05-17: Goodyear Tire & Auto, MOB, Retail Centers, Walmart Strip Centers

Welcome new investors.  Transmercial is the only company that offers this list of best properties between $700K to $20M in 50 states.  These properties are selected from 300-400 daily listings on loopnet, CBRE, M&M, SVN, and various other sources.   Each property has a brief description and a flyer (attached).  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here for selection criteria.  Underlined names, if any, indicate safe hyperlinks that you can click for more info. For a full marketing brochure, please reply and specify the property number. 

Below are the most commonly used acronyms:

• AHI: Avg. Household Income.  National average is about $55+K/yr.
• NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
• NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
• NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1. Goodyear Tire & Auto in Jacksonville, FL: 8000 SF auto center built in 2006 on 1+ ac lot at a signalized intersection. Close to I-95. 15 yrs NNN- corp lease with 8 yrs left. NOI 144K/yr. $1.995M. 7.22% cap. Buyer to assume $949,227 loan at 6.32% interest rate.
2. MOB in Lake Worth, FL: 17,143 SF mature medical office complex consisting of two well-kept medical buildings on .90 ac lot close to JFK Medical Center, North of Fort Lauderdale. NNN leased with only 2 vacant units. Actual NOI $323K/yr. $3.6M. 8.98% cap. Upside potential.
3. Retail Center in Riverview, FL: 12,920 SF attractive retail center constructed in 2006 on 4+ ac lot in Tampa suburbs. Near Sam’s Club and adjacent to 100-bed St. Joseph’s Hospital, currently under development and scheduled to be completed by 2015. Major tenants include: Amscot Financial, Lovely Nails, Wireless & More, Exotic Animals and Mi Casa. $2.515M. NOI/Cap not provided.
4. Retail Center in Sarasota, FL: 11,000 SF retail center built in 2005 on 1.35 ac lot in high income area with an AHI of $70K/yr in 1 mile. Between Walmart Supercenter and Publix anchored center. 100% NNN leased to 4 tenants. NOI $226K/yr. $3.201M. 7.07% cap.
5. Retail Center in Fort Myers, FL: 12,000 SF attractive retail center built in 2008 along main retail corridor in high income (AHI $82K/yr) area. 70% NNN leased to a national tenant. Actual NOI $150K/yr. $1.5M. 10% cap. Upside potential.
6. Strip Center in Franklin Square, NY: 10,088 SF well maintained strip center on .36 ac lot in densely populated (over 700,000 residents in 5 mile radius) and affluent New York suburbs (AHI $106K/yr in 3 mile). 100% leased. NOI $148K/yr. $2M. 7.40% cap.
7. Retail Center in Muskegon, MI: 11,855 SF retail center on 1.41 ac outparcel to Walmart Supercenter and across from Meijer grocery department store. NNN leased to AT&T, Biggby Coffee, Asian Express and America' s Best Contacts and Eyeglasses. NOI $242K/yr. $2.87M. 8.45% cap.
8. Office Building in Centennial, CO: 24,891 SF Class-A multi-tenant office building on over 4 ac lot in fast growing and wealthy (AHI $122K/yr) Denver metro. Close to Centennial Airport. NOI $360K/yr. $4.5M. 8% cap.
9. Shopping Center in San Bernardino, CA: 20,200 SF attractive shopping center completed in 2005 on 3+ ac lot at major retail corridor. Between Costco and Sam’s Club. Close to I-10. 100% NNN leased to eight tenants including Elephant Bar, Pick Up Stix, CitiFinancial, Luau Maui Hawaiian BBQ. NOI $572K/yr. $8.487M. 6.75% cap.
10. Shopping Center in Port St. Lucie, FL: 19,163 SF shopping center built in 2005 at a signalized intersection and outparcel to Walmart supercenter. Across from Sam’s Club. Tenants include: Payless ShoeSource, Metro PCS, ColorTyme, GameStop and Radio Shack. 93% NNN leased with 1 small vacant unit. NOI $291K/yr. $3.76M. 7.75% cap. Upside potential when fully leased.

© Transmercial 2013

05-16: CVS, Family Dollar, Apartments, CBA, Applebees, Starbucks, MOB

Note: flyers for yesterday’s properties are attached.

