Friday, September 7, 2012

08-24: Shopping centers, MOB, Kindercare, Pier 1, Advance Auto



  1. Shopping Center in Friendswood, TX: 14,818 SF shopping center built in 2001 on 4.13 ac lot in upper middle class Houston suburbs.  Shadow anchored by Kroger Signature grocery store. 100% NNN leased to 9 tenants include a free-standing Wendy’s on ground lease (tenant owns the building).  NOI $326K/yr. Price reduced to $4.085M. 8% cap.  
  2. MOB in Scotts Valley, CA: 7433 SF single-tenant class A medical office building completed in 2001 on .73 ac lot in affluent Silicon Valley suburbs (AHI $125K/yr).  30 yrs NNN corp lease to Sutter Health (Fitch rated AA, $9B in revenue).  NOI $248K/yr with 3.5% annual rent bumps. $3.649M. 6.82% cap.  
  3. Kindercare Learning center in Gahanna, OH: 9903 SF childcare center built in 1998 on 2.13 ac lot in affluent Northeast Columbus. 100% absolute NNN lease to KinderCare, a national childcare provider.  NOI $160K/yr with rent bump in 6/2013. $2.05M. 7.84% cap.  
  4. Strip mall in Norco, CA: 9000 SF strip mall on 2/3 ac lot at a hard corner at the I-15 off ramp.  100% NNN leased.  NOI $238K/yr. $3.525M. 6.75% cap.  
  5. Shopping Center in Missouri City, TX: 26,162 SF upscale shopping center built in 2007 on 2.29 ac lot with Hwy 6 frontage in well-off Houston suburbs (AHI $109K/yr).  87% NNN leased with 1 avail unit.  Proforma NOI $607K/yr. $5.75M. 9.29% cap.  
  6. Pier 1 Import in Toledo, OH: 9860 SF single-tenant retail center in commercial retail corridor near Westfield Franklin Park Mall.  High income area.  Tenant has been here over 40 yrs.  100% NNN lease with 5 yrs left.  NOI $152K/yr. $1.748M. 8.75% cap.  
  7. Retail Center in Spotswood, NJ: 22,500 SF 9-unit retail center on 4 ac lot in wealthy NY suburbs (AHI $107K/yr).  70% leased.  NOI $280K/yr. $3.5M. 8% cap.  
  8. Advance Auto Parts in Austin, TX: 7000 SF AAP on 1.34 ac lot in fat growing and high income area (AHI $90K/yr).  15 yrs NNN corp lease with 8 yrs left.  NOI $140K/yr. $1.866M. 7.5% cap.  
  9. Advance Auto Parts in Des Moines, IA: 7000 SF AAP on 1.44 ac lot in high income area (AHI $99K/yr).  15 yrs NNN corp lease with 9 yrs left.  NOI $117K/yr. $1.615M. 7.25% cap.


© Transmercial 2012
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