08-12: Shopping centers, Multi-family, KFC, Arbys, Walgreens, Platnet Fitness, Office Building

1. Shopping Center in Yucca Valley, CA: 22,890 SF shopping center built in 2008 on 4.12 ac lot.  Anchored by 12,000 SF Dollar Tree.  Shadow anchored by Stater Bros Grocery, and JCPenny. 94% NNN leased to 8 tenants.  NOI $361K/yr.  $5M. 7.23% cap. 
2. Multi-family in Antioch, CA: 10-unit 2BR/1BA apartment on .36 ac lot in a middle-class city in Northern CA.  100% occupied.  NOI $70K/yr. $1.35M. 5.2% cap. 
3. KFC restaurant in Memphis, TN: 2787 SF restaurant built in 1988 on .55 ac outparcel to a shopping center anchored by AutoZone, Save-A-Lot, Family Dollar, and Walgreens.  New 15 yrs NNN KFC corp ground lease (land is for sale, tenant owns the building).  NOI $52K/yr with 5% rent bumps every 5 yrs. Tenant has been at this location for 25 yrs.  $954K.  5.5% cap.
4. Arbys in Edison, NJ: 2200 SF restaurant on 2/3 ac lot in high income New York metro. $400K renovation done in 2008 by tenant.  100% NNN lease with 15 yrs left.  NOI $108K/yr with 3% annual rent bumps.  $1.663M. 6.5% cap. 
5. Walgreens in Willie, TX: 15,120 SF Walgreens built in 2003 on 1.86 ac lot at a high traffic intersection in high income high growth Dallas suburbs.  20 yrs NNN- with 9.5 yrs left.  NOI $391K/yr. $6.016M. 6.5% cap. 
6. Strip Mall in Erie, PA: 4800 SF 6-yrs old strip center on .72 ac outparcel to a power center with Target, Best Buy, Sams Club, Walmart, Kohls, Home Depot, Lowes, and more.  100% NNN leased to T-Mobile and the Exchange, a regional tenant with 20 locations in 4 states.  NOI $142K/yr.  $1.68M. 8.47% cap. 
7. Apartments in Albuquerque, NM: 24 townhome styled 2BR 1.5BA spacious units built in 1985 near the VA Medical Center and Gibson Medical Center.  Proforma NOI $107K/yr. $1.235M. 8.7% cap.
8. Planet Fitness I Chicago, IL: 20,000 SF fitness center completed in 2012 on 1.72 ac outparcel to Lowes.  Across from Walmart.  15 yrs NNN lease with 14.5 yrs left to a franchisee with 5 locations.  NOI $350K/yr with 2% annual rent bumps.  $4.7M. 7.45% cap. 
9. Shopping Center in Corona, CA: 23,643 SF shopping center built in 1990 on a corner lot.  100% NNN- to 13 tenants.  NOI $371K/yr. $3.995M. 9.3% cap.
10. Office Building in Liberty, MO: 26,160 SF office building on over 5 ac lot in Kansas city suburbs.  100% NNN leased to Bank of America and Rosen’s Inc., a credit tenant, both with long term leases.  NOI $307K/yr. $4.092M. 7.5% cap.

© Transmercial 2013