- Applebee’s in Grandville, MI: 5125 SF Applebee’s Restaurant on 1.72 ac lot in growing upper middle class Grand Rapids suburbs. Along restaurant row and across from Rivertown Crossings Mall. 20 yrs absolute NNN lease to national tenant with 15 yrs left. Strong store sales. NOI $238K/yr with a 2% rent increase in 2013 and 10% every 5 yrs thereafter. $3.18M. 7.50% cap.
- CARQUEST Auto Parts in Prospect Heights, IL: 6552 SF auto center constructed in 2007 on .82 ac lot in affluent (AHI $111K/yr in 1 mile) Chicago metro. Across from Target and 343,600 SF Town and Country Mall, anchored by Best Buy, Dick’s Sporting Goods, Marshall’s and Joann Fabrics. 100% NNN lease with a recently extended 5 yrs lease. NOI $203K/yr. $1.331M. 7.75% cap.
- Neighborhood Center in Fresno, CA: 50,000 SF well maintained neighborhood center on 4+ ac lot at a hard corner location in high income area with an AHI of $92K/yr in 1 mile. Just min from upscale Fig Garden Village Shopping Center and near Hwy-41. NOI $557K/yr. Price reduced to $7.055M. 7.90% cap.
- Power Center in Louisville, KY: 206,979 SF regional power center renovated in 2000 on 13.69 acres of land along Hwy-60/31W. Anchored by Target, Dollar Tree and CATO & next to Burlington Coat Factory and Big Lots. 96% leased. NOI $783K/yr. $8.7M. 7.80% cap.
- Strip Center in Albuquerque, NM: 6650 SF strip center on .64 ac outparcel to Albertsons grocery in wealthy (AHI $133K/yr) neighborhood. 100% NNN leased. NOI $186K/yr. $2.334M. 8% cap.
- Retail Center in Miami Gardens, FL: 8480 SF newly constructed retail center on 1.58 ac outparcel to Target in Miami metro. Across from Walgreen’s and near Walmart and Lowe’s. 85% NNN leased. NOI $357K/yr. $3.765M. 9.50% cap.
- MOB in Merced, CA: 21,603 SF newly remodeled medical & professional business plaza on 1.20 ac lot. 97% leased. NOI $216K/yr. $2.8M. 7.74% cap.
© Transmercial 2012
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