02-01: Shopping centers, Pep Boys Auto, Walgreens, CVS for sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market today.

AHI: Avg. Household Income.  National average is about $50+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

1.      Neighborhood Center in Powell, OH: 48,740 SF shopping center built in 2002 on 9.12 acres lot in a fast growing (87% since 2000) affluent area (AHI $122K/yr in 1 mile) in Columbus suburbs. Shadow anchored by 75,775 SF Kroger Supermarket.  100% NNN lease.  NOI $728K/yr. $7.85M. 9.28% cap.  Assumable non-recourse loan at low 6.13% interest.

2.      Pep Boys Auto in Albuquerque, NM: 17,925 SF auto parts and service center with easy access to I-25.  15 yrs NNN corp lease.  NOI $198K/yr with 1.5% annual rent bump.$2.647M. 7.5% cap.

3.      Longhorn Steakhouse in Burlington, NC: 5435 SF franchised Longhorn Steakhouse on 1 acre outparcel to 475,000 SF mall in high income area.  100% NNN ground lease (land is for sale).  NOI $65K/yr. $886K.  7.5% cap.

4.      Walgreens Ground lease in Woodbridge, VA: 14,820 SF new drugstore on 1.47 acres lot in upper middle class Washington DC suburbs.  20 yrs NNN ground lease (land is for sale).  NOI $31K/yr with rate 10% rent bump every 10 yrs.  $4.85M. 6.5% cap.

5.      CVS Shopping Center in Norco, CA: 32,296 SF shopping center built in 2002 on 3.42 acres corner lot in upper middle class Riverside county.  Anchored by a free-standing 16,784 CVS drug store with 15 yrs remaining.  89% leased.   Current NOI $323K/yr. $4.25M. 7.61% cap.  Upside potential when 100% leased.

6.      Walgreens in Saint John, FL: 14,560 SF drug store built in 2004 on a corner in affluent Jacksonville suburbs (AHI $94K/yr).  Long term NNN lease.  NOI $383K/yr.  Price reduced to $5.282M. 7.25% cap.

7.      Strip Center in Aurora, IL: 4522 SF multi-tenant strip center built in 1999 on .37 ac lot in Chicago suburbs.  100% leased to insurance company, Payday Loans, and H&R block.  NOI $73K/yr. $820K.  9% cap. 

© Transmercial 2011.