Tuesday, January 28, 2014

01-14: MOB, David's Bridal, IHOP, Surgery Center



  1. Retail Center in Dublin, OH: 22,140 SF attractive upscale shopping center built in 2008 on nearly 3 ac lot in high income (AHI $95K/yr) Columbus suburbs. Across from Mall at Tuttle Crossing, with 120 stores and near I-270. 100% leased. NOI $612K/yr. $7.21M. 8.50% cap.
  2. MOB in Clinton, MI: 27,984 SF well maintained medical office building on 1.8 ac lot in Detroit suburbs Across from 435-bed Henry Ford Macomb Hospital. 93% leased to multiple tenants. Actual NOI $202K/yr. $2.9M. 7% actual cap. Upside potential.
  3. Shopping Center in Shawnee, KS: 34,138 SF consisting of two retail buildings completed in 2008 on nearly 4 ac lot along Hwy-7. Shadow-anchored by Walmart center. NNN leases. NOI $290K/yr. $4.295M. 6.76% cap.
  4. Shopping Center in Coral Springs, FL: 21,510 SF attractive shopping center on 1.45 ac lot along major retail artery in wealthy Fort Lauderdale metro with AHI of $94K/yr. 100% leased with good tenant mix. NOI $185K/yr. $2.975M. 6.25% cap.
  5. Shopping Center in Lancaster, CA: 28,301 SF consisting of four buildings completed in 1991 on 2.91 ac lot shadow-anchored by Albertsons in growing Southern California. 92% NNN leased with good tenant mix. NOI $639K/yr. $8.8M. 7.27% cap.
  6. David’s Bridal in Toledo, OH: 11,000 SF built-to-suit retail building constructed in 2000 on .61 ac lot along major retail artery. Across from Franklin Park Mall. 100% NNN corp lease with signed early lease extension with 7 yrs left. NOI $173K/yr. $2.1M. 8.30% cap.
  7. Shopping Center in Spring, TX: 22,770 SF attractive shopping center on 2+ ac lot in high income (AHI $102K/yr in 3 mile) Houston suburbs. 81% leased. NOI $330K/yr. $4.2M. 7.87% cap.
  8. Retail Center in Katy, TX: 20,000 SF retail building outparcel to Walmart in fast growing and upper middle class Houston suburbs. 88% NNN leased with only 1 vacant unit. NOI $349K/yr. $4.348M. 8% cap.
  9. IHOP in Atlanta, GA: 4131 SF IHOP restaurant on over 1 ac outparcel to Walmart and at a major retail corridor. 100% NNN lease with 14+ yrs left. NOI $198K/yr. $2.64M. 7.50% cap.
  10. MOB in Albuquerque, NM: 14,300 SF well maintained surgery center at a hard corner location.  100% NNN leased with 9 yrs left. NOI $253K/yr with 3% annual increases. $2.3M. 11% cap. Note: suspect there is something wrong with this property, e.g. "dark" location.

            (c) Transmercial 2014
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