1.  CVS in Allentown, PA: 11,301 SF drug store on 1.5 ac lot in high income area.  100% NNN- lease with 6 yrs left.  NOI $201K/yr.  $2.691M. 7.5% cap. 
2. Family Dollar in Atlanta, GA: 10,080 SF Family Dollar store under construction.  New 10 yrs corp NNN-.  NOI $118K/yr. $1.692M. 7% cap. 
3. Apartments in Colorado Springs, CO: 22-unit well-kept apartments in a growing area.  100% occupied.  NOI $96K/yr. $1.1M. 8.72% cap. 
4. Christian Brothers Auto in Aurora, CO: 4945 SF automotive service center in an affluent area in Denver metro with AHI $120K/yr in 1 mile.  15 yrs absolute NNN corp lease from a fast growing company.  NOI $168K/yr. $2.4M. 7% cap. 
5. Strip Mall in Flint, MI: 5403 SF 5-yrs old high-image strip center on .92 ac lot with easy access to I-75 & I-69.  Retailers in the immediate area include: Target, Bed Bath & Beyond, Old Navy, Sherwin Williams.  100% NNN lease to 2 national tenants: Aspen Dental and Check N’s Go.  NOI $129K/yr. $1.526M. 8.5% cap. 
6. Office Building in Folsom, CA: 4500 SF office building completed in 2006 in wealthy Sacramento suburbs (AHI $117K/yr in 1 mile).  100% leased with 7 yrs left.  NOI $124K/yr. $1.44M. 8.67% cap. 
7. Applebee’s in Mobile, AL: 5454 SF family restaurant on .9 ac lot in high income area.  Store with strong sales.  New 20 yrs absolute NNN lease. NOI $163K/yr with CPI-based annual rent bumps.  $2.248M. 7.25% cap. 
8. Childtime Childcare in Chandler, AZ: 6576 SF childcare center built in 1998 in high income area in Phoenix metro.  100% NNN leased till 2013 and guaranteed by Learning Care Group and La Petite Holdings.  Tenant has operated here since 1998.  NOI $138K/yr. with CPI-based rent bump every 5 yrs (not to exceed 15%).  $1.626M. 8.5% cap. 
9. Starbucks in South Ogden, UT: 1813 SF Starbucks built in 2007 in upper middle class (AHI $99K/yr) Salt Lake City metro.  100% NNN- with 4 yrs left.  NOI $93K/yr. $1.25M. 7.5% cap. 
10. Urgentcare Center in Roseville, CA: 4558 SF MOB building constructed in 1998 and renovated in 2002 on 2.7 ac lot Sacramento metro.  10 yrs absolute NNN lease to Med 7 Urgent care with 4 locations in Sacramento metro and has been around for 25 yrs.  NOI $105K/yr with 2% annual rent bumps. $1.5M. 7.5 cap.

© Transmercial 2013

05-15: Walmart shadowed, Multifamily, Arbys, Rite Aid, Walgreens, Del Taco, Petsmart

Note: due to tech problem, there will be 1 page flyer only for the 1^st property. 

1.  Walmart-shadowed center in Beaumont, TX: 17,500 SF 10-unit retail center on an outparcel to Walmart supercenter (with $126M in sales revenue) in high income city ($83K/yr) West of Houston.  Near Parkdale Mall and surrounded by Lowe’s, Kohls, Ross, Kroger, Office Depot, and Walgreens.  100% NNN leased to 10 tenants with relative low rents.  NOI $317K/yr. $4.1M. 7.75% cap. 
2. Multi-Family in Jersey City, NJ: 12-unit 11,000 SF multifamily in densely populated New York metro with over 1.1 million residents within 5 miles.  100% occupied.  NOI $135K/yr.  $1.35M. 10% cap. 
3. Arbys in Cincinnati, OH: 2104 SF restaurant under construction to replace a pre-existing Arbys in upper middle class area.  New 20 yrs NNN lease to an franchisee with 67 stores in 6 states.  NOI $65K/yr with 7.5% rent bumps every 5 yrs. $900K.  7.25% cap. 
4. Rite Aid in Dover, DE: 10,908 SF drugstore built in 2001 on 2.45 ac corner lot adjacent to Kohl’s.  20 yrs absolute NNN lease with 8 yrs left.  NOI $340K/yr. $3.78M. 9% cap. 
5. Walgreens in Saint Petersburg, FL: 13,905 SF Walgreens built in 1998 on 1.74 ac lot.  100% NNN- with 5 yrs left.  NOI $340K/yr. $4.69M. 7.25% cap. 
6. Burger King in Troy, NY: 2976 SF Burger King built in 1999 on 1.4 ac lot in high income Albany metro.  20 yrs NNN lease with 9 yrs left to Carrols Corp, the largest Burger King franchisee in the US.  NOI 97K/yr with 8.2% and 16.2% rent bumps in 2016 and 2018, respectively.  $1.492M. 6.5% cap. 
7. Bassett Furniture in Fort Lauderdale, FL: 14,071 SF 2-story 6-yrs old furniture store with Hwy 1 frontage in affluent area (AHI $103K/yr).  Near the Coral Ridge Mall, a highly successful regional mall with anchors including Publix, Marshalls, TJ Maxx, Target, HomeGoods, and AMC Theaters. 100% NNN- corp lease till 2018 to Bassett Furniture (NASDAG: BSET).  NOI $351K/yr. $4.5M. 7.8% cap. 
8. Del Taco in Henderson, NV: 2640 SF Del Taco Mexican restaurant built in 1993 on .55 ac lot in high income and densely populated Las Vegas metro.  100% NNN lease with 2 yrs left.  NOI $71K/yr. $825K.  8.61% cap. 
9. Petsmart in Leominster, MA: 20,030 SF single-tenant retail center adjacent to the main entrance to the 667,000 SF Whitney Field Mall.  100% NNN corp lease with 5 yrs left.  NOI $413K/yr. $5.9M. 7% cap.

