06-27: Walgreens, Fresenius, Wendy's, Pep Boys Auto, Lowe's, Family Dollar, MOB's

1. Walgreens in Springfield, IL: 15,120 SF Walgreens on 1.85 ac lot along busy Pkwy  near I-72 in growing and upper middle class area (AHI $75K/yr).  At a pad site in front of Walmart and Target. 20 yrs NNN- corp lease with 7+ yrs left. NOI $418K/yr. 5.225M. 8% cap.
2. Fresenius in Waco, TX: 13,300 SF dialysis center built in 2004. 15 yrs NNN- corp lease with 7+ yrs left. NOI $158K/yr. with very low rent of less than $12/SF.  $1.918M. 8.25% cap.
3. Wendy’s in Houston, TX: 2854 SF fast food restaurant on .75 ac lot next to US-290 with traffic count of over 200K vehicles per day in densely populated area. Remodeled in 2011: full interior and restrooms at the expense of the tenants of $155K. Tenant has been at this location since 1985.  100% absolute NNN lease with 17+ yrs left to an operator with 72 units. NOI $82K/yr with rent increases. $1.181M. 7% cap.
4. Pep Boys Auto in Houston, TX: 6966 SF auto parts and service center on .69 ac lot across from Kroger and close to Hwy-290. 100% NNN lease with 9 yrs left. NOI $99K/yr. Price reduced to $1.333M. 7.50% cap.
5. Lowe’s in Grand Rapids, MI: 135,195 SF big box retail building on 14+ acres of land next to Big Kmart along major corridor and near I-96 in high income area in a stable city. 20 yrs absolute NNN ground lease till 2022. NOI $659K/yr with 10% increases every 5 yrs. $9.425M. 7% cap.
6. Retail Building in Sartell, MN: 14,000 SF retail building constructed in 2005 on 1.91 ac lot in fast growing St Cloud suburbs. 100% NNN corp leased to O’Reilly and Family Dollar. NOI $124K/yr. $1.274M. 9.75% cap.
7. Bank-owned MOB in San Leandro, CA: 29,963 SF Class-B three story medical office building next to San Leandro Hospital and San Leandro Senior Medical Center in Silicon Valley. 85% leased. NOI $315K/yr. $4.75M. 6.64% actual cap. Upside potential when fully leased.
8. Family Dollar in Savannah, GA: 9695 SF retail building constructed in 2008 on .88 ac lot close to I-16. 100% leased till 2018. NOI $111K/yr. $1.311M. 8.50% cap.
9. MOB in Englewood, OH: 11,512 SF Class-B medical building constructed in 2007 close to I-70 in Dayton suburbs. 100%NNN leased to 3 medical tenants. NOI $175K/yr. $2.187M. 8.02% cap.
10. Strip Center in Crest Hill, IL: 9900 SF strip center built in 2010 on 1.1 ac lot in Chicago suburbs. Neighboring big-box include: Target, Kohl’s, Wal-Mart, Menards and more. 100% leased. NOI $180K/yr. $1.895M. 9.50% cap.

© Transmercial 2012.