Tuesday, February 19, 2013

02-04: Rite Aid, Grocery Outlet, Burger King. Smokey Bones, Wendy's, Walgreen's



  1. Rite Aid in Dayton, OH: 10,752 SF Rite Aid pharmacy on .49 ac lot at a signalized corner location with four points of access. Close to Good Samaritan Hospital. 27 yrs absolute NNN corp lease with 11+ yrs left. NOI $184K/yr with a rent increase in 10/2019. $2.17M. 8.50% cap.
  2. Grocery Outlet in San Jose, CA: 24,000 SF grocery store renovated in 2012 on 1.48 ac lot at busy Santa Clara Street. Next to City Hall and near Hwy-87. New NNN long term lease. NOI $475K/yr. $7.603M. 6.25% cap.
  3. Smokey Bones in West Chester, OH: 7867 SF Smokey Bones restaurant (regional chain) built in 2004 on 2.48 ac lot in high income (AHI $110K/yr in 1 mile) Cincinnati suburbs.  Next to I-75. 100% absolute NNN lease with 14+ yrs left.  NOI $178K/yr with 1.75% annual rent increases.  $2.1M. 8.5% cap.
  4. Burger King in Naperville, IL: 2917 SF restaurant built in 1998 on .57 ac outparcel to a shopping center in affluent Chicago suburbs (AHI $171K/yr within 1 mile).  100% absolute NNN lease to 2nd largest franchisee with 16 yrs left.  NOI $104K/yr with 1% annual rent bumps starting 4/2015. $1.54M. 6.75% cap.
  5. Retail Center in Frisco, TX: 7165 SF beautiful retail center built in 2008 in fast growing and high income Dallas metro. 100% NNN leased to Coffee Bean, UPS, Natural Smiles Dentistry and Deluxe Nails. NOI $162K/yr. $2.17M. 7.50% cap.
  6. Retail Center in Whittier, CA: 18,556 SF attractive retail center on 1.40 ac lot in densely-populated city in Los Angeles. At major retail corridor. 88% leased. NOI $173K/yr. $2.595M. 6.70% cap.
  7. Wendy’s in Buffalo Groove, IL: 4089 SF Wendy’s restaurant on 1.27 ac lot at major retail corridor in affluent (AHI $104K/yr in 1 mile) Chicago metro.  Tenant has been at this location since 1990. 100% NNN ground lease with 2 yrs left (land is for sale, should tenant not renew the lease, the building will revert to landlord). NOI $69K/yr. $910K. 7.64% cap.
  8. Walgreen’s in Schererville, IN: 14,440 SF Walgreen’s pharmacy on 1.73 ac lot at a signalized corner location of Hwy-41.  In growing (40.60% pop growth since 2000) and high income (AHI $105K/yr) Chicago suburbs. 100% NNN lease with 10+ yrs left. NOI $375K/yr. $5.172M. 7.25% cap.
  9. Shopping Center in Oswego, IL: 36,000 SF well maintained shopping center on 4.65 ac lot at a signalized location in high income Chicago metro. Huge monument signage. Close to Power Centers anchored by Target & Meijer grocery. 97% leased. NOI $357K/yr. $4.2M. 8.50% cap.

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