Monday, March 18, 2013

03-04: KFC, Wendy's, IHOP, Wells Fargo, MOB, Petsmart


  1. Retail Center in Richardson, TX: 21,700 SF retail center with US Hwy 75 frontage in wealthy Dallas suburbs.  100% NNN leased to 2 tenants: 14,400 SF International Suit Wearhouse and 7,300 SF Liberty Dialysis (owned by Fresenius).  NOI $347K/yr. $4.21M. 8.25% cap. 
  2. KFC/Taco Bell in Bartlett, IL: dual-branded KFC/Taco Bell on ¾ ac outparcel to Home Deport in affluent Chicago suburbs (AHI $131K/yr in 1 mile).  Long term NNN corp ground lease (land is for sale).  NOI $87K/yr. with 2% annual rent bumps. $1.45M. 6% cap. 
  3. IHOP Restaurant in Albuquerque, NM: 4195 SF 24-hr IHOP restaurant on 1.2 ac lot within the 600,000 SF Cottonwood Corner Community Center anchored by Kohl's, Sam' s Club, Best Buy, Michaels, Office Max.  100% absolute NNN corp lease with 8 yrs left.  NOI $181K/yr with 1% annual rent bump. $2.264M. 8% cap. 
  4. Wendy’s in Tucker, GA: 2844 SF Wendy’s on ¾ ac high income Atlanta metro.  100% NNN lease with 12 yrs left to an operator with 58 units.  NOI $89K/yr with 1.5% annual rent bumps.  $1.1215M. 7.36% cap. 
  5. Office Building in Long Beach, CA: 35,701 SF 3-story single-tenant office building on 1.14 ac lot with easy access to I-405 in high income area (AHI $101K/yr in 1 mile).  100% leased to City of Long Beach till 2018 (Moody's Rated Aa2).  Tenant has been here for 16 yrs and has extended lease 4 times.  NOI $525K/yr. $6.775M. 7.75% cap. 
  6. MOB in Vero Beach, FL: 10,000 SF class-A medical office building consisting of 2 medical offices and 6500 SF Surgical Center.  Current sellers will sign NNN leases at closing with NOI of $231K/yr.  $2.887M. 8% cap. 
  7. Wells Fargo in Lithonia, GA: 5400 SF Wells Fargo bank (S&P AA- rating) built in 2007 on 1.88 ac lot with highway frontage.  20 yrs NNN ground lease (land is for sale) with 14+ yrs left.  NOI $110K/yr with 15% rent bumps every 5 yrs.  $2.21M. 5% cap. 
  8. Petsmart in Fredericksburg, VA: 20,140 SF single-tenant PetsMart in a Target anchored shopping center next to I-95 with 195,000 vehicles per day in high-growth , high income Washington DC suburbs.  100% NNN lease with 6 yrs left.  NOI $412K/yr. $5.504M. 7.5% cap.


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