12-02: PETSMART, Arby's, Chili's, CVS Pharmacy

1. PETSMART in Lilburn, GA: 25,015 SF well kept retail building completed in 1993 on 3+ ac outparcel to The Home Depot center in high income (AHI $80K/yr in 3 miles) Atlanta metro. Adjacent to Sports Authority, and Burlington Coat Factory. Recently extended NN lease with 4+ yrs left. NOI $240K/yr. $2.826M. 8.50% cap.
2. Shopping Center in Houston, TX: 29,364 SF shopping center built in 2008 on 2.54 ac lot at signalized intersection of I-45. Adjacent to brand new 185,000 SF Walmart. 90% NNN leased to credit tenants. NOI $625K/yr. $8.68M. 7.21% cap.
3. Arby’s in Gilbert, AZ: 2962 SF Arby’s restaurant completed in 2008 on nearly 1 ac outparcel to Costco in growing (665.86% pop growth) and high income (AHI $106K/yr) Phoenix suburbs. Close to 212-bed Mercy Gilbert Medical Center, San Tan Village, a 1,200,000 SF open-air regional mall and Hwy-202. 100% absolute NNN leased with 10+ yrs left to a strong franchisee with 56-units. NOI $144K/yr with rent increases. $2.4M. 6% cap.
4. Chili’s in Midland, TX: 6236 SF attractive Chili’s restaurant on 1+ ac lot in affluent ($138K/yr within 1 mile) oil and gas town. On an off/on ramp of Hwy-250. Close to Midland Park Mall with 90+ stores.  Tenant has been at this location for over 30 years. Tenant recently completed $225,000 in renovations. New 10 yr absolute NNN corp lease. NOI $169K/yr with a 10% rent bump in 2016. $2.829M. 6% cap.
5. CVS in Phoenix City, AL: 13,813 SF CVS Pharmacy built in 2004 on 1.25 ac lot in fast growing and high income Columbus suburbs with an AHI $88K/yr. Across from Publix grocery center. 20 yrs absolute NNN lease with 10+ yrs left. NOI $254K/yr. $3.985M. 6.40% cap. Store with strong $7.99M in 2013 sales revenue. 

           

            (c) Transmercial 2013