Thursday, August 16, 2012

08-02: DaVita, Pep Boys Auto, Hooters, Fresh & Easy, MOB


  1. DaVita in Apopka, FL: 8586 SF B dialysis center built in 2006 on 1.17 ac lot in Orlando suburbs. 15 yrs NNN- lease with 9 yrs left. NOI $245K/yr with CPI increases every 3 yrs. Price reduced from $3.146M to $2.9M. 8.46% cap.
  2. Pep Boys Auto in Houston, TX: 6966 SF auto parts and service center built in 1999 on .69 ac lot across from Kroger Supermarket and close to Hwy-290. 100% NNN corp lease with 9 yrs left. NOI $99K/yr. $1.333M. 7.50% cap.
  3. Chili’s in Hendersonville, TN: 5874 SF Chili’s restaurant built in 2006 on 1.75 ac outparcel to Home Depot in growing and affluent (AHI $120K/yr) Nashville suburbs. Adjacent to Wal-Mart supercenter. 100% absolute NNN ground lease with 4 yrs left. NOI $104K/yr. $1.576M. 6.66% cap. Store with strong $1.9M in sales.
  4. Retail Center in Lawrenceville, GA: 20,850 SF newly constructed retail center on 2+ ac lot along Hwy-20 in fast growing and high income Atlanta metro. All units are facing hwy-20. NOI $239K/yr. $3.085M. 7.75% cap.
  5. Hooters in Florissant, MO: 5048 SF Hooters restaurant built in 2007 on 1½ ac lot on Hwy-67 in St Louis suburbs. Across from The Shoppes at Cross Keys: a 335,000 SF Power Center anchored by Home Depot, Schnuck’s Auto Parts, Barnes & Noble and Marshalls.  20 yrs absolute NNN corp lease with 15 yrs left. NOI $175K/yr with 10% rent increases every 5 yrs. $2.51M. 7% cap.
  6. Strip Center in Saint Petersburg, FL: 10,792 SF strip center built in 2005. 100% NNN leased to national tenants including Chase and Chipotle Mexican Grill. 7.25% cap. Price/NOI not disclosed.
  7. Retail Center in Fremont, CA: 14,818 SF retail center built in 2001 on 1.31 ac lot in affluent Silicon Valley suburbs (AHI $110K/yr in 1 mile). Across from The Home Depot and next to REI. Easy access to I-880 and I-680. 100% leased to 10 national/local tenants including Starbucks, Tech Fed Credit Union, and Supercuts. NOI $475K/yr. $7.25M. 6.56% cap.
  8. Retail Building in Bakersfield, CA: 6720 SF well maintained retail building on .39 ac outparcel to Lowe’s and Foods Co at a hard corner location. 100% NNN leased to O’Reilly Auto Parts and Liquor store. NOI $94K/yr. $1.375M. 6.90% cap.
  9. Fresh & Easy in Yucaipa, CA: 13,969 SF Fresh & Easy market built in 2008 on 1.54 ac lot at a busy intersection in a fast growing and prosperous (AHI $95K/yr within 1 mile radius) San Bernardino suburb. 20 yrs NNN corp lease with 16 yrs left. NOI $170K/yr with 10% rent bumps every 5 yrs. $2.84M. 6% cap.
  10. MOB in Bartlett, TN: 30,583 SF Class-A medical building constructed in 2004 in high income Memphis suburbs. Across from St Francis Hospital & close to Wolfchase Galleria and I-40.  100% NNN leased to multiple tenants. NOI $480K/yr. $6.2M. 7.75% cap.
© Transmercial 2012
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