03-24: Mi Pueblo, Cabone's, Rite Aid, CVS, Shopping Centers, Office Building

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 only.

1. Mi Pueblo Supermarket in Pittsburg, CA: 50,173 SF supermarket remodeled in 2009 on 5.35 acres lot next to hwy 4 exit and East of San Fran.  NNN lease till 2024 to Mi Pueblo Food center, a fast growing regional tenant with 17 locations in Northern CA.  NOI $840K/yr. with 10% rent bump every 5 yrs.  $11.93M. 7% cap.
2. Cabone’s Pizzeria restaurant in Rosemount, MN: 5461 SF regional franchised Cabone’s pizza restaurant in high income Saint Paul suburbs.  100% NNN lease till 2018.  NOI $98K/yr. $895K.  11% cap.
3. Rite Aid in Douglasville, GA: 11,275 SF drug store with rare frontage on 3 different roads in middle class Atlanta suburbs.  New 20 yrs NNN lease.  NOI $255K/yr with 10% rent bump every 10 yrs.  Store with strong sales of $10+M, i.e. highly profitable.  $2.95M. 8.65% cap.
4. Single tenant retail center in Rockledge, FL: 2700 SF single-tenant retail center on 1 ac lot in front of Publix Supermarket.  100% NNN leased to Amscot, a regional financial tenant.  NOI $91K/yr. With 3% annual rent bump. $1.074M. 8.64% cap.
5. Rite Aid in Reading, MA: 13,611 SF drug store in wealthy Boston suburbs (AHI $99K/yr in 1 mile).  New 20 yrs NNN lease.  NOI $301K/yr with 10% rent bump every 10 yrs.  $3.469M. 8.7% cap.
6. CVS in Cave Creek, AZ: 13,813 SF drug store built in 2005 on 1.75 ac corner lot in wealthy & growing Northern Phoenix suburbs with AHI over $121K/yr in 1 mile.  20 yrs NNN lease with 14 yrs remaining.  NOI $439K/yr. $6.05M. 7.25% cap.
7. Strip Center in Newman, GA: 12,600 SF strip center built in 2000 on 2 acres lot in high growth, high income Atlanta metro.  100% NNN leased to 3 national tenants: Advance Auto, Snap Fitness, and Sherwin Williams.  NOI $160K/yr. $1.944M. 8.25% cap.
8. Retail Center in Elk Grove, CA: 9950 SF 4-yrs old upscale retail center on 1+ ac lot in fast growing high income Sacramento suburbs.  Shadow anchored by Walgreens, Kragen Auto and surrounded by Safeway, CVS, Rite Aid.  71% NNN leased to 3 tenant with 1 vacant endcap.  Current NOI $106K/yr.  $1.7M. 6.3% cap.  Upside potential when 100% leased.
9. Office Building in Greensboro, NC: 98,300 SF class-A 4-story office building completed in 1998 on 7.75 acres lot with I-40 visibility.  NOI $742K/yr. $8.16M. 9.1% cap.
10. Strip Center in Frisco, TX: 7265 SF upscale retail center built in 2009 on 1 acre lot in booming (213% since 2000) and affluent (AHI $121K/yr in 1 mile) Dallas suburbs.  100% NNN leased to 3 tenants.  NOI $207K/yr. $2.3M. 9% cap.
    

© Transmercial 2011.