr with 10% rent increases every 5 yrs. $1.659M. 7.15% cap.  
  6. Retail Center in Massapequa, NY: 8500 SF 9-unit retail center on .25 ac lot in affluent (AHI $114K/yr) coastal city in New York metro. 100% leased. NOI $280K/yr. $3.5M. 8% cap.  
  7. Office Building in Cary, NC: 27,500 SF Class-A two-story office building with elevator constructed in 1999 on 2.40 ac lot anchored by Crescent State Bank in high income Raleigh suburbs. NOI $272K/yr. $3.4M. 8% cap. 
  8. Strip Center in Richland, WA: 14,222 SF strip center built in 2006 on 2+ ac lot close to Columbia Center Mall in affluent (AHI $104K/yr) neighborhood. Tenant include: Bonefish Bar & Grill, Red Wing Shoes, Papa John’s Pizza, American Family Insurance, Euphoria Salon/Spa, Entrees Made Easy and Wing Stop. 100% NNN leased. NOI $263K/yr. $3.65M. 7.22% cap.
© Transmercial 2012
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