Monday, September 9, 2013

08-26: IHOP, Wendy's, Arby's, Walgreen's, Lowe's, CVS



  1. IHOP in Plant City, FL: 5108 SF recently remodeled IHOP restaurant on .82 ac lot at a hard corner location in Tampa suburbs. New 15 yrs NNN lease to strong franchisee with 9 units. NOI $120K/yr with rent increases. $1.655M. 7.25% cap.
  2. Wendy’s in West Melbourne, FL: 3075 SF Wendy’s restaurant built in 2002 on over 1 ac outparcel to Publix grocery. Along busy retail corridor and close to I-95. 20 yrs absolute NNN lease with 12 yrs left. NOI $208K/yr with 1.5% annual rent increases. $2.8M. 7.45% cap.
  3. Arby’s in Sterling Heights, MI: 3259-SF brand new fast food restaurant on a corner location along major retail corridor in Detroit suburbs. Close to Chrysler Assembly Plant and Stamping Plant. New 20 yrs absolute NNN lease to an experienced franchisee. NOI $120K/yr with 5% rent increases every 5 yrs. $1.6M. 7.5% cap.
  4. Walgreen’s in Wylie, TX: 15,120 SF Walgreen’s built in 2003 on 1.86 ac lot at a high traffic intersection in upper middle-class & high growth Dallas suburbs.  20 yrs NNN- with 9.5 yrs left.  NOI $391K/yr. $6.016M. 6.5% cap.
  5. Retail/medical Center in Hialeah, FL: 26,819 SF attractive retail-medical center built in 2009 on 1.75 ac lot in Miami suburbs. Close to 360-bed acute-care Palmetto General Hospital and I-75. NOI $498K/yr. $5.6M. 8.94% cap.
  6. Shopping Center in Carpentersville, IL: 58,619 SF well-kept shopping center in Chicago metro. National and local tenants including: Big Lots, Fastsigns, Sherwin Williams, Plantation House Furniture, The UPS Store, Accent Blinds and more. Across from Spring Hill Mall. 94% NNN leased. NOI $323K/yr. $3.805M. 8.5% cap.
  7. Retail Center in Carson, CA: 11,875 SF mature retail center on .77 ac lot in densely populated Los Angeles area. Close to I-405. 90% leased. Pro forma NOI $217K/yr. $2.2M. 7.12% pro forma cap.
  8. Shopping Center in Avondale, AZ: 41,900 SF attractive shopping center built in 2006 on 4+ ac lot in fast growing Phoenix suburbs. Near West Valley Hospital and I-10.  81% leased. Actual NOI $210K/yr. $2.344M. 9% actual cap. Upside potential when fully leased.
  9. Lowe’s in Las Vegas, NV: 175,000 Lowe’s built in 2010 on over 11 acres of land in high income area with an AHI of $95K/yr in 3 mile radius. On an off/on ramp of Hwy-95.  100% absolute NNN ground lease (land is for sale) with 17 yrs left. NOI $724K/yr. $11.6M. 6.25% cap.
  10. CVS in Bakersfield, CA: 25,739 SF CVS drugstore on 2.39 ac lot as part of Stockdale Town Center, anchored by Vons Supermarket (Owned by Safeway) and PepBoys. Close to Good Samaritan Hospital. Tenant is currently on 2nd option with 4 yrs left. NOI $175K/yr. $2.931M. 6% cap. Buyer to assume $1.55M loan with a low 4% interest rate due on 2018.

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