10-24: shopping centers, Aarons, EZPawn

·         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.  Value-added shopping center in Montclair, CA: 96,989 SF well-maintained 29-unit shopping center on 9.67 ac corner lot. All units facing main roads & easy access to I-10.  Anchored by 20,389 SF 24-Hr Fitness and 15,892 SF Dollar General.  80% leased to 23 tenants with 6 avail spaces.  Current NOI $1.14M.  $16.2M 7.05% cap.  Upside potential when fully leased.  Note: flyer not included but full brochure avail.
2. Strip Mall in Rockford, IL: 9000 SF strip center built in 2013 on 1.13 ac lot at an intersection of 2 major arteries in high income area.  Surrounded by Target, Home Depot, Lowe’s, Kohl’s, Marshall’s, Walgreens, Wal-Mart Supercenter, etc.  100% NNN leased to 2 tenants: Vitamin Shoppe (10 yrs lease) and Mattress Firm (12 yrs lease).  NOI $214K/yr. $2.767M. 7.75% cap.
3. Aaron's in Citrus Height, CA: 7500 SF single-tenant retail center on an outparcel to FoodMaxx Supermarket anchored center.  100% NNN corp lease to Aaron's with 5 yrs left.  NOI $112K/yr. with 10% rent bumps each 5 yrs option.  Below market rent.   $1.8M. 6.25% cap.
4. Shopping Center in Tempe, AZ: 21,749 SF 8-unit shopping center built in 1999 on 2.73 ac lot across from Trader Joe's, Walgreens and Frys supermarket in well-off Phoenix suburbs.  94% NNN leased with 1 avail unit.  Current NOI $287K/yr. $4.1M. 7% cap.
5. Shopping Center in Merced, CA: 68,530 SF shopping center on almost 10 ac lot.  Anchored by 41,240 SF In Shape health club, a regional tenant. 89% NNN leased to 10 tenants with 3 avail units.  NOI $525K/yr. $6.25M. 8.4% cap.  Less than $100/SF! 
6. EZ Pawn in Henderson, NV: 6142 SF single-tenant retail center on .58 ac lot on a major artery in Las Vegas.  10 yrs NNN- lease to EZPawn (NASDAG: EZPN).  NOI $149K/yr with 10% rent bumps every 5 yrs.  $2.167M. 6.9% cap.

(c) Transmercial 2013