07-12: Walgreen's, Wendy's, Pizza Hut, Pep Boys, 24 Hour Fitness

1. Walgreens in Baytown, TX: 13.905 SF Walgreens built in 1999 on 1.50 ac lot off of Fwy-201 in Houston suburbs. Close to Baytown Medical Center, Jacinto Medical Group, Baytown Urgent Care and San Jacinto Methodist Hospital. 20 yrs NNN- lease with 8 yrs left. NOI $259K/yr. $3.463M. 7.50% cap.
2. Wendy’s in Maumee, OH: 2,841 SF Wendy’s restaurant built in 1993 at a signalized corner location and next to I-475 exit and near I-80. In growing upper middle-class (AHI $80K/yr) Toledo suburbs. 100% NNN lease with 13+ yrs left to a strong operator with 329 units in 20 states. NOI $114K/yr. $1.524M. 7.25% cap.
3. Walgreens in Glen Burnie, MD: 13,650 SF Walgreens pharmacy built in 2004 on 2+ ac lot in high income Baltimore suburbs. Across Marley Station Mall anchored by Macy’s, JCPenney and Sears. 25 yrs absolute NNN lease with 17 yrs left. NOI $395K/yr. $6.3M. 6.27% cap. 
4. Pizza Hut in Burlington, NC: 1,459 SF delivery/carry–out Pizza Hut in densely retail corridor near Lowe’s, Sears, Harris Teeter, TJMaxx and Office Depot. 10 yrs absolute NNN lease to strong operator with 21 units.  NOI $58K/yr with 5% rent increases every 5 yrs. $727K. 8% cap.
5. Pep Boys Auto in Acworth, GA: brand new 14,380 SF auto parts and service center on 1.64 ac outparcel to Wal-Mart Supercenter in fast growing and high income Atlanta metro. 15 yrs NNN- lease. NOI $257K/yr with 8% rent bumps every 5 yrs. $3.526M. 7.30% cap.
6. Office Building in Elgin, IL: 20,000 SF well maintained office building on 1.62 ac lot next to Provena St Joseph Hospital in Chicago suburbs. 85% leased. $1.795M. NOI/Cap not provided.
7. Retail Center in Fremont, CA: 14,818 SF retail center built in 2001 on 1.32 ac lot in affluent San Jose suburbs (AHI $110K/yr in 1 mile). Across from The Home Depot. Close to Tesla Factory and easy access to I-880 and I-680. 92% NNN leased to national/local tenants. NOI $472K/yr. $7.25M. 6.52% cap.
8. 24 Hour Fitness in Pearland, TX: 39,700 SF recently expanded fitness center on 4 ac lot at main retail corridor in fast growing (122.45% from 2000-2011) and affluent (AHI $140K/yr) Houston suburbs. Near Pearland Town Center and Fwy-288. New 20 yr NNN lease. NOI $942K/yr with 10% rent increases every 5 yrs. $11.095M. 8.50% cap.

© Transmercial 2012