03-07: Burlington, TX land & Cattle, Panera Bread, Savemart, Midas, Shopping Center

1.      Bank-owned Burlington in Garden Grove, CA: 83,746 SF single-tenant center as a part of a shopping center anchored by Ross, and Albertson in Orange county.   On busy artery with easy access to I-5 and Fwy-22 with over 800K residents in 5 miles ring.  New 10 yrs NNN lease to Burlington Coat Factory (S&P B- rated).  NOI $628K/yr. $8.38M. 7.5% cap.

2.      TX Land & Cattle Restaurant in Killeen, TX: 7470 SF steakhouse built in 2006 on 2.08 acres lot on a commercial district with Home Depot, Ross, Best Buys, Target and Killeen Mall. 15 yrs absolute NNN lease with 11 yrs remaining.  NOI $287K/yr. with 2% annual rent increase.  $2.612M. 11% cap.

3.      Panera Bread in Grand Rapids, MI: 4724 SF free-standing retail center built in 2003 on .9 acre lot in the highest income part of the city (AHI $97K/yr in 1 mile).  20 yrs NNN lease with 15 yrs remaining to a multi-location franchisee.  NOI $131K/yr.  $1.658M. 7.9% cap.

4.      Shopping center in Mesa, AZ: 19,363 SF shopping center built in 2000 and near Wal-mart.  100% leased to 4 tenants.  NOI $151K/yr.  $1.39M. 10.88% cap.  Just over $70/SF.

5.      Savemart Supermarket in Chowchilla, CA: 46,500 SF 3-yrs old single-tenant big box on 4.75 acres lot.  20 yrs lease to a  regional tenant with 241 stores with 17 yrs remaining.  NOI $287K/yr. with 11% rent bump in 2018.  $4.1M. 7% cap.

6.      Bank owned Retail/Office Center in La Quinta, CA: 38,567 SF 2-story 23-unit upscale retail-office complex on 3.24 acres lot in affluent Palm Desert metro (AHI $146K/yr in 1 mile).  45% leased. Current NOI $229K/yr. $4.162M.  $5.5% cap.  Priced at a fraction of replacement cost.  Strong upside potential when 100% leased.

7.      Midas Auto in Lakeland, FL: 3956 SF 6-bay auto service center on .68 ac lot across from a shopping center anchored by Publix supermarket on a major artery in Tampa metro.  100% NNN corp lease with 7 yr remaining.  NOI $66K/yr with 2% annual rent bump.  $888K. 7.5% cap.

8.      Shopping Center in Laurel, MD: 58,015 SF shopping center on 8.37 acres lot in Washington DC middle-class suburbs.  Anchored by a grocery store and Family Dollar.  98% leased.  NOI $762K/yr. $8.965M. 8.5% cap.

© Transmercial 2011.