Wednesday, December 12, 2012

11-28: Lowe's, Denny's, EZ Pawn, Quik Stop Market & Gas Station, MOB's



  1. Lowes’s in West Sacramento, CA: 170,393 SF big box retail building on 11+ acres of land at busy (34,938 VPD) corridor and in high income (AHI $75K/yr in 1 mile) area. Close to Target and Nugget Market anchored center. 20 yrs absolute NNN corp ground lease (land is for sale) with 15½ yrs left. NOI $495K/yr. $9.445M with a 20% rent bump in 1st option. 5.25% cap. 
  2. Denny’s in Michigan City, IL: 5400 SF Denny’s restaurant on 1.36 ac outparcel to new Walmart Supercenter and next to Menards, Lowe’s and Meijer 1 hr 15 min from Chicago metro. Close to Marquette Mall and I-94 on/off ramp. 100% absolute NNN lease with 7 yrs left. 99K/yr with 5% rent increases every 5 yrs. $1.195M. 8.35% cap.
  3. EZ Pawn in Griffith, IN: 7980 SF retail building on 1.20 ac lot at main thoroughfare in Chicago metro. Next to Kmart center. New 5 yrs absolute NNN corp lease to a credit tenant with 1100 locations. NOI $70K/yr. $933K. 7.50% cap.
  4. Retail Center in Los Angeles, CA: 6370 SF eight units mature retail center on .15 ac corner lot in densely populated area. Area with high barrier to entry. 75% leased to stable tenants. NOI $81K/yr. $1.1M. 7.40% cap. Upside potential.
  5. Shopping Center in Lacey, WA: 23,145 SF well maintained shopping center on 2.28 ac lot a signalized corner location in growing & middle class Olympia metro. 100% NNN leased. NOI $405K/yr. $5.35M. 7.57% cap.
  6. MOB’s in Columbus, OH: 32,558 SF Class B three medical office buildings with monument sign along main road. Close to Mt Carmel East Hospital and I-270. 93% NNN leased to Nationwide Children’s Hospital, Ohio INT, LabCorp, Central Ohio Primary Care, Columbus Institute of Plastic Surgery and Pediatric Dentist. Proforma NOI $528K/yr. $6.221M. 8.50% proforma cap.
  7. Quik Stop Market & Gas Station in San Jose, CA: 2100 SF Quik Stop & gas station on .39 ac corner lot  in high income residential area. Tenant has been at this location since 1976. 100% NNN lease with 3 yrs left. NOI $48K/yr. with 12.5% rent bump in the next 5 yrs option.  $800K. 6% cap.
  8. Retail Center in Tucson, AZ: 5572 SF retail center on .62 ac lot in fast growing (110% pop growth since 2000) and high income (AHI $90K/yr in 1 mile) area. 100% leased to 3 tenants. NOI $107K/yr. $1.195M. 9% cap.
  9. Office Building in Bettendorf, IA: 39,899 SF Class A office building on nearly 4 ac lot in high income area. Close to I-74. 92% NNN lease to Genesis Health Systems with 7 yrs left. NOI $542K/yr. $6.1M. 8.90% cap.

© Transmercial 2012
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