© Transmercial 2013

05-14: Rite Aid, IHOP, Meineke Auto Center, Spec's Liquor, Retail Centers

1. Strip Center in Indianapolis, IN: 4775 SF strip center built in 2010 on .61 ac outparcel to Walmart Supercenter in and off/on ramp to I-65. 100% NNN leased to T-Mobile and GNC. NOI $126K/yr. $1.35M. 9.39% cap.
2. Retail Center in Augusta, GA: 8960 SF attractive retail center on 1+ ac lot at a signalized intersection in a growing area. Between 1.1M SF recently re-developed Augusta Mall and TJ-maxx/Ross center. Close to I-520. 100% NNN leased to Starbucks, AT&T, Firehouse Subs and Rhodes Murphy Tax. NOI $273K/yr. $3.415M. 8% cap.
3. Retail Building in La Quinta, CA: 6,400 SF retail building on .48 ac lot in affluent Riverside County with an AHI of $138K/yr within 1 mile. 100% NNN leased to El Mexicali Café and Louise’s Pantry. NOI $150K/yr. $1.67M. 9% cap.
4. REO’ed Retail Center in Algonquin, IL: 28,626 SF bank-owned retail center built in 2007 on 4+ ac outparcel to 600,000 SF 80+ stores  Algonquin Commons in affluent (AHI $148K/yr) Chicago suburbs. Across from Walmart Supercenter. 67% leased. NOI $371K/yr. $4.89M. 7.60% cap.
5. Rite Aid in Highland Township, MI: 11,170 SF Rite Aid pharmacy on 1.75 ac lot at a hard corner location & in high income Detroit suburbs. 100% NNN- leased with 7 yrs left. NOI $369K/yr. $3.695M. 10% cap.
6. DaVita in Florence, SC: brand new 8,700 SF DaVita Dialysis center on .99 ac lot in a fast growing & middle-class city. Close to 420-bed Carolina’s Hospital.  15 yrs NNN- lease. NOI $136K/yr with 10% rent bumps every 5 yrs. $2.02M. 6.75% cap.
7. IHOP in Lilburn, GA: 5157 SF restaurant built in 2008 on 1.34 acres lot outparcel to Walmart Supercenter and Home Depot in fast growing Atlanta metro. 20 yrs absolute NNN lease to a strong franchisee with 65 locations. NOI $172K/yr with 5% rent bumps every 5 yrs. $2.661M. 6.50% cap.
8. MOB in Columbus, OH: 11,214 SF Class-B consisting of two modern medical office buildings close to I-270.  100% NNN leased. NOI $149K/yr. $1.658M. 9% cap.
9. Meineke Econo Lube Center in Yuma, AZ: 2496 SF auto service center at a busy corridor close to I-8. 100% NNN leased with 5 yrs left. NOI $69K/yr. $775K. 9% cap.
10. Spec’s Liquor in Brownsville, TX: 3,900 SF 5 yrs-old liquor store at a major retail artery in a high growth border city. 100% NNN leased with 10 yrs left to regional tenant. NOI $84K/yr. $1.05M. 8% cap.

© Transmercial 2013