1. Church Chicken in Los Angeles, CA: 1320 SF restaurant built in 2004 on .37 ac infill lot in densely-populated area (1.2M residents within 5 miles). 100% NNN corp lease with 17 yrs remaining. NOI $43K/yr with 1.5% annual rent bump. $850K. 5.15% cap.
2. Wendy’s in Cypress, TX: 3397 SF restaurant built in 1997 on .97 ac outparcel to Kroger Supermarket in middle upper class NE Houston suburbs. Store with strong sales of over $1.44M. New 20 yrs NNN lease. NOI $112K/yr with 7% rent bump every 5 yrs. $1.425M. 7.88% cap.
3. Shopping Center in San Mateo, CA: 13,639 SF 5-unit retail center on 1 acre lot in a wealthy city in south of San Fran (AHI $129K/yr). 86% NNN leased to 4 national tenants: Fed-Ex Kinkos, Scott Trade, Massage Envy, and Little Caesars Pizza. Pro forma NOI $403K/yr. $4.995M. 8.07% cap.
4. La Petite Academy in Las Vegas, NV: 7793 SF childcare center built in 1996 on .88 acres lot in area with strong demographics. 100% NNN corp lease till 2016 by La Petite Academy, a national childcare provider with over 1000 locations. NOI $128K/yr. with CPI-based rent bump. $1.4M. 9.2% cap.
5. Jack in the Box in San Leandro, CA: 2165 SF restaurant built in 2005 on ½ acre lot near 820,000 SF Bay Fair Mall. 20 yrs NNN lease with 18 yrs remaining to an operator with 180 restaurants. NOI $125K/yr with 10% rent bump every 5 yrs. $1.99M. 6.28% cap.
© Transmercial 2011.
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