02-08: Raley’s, Dairy Queen, Shopping Centers, IHOP, Best Buy for sale

1.      Raley’s Supermarket in Roseville, CA: 66,890 SF supermarket on 5.4 acres lot in prime commercial corridor in growing upper middle class (AHI $87K/yr) Sacramento suburbs.  Surrounded by Target, Petco, Wal-mart, Ross, TJ-Max, Fry’s, and more.  Close to 55-acre Kaiser Permanente. Easy access to I-80.  100% NNN lease with 6 yrs remaining.  NOI $764K/yr. $10.75M. 7.1% cap.

2.      Dairy Queen in Vancouver, WA: 2522 SF restaurant close to I-205 in a growing middle class area.  New 20 yrs NNN lease.  NOI $80K/yr with 10% rent bump every 5 yrs. $1.142M. 7% cap.

3.      Shopping Plaza in Tucson, AZ: 14,000 SF shopping plaza built in 2000 on 1.74 acres lot.  Shadow anchored by Walgreens, Bally’s Fitness.  Across from Fry’s grocery.  90% NNN leased to 6 tenants. In place NOI $273K/yr. $3.25M. 8.4% cap.

4.      Strip mall in Las Vegas, NV: 6227 SF 2-tenant strip center on busy Sahara avenue in affluent area (AHI $100K/yr).  100% NNN leased to 2 national tenants: Chipotle and Cox Communication.  NOI $232K/yr. $3M. 7.75% cap.

5.      Shopping Center in Downers Grove, IL: 9180 SF retail center in high income Chicago metro (AHI 91K/yr).  100% NNN leased to 2 tenants: Back to Bed (45 locations in Chicago) and Sprint.  NOI $255K/yr. $2.5M. 10.2% cap.

6.      IHOP in South Charleston, WV: 4977 SF family restaurant built in 2004 on an outparcel to Lowe’s, Target, and Home Goods.  25 yrs NNN lease with 20 yrs remaining to a franchisee with 14 IHOPs.  NOI $204K/yr with 7.5% rent bump every 5 yrs.  $2.61M. 7.75% cap.

7.      Auto Service Center in Davie, FL: 12,204 SF multi-tenant auto service center on 1.2 acres lot in Fort Lauderdale.  100%  leased.  NOI $189K/yr. $ 2.1M. 9% cap.

8.      Best Buy in Roanoke, VA:  45,000 SF big box next to Valley View Mall and adjacent to Target, Wal-mart, Petsmart, and Staples. 20 yrs NNN leased to Best Buy with 10 yrs remaining.  NOI $519K/yr. $6.29M. 8.25% cap.

9.      Strip Center in Orland Park, IL: 8927 SF strip center built in 1995 on ¾ acres lot in high-growth and high income Chicago suburbs. 73% leased.  Pro forma NOI $134K/yr. $1.222M. 11% cap.

© Transmercial 2011.