Monday, August 19, 2013

08-05: Hardee's, Wendy's, Marquis Diagnostic, MOB, Retail Centers



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. Retail Center in Rockford, IL: 11,893 SF attractive retail center in fast growing and upper middle class. All units face main road. Close to Cherryvale Mall.  NOI $166K/yr. $2.086M. 8% cap.
  2. Strip Center in Houston, TX: 7110 SF strip center built in 2005 on .91 ac lot at a main retail artery and in high income (AHI $85K/yr in 1 mile) area. 85% NNN leased. NOI $91K/yr. $1.3M. 7% cap.
  3. Strip Center in Lancaster, CA: 6,651 SF well kept retail center on .42 ac lot in growing town just North of Los Angeles. 100% leased to liquor store, pawn shop and shoes store. NOI $84K/yr. $917K. 9.20% cap.
  4. Shopping Center in Austin, TX: 33,626 SF well maintained shopping center on nearly 2 ac lot.  Anchored by 7,913 SF Nova Medical. Next to Hwy-183. 100% NNN leased. NOI $427K/yr. $4.88M. 8.75% cap.
  5. Hardee’s in Prospect Heights, IL: 3500 SF fast food restaurant on early 1 ac lot along main corridor in high income Chicago suburbs with an AHI of $107K/yr in 3 miles.  Close to Chicago Executive Airport, the 3rd busiest airport in Chicago. New 20 yrs NNN lease to a strong franchisee with 150 units. NOI $175K/yr with 5% rent bumps every 5 yrs. $2.187M. 8% cap.
  6. Retail Center in Los Angeles, CA: 13,141 SF attractive retail center constructed in 2008 on .60 ac lot at a signalized corner intersection.  In densely populated area with over 1,000,000 residents in 5 mile radius. High barrier to entry area. Near I-110/I-105. 100% NNN leased to Subway, Metro PCS, Mothers Nutritional Center, WIC, Shiek Shoes and Liberty Tax Services. NOI $468K/yr. $6.25M. 7.50% cap.
  7. MOB in Bellwood, IL: 19,322 SF mature medical office building in Chicago suburbs. Next to I-290. 100% leased with a physical therapy and MRI clinic. NOI $137K/yr. $1.9M. 7.26% cap.
  8. Retail Center in Rocklin, CA: 4264 SF attractive retail center built in 2002 in high income (AHI $100K/yr) Sacramento suburbs. Outparcel to 71,000 SF shopping center anchored by Longs Drugs, CVS and ACE Hardware. Across from SaveMart grocery center. 100% NNN leased. NOI $78K/yr. $1.125M. 7% cap.
  9. Marquis Diagnostic in Phoenix, AZ: 6450 SF attractive medical building completed in 2007 on .66 ac lot in densely populated area. Close to St. Joseph’s Hospital & Medical Center. This is a sale-leaseback investment. New 15 yrs absolute NNN lease. NOI $205K/yr with annual rent increases. $2.934M. 7% cap.
  10. Wendy’s in Charlotte, NC: 3617 SF Wendy’s restaurant on .71 ac lot at busy thoroughfare. Across from Carolinas Medical Center-Pineville and close to Carolinas Place Mall and I-485. Tenant has been at this location over 21 yrs. 10 yrs absolute NNN lease with 9 yrs left to strong franchisee with 80 units. NOI $106K/yr. $1.504M. 7.05% cap.

© Transmercial 2013
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