Thursday, April 25, 2013

04-10: CVS Pharmacy, Hooters, Dick's Sporting Goods, IHOP, GSA, Goodwill



  1. Neighborhood Center in Round Rock, TX: 33,659 SF neighborhood center consisting of four building completed in 2007/2011 on 7+ ac lot in fast growing Austin suburbs. Credit tenants include: Pizza Hut, Church’s Chicken, Dunkin’ Donuts, Subway and 5,059 SF freestanding Medspring Urgent Care.  100% NNN leased. NOI $693K/yr. $9.451M. 7.75% cap.
  2. CVS in Jacksonville Beach, FL: 10,586 SF 24-hr pharmacy built in 1999 on 1.31 ac lot at a hard corner location and in high income Jacksonville suburbs. Close to Baptist Medical Center. 20 yrs NNN- lease with 6+ yrs left. Store with strong sales revenue of over $10M/yr. NOI $275K/yr. $3.679M. 7.50% cap.
  3. Office Building in Buffalo, NY: 133,000 SF Class-B lakefront office building on nearly 2 ac lot in densely populated area. Next to I-190. 81% leased to multiple tenants. NOI $806K/yr. $8.316M. 9.70% cap.
  4. Hooters in Evansville, IN: 7295 SF Hooters Restaurant on at major retail corridor. Close to Washington Square Mall, Evansville State Hospital and St Mary’s Medical Center. New 20 yrs absolute NNN corp lease. NOI $224K/yr with 10% rent bumps every 5 yrs. $2.99M. 7.50% cap.
  5. Dick’s Sporting Goods in Richmond, VA: 48,489 SF Dick’ Sporting Goods constructed in 2000 on 4.50 ac lot in growing and affluent (AHI $105K/yr in 3 mile) area. Next to Lowe’s and across from 1MM SF Chesterfield Towne Center Mall. 20 yrs NNN ground lease (land for sale) with 8 yrs left. NOI $451K/yr. $5.467M. 8.25% cap.
  6. Retail Center in Franklin, WI: 62,485 SF recently improved retail center in fast growing Milwaukee suburbs. Next to Home Depot and across from Sam’s Club. 100% NNN corp leased to Planet Fitness and Dunham’s Sports. NOI $420K/yr. $4.945M. 8.50% cap.
  7. IHOP Restaurant in Garden Grove, CA: 2170 SF IHOP at a signalized location. Across from a power center with Regal Cinemas, PetsMart, Ross, Party city, Dollar Tree, and Hometown Buffet in Orange county. Tenant has been here over 30 yrs.  100% absolute NNN leased till 2017.  NOI $85K/yr. $1.56M. 5.5% cap.
  8. Retail Center in Roseville, CA: 11,289 SF strip center on 1.20 acre lot in a major retail corridor in Sacramento suburbs. Close to Kaiser Permanente and I-80. 100% NNN leased. NOI $305K/yr. $4.1M. 7.45% Cap.
  9. Office Building in Vacaville, CA: 11,014 SF Class-A office building constructed in 2010 on .80 ac lot in growing and high income (AHI 86K/yr) town just southwest of Sacramento. Across from VacaValley Hospital. 100% leased to the GSA (US government) with 13 yrs left. NOI $274K/yr. $3.495M. 7.80% cap.
  10. Goodwill in Mesa, AZ: 32,398 SF well kept retail building on 3.5 acres of land in high (AHI $88K/yr in 1 mile) income Phoenix suburb.  100% NNN lease by Goodwill with 8 yrs left. NOI $260K/yr.  $3.47M. 7.5% cap.

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