06-05: Bank of the West, KeyBank, Krystal Burgers, Popeye's, La Petite Academy, MOB's

1. Bank of the West in Broomfield, CO: 3507 SF bank building completed in 2003 on 1.26 ac lot on a major commercial corridor in upper middle-class Denver suburbs (AHI $90K/yr in 1 mile).  Adjacent to 229,000 SF power center.  25 yrs NNN ground lease with 16 yrs left to BOW (S&P A).  NOI $106K/yr with 12% rent bumps every 5 yrs. $1.938M. 5.5% cap.
2. Keybank (S&P A-) in Indianapolis, IN: 2760 SF bank built in 2005 on .54 ac lot in growing and well-off (AHI $98K/yr in 1 mile) neighborhood. 15 yrs absolute NNN corp ground lease with 7+ yrs left. NOI $120K/yr. with 10% rent increases every 5 yrs in options. $1.77M. 6.84% cap.
3. MOB in Riverdale, GA: 12,256 SF well-maintained multi-tenant medical building on 1.72 ac lot near Southern Regional Medical Center and I-75 in Atlanta metro. 100% NNN leased to three tenants: DaVita, Southside Medical Center and Hearing Doctors of Georgia. NOI $178K/yr.  $1.883M. 9.5% cap.
4. Krystal Burgers in Jonesboro, GA: 2249 SF drive-thru fast food restaurant built in 2008 on .80 ac outparcel to Lovejoy Village: 84,711 SF center anchored by Kroger Supermarket along a major corridor in Atlanta suburbs. 100% absolute NNN lease with 17+ yrs left to Krystal Burgers, a 24/7 restaurant chain with 420 units in 11 states. NOI $67K/yr. with annual rent increases. $899K. 7.50% cap.
5. Retail Center in Pflugerville, TX: 8066 SF retail center built in 2011 on .80 ac lot across from Wal-Mart Supercenter in affluent Austin metro. Tenants include: Pacific Dental, AT&T and Cottonwood Financial. 81% NNN leased. NOI $207K/yr. $2.6M. 8% cap.
6. Retail Building in Sicklerville, NJ: 9908 SF newly constructed retail building on nearly 2 ac lot in affluent Philadelphia suburbs. 100% NNN leased to Buffalo Wild Wings and Cross Keys Urgent Care. NOI $267K/yr. $3.825M. 7% cap.
7. Popeye’s in Woodland, CA: 2565 SF Popeye’s Restaurant built in 2006 on .34 ac lot in Northwest Sacramento and close to I-5. Located at main entrance to the Woodland Harvest Square Center anchored by Wal-Mart, The Home Depot and Staples. New 15 yrs absolute NNN lease to a strong franchisee with 38 units. NOI $90K/yr. with 8% rent increases every 5 yrs. $1.5M. 6% cap.
8. La Petite Academy in Rialto, CA: 6635 SF day care center built in 1988 on 1+ ac lot in fast growing San Bernardino County. Tenant has been at this location since 1990.  Tenant recently extended their 1^st 5 yr option. 100% absolute NNN corp lease. NOI $62K/yr. with annual CPI rent bumps.  $776K. 8% cap.
9. MOB in Houston, TX: 33,148 SF three-story single-tenant medical office building renovated in 2010 on 1.70 ac lot close to Hwy-59. 100% leased. NOI $329K/yr. $4.714M. 7% cap.

© Transmercial 2012