12-07: Rite Aid, Fresenius, KFC & Taco Bell, Popeye's Chicken & Biscuits

1. Rite Aid in High Point, NC: 13,824 SF double drive-thru Rite Aid Pharmacy built in 2002 at prime retail location in fast growing city Southwest of Greensboro. 100% absolute NNN corp lease with 10 yrs left. NOI $263K/yr. $2.728M. 9.65% cap.
2. Retail Center in Santa Ana, CA: 5651 SF well kept L-shaped retail center built in 2005 on .29 ac lot at a hard corner location. In densely populated area with over 500,000 residents within 5 mile radius. 100% leased to Pizza Hut, Gamestop and Mother’s Nutrition. NOI $157K/yr. $2.305M. 6.82% cap.
3. AT&T Retail Building in Middletown, OH: 3200 SF built-to-suit retail building constructed in 2010 outparcel to a newly constructed Super Wal-Mart. Close to Towne Mall, Lowe’s, Target, Kohl’s, Kroger and I-75.  In growing city between Cincinnati and Dayton. 10 yrs NNN corp lease with 8 yrs left. NOI $85K/yr. $1.134M, 7.50% cap.
4. Retail Building in Fountain Valley, CA: 4804 SF three unit strip center on .52 ac lot in high income city in Orange County (AHI $89K/yr in 1 mile).  Anchored by 7-eleven with a new 10 yrs NNN lease.  100% leased.  NOI $120K/yr. $1.7M 7% cap.
5. Retail Center in Crete, IL: 10,200 SF retail center in affluent (AHI $113K/yr) Chicago suburbs. 100% NNN leased to stable tenants. NOI $130K/yr. $1.415M. 9.25% cap.
6. Strip Center in Ridgecrest, CA: 6500 SF attractive strip center built in 2007 on .93 ac outparcel to Walmart, Albertsons and Staples. In growing and upper middle-class Kern County. 80% NNN leased to Subway, AT&T, GameStop and Check ‘n Go. NOI $149K/yr. $2.067M. 7.25% cap.
7. Fresenius in Wheatfield, NY: 7500 SF Class A medical office building constructed in 2011 on 2+ ac lot in high income (AHI $84K/yr) Amherst/Buffalo suburbs. 100% NNN lease to Fresenius. NOI $151K/yr with annual CPI rent increases. $2.158M. 7% cap.
8. KFC & Taco Bell in Tampa, FL: 3405 SF drive-thru dual-branded fast food restaurant at a hard corner location close to St. Joseph’s Children’s Hospital of Tampa and Tampa Buccaneers Stadium. Brand new 20 yrs absolute NNN lease to a strong operator with 171 units. NOI $117K/yr with 10% rent increases every 5 yrs. $1.808M. 6.50% cap.
9. Popeye’s Chicken & Biscuits in Decatur, IL: 3213 SF restaurant built in 2006 on .61 ac lot at main retail corridor. Adjacent to Brettwood Village Shopping Center and close to Decatur Memorial Hospital.  New 20 yrs absolute NNN lease to an experienced franchisee. This is a sale & leaseback investment. NOI $96K/yr with 1% annual rent bumps. $1.28M. 7.50% cap.
10. Strip Center in Federal Way, WA: 6592 SF well kept strip center in high income Seattle metro. 83% leased to five tenants with only one vacant unit. Proforma NOI $121K/yr. $1.195M. 10% proforma cap.

© Transmercial 2012