Thursday, June 28, 2012

06-14: Walgreen's, Greulich's Automotive, Shoney's Restaurant, Office Building, Retail Centers


  1. Walgreens in Mount Prospect, IL: 15,120 SF Walgreens pharmacy built in 1999 on 2.2 ac lot at a hard corner location near Randhurst Shopping Center anchored by Costco, Sports Authority, Bed Bath & Beyond and more. In affluent (AHI $112K/yr) Chicago suburbs. 20 yrs NNN- corp lease with 7 yrs left. NOI $288K/yr. $4.115M. 7% cap.
  2. Greulich’s Automotive in Peoria, AZ: 4216 SF auto repair center built in 2003 on .63 ac lot off/on ramp Fwy-101. 100% absolute NNN lease with 7 yrs left to a regional tenant  with 15 stores in AZ. NOI $104K/yr. with 12% rent increases every 5 yrs. $1.351M. 7.75% cap.
  3. Shopping Center in Holly Springs, NC: 92,262 SF high quality constructed shopping center built in 2003 on 9+ acres of land in a fast growing and wealthy (AHI $90K/yr. within 1 mile) Raleigh suburbs. Anchored by 45,592 SF Lowe’s Foods Family Dollar store. 98% NNN leased with just 1 vacant unit. NOI $1.301M/yr. $16.75M. 7.77% cap.  
  4. Shoney’s in Franklin, TN: 5830 SF restaurant on 1.50 ac lot at main retail corridor in fast growing and prosperous (AHI $106K/yr. within 3 miles) Nashville suburbs. Near Williamson Medical Center and I-65. 20 yrs absolute NNN lease with 14 yrs left. NOI $148K/yr with 6% rent bumps every 4 yrs. $1.85M. 8% cap.
  5. Retail Center in Glendale, AZ: 22,280 SF retail center next to Fwy-101 in affluent (AHI $117K/yr.) Phoenix metro. Shadow anchored by Albertson’s and 92% NNN leased. NOI $425K/yr. $5M. 8.50% cap.
  6. Office Building in Tampa, FL: 73,000 Class-B office building on 7 ac lot at main corridor close to I-275. 82% leased to multiple tenants. NOI $730K/yr. $7.3M. 10% actual cap. Upside potential.
  7. Strip Center in Bothell, WA: 17,682 SF strip center on 1.15 ac lot in fast growing upper-middle Seattle suburbs. 93% leased to regional & national tenants. NOI $392K/yr. $4.4M. 8.92% cap.
  8. Retail Center in Arlington, TX: 17,673 SF retail center built in 2006 with good access to Hwy-360 and I-20 in well-off Dallas suburbs. Shadow-anchored by CVS 94% leased. $2.985M.

© Transmercial 2012
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