05-02: Starbucks, Burger King, apartments, Staples, shopping centers, Dunkin' Donut

1.       Starbucks in Indianapolis, IN: 1800 SF Starbucks built in 2004 on ½ acre outparcel to Wal-mart supercenter, Petco and Dollar Tree.  10 yrs NNN- till 2015.  NOI $85K/yr. $1.069M. 8% cap.

2.       Burger King in Avon Lake, OH: 3236 SF Burger King built in 1992 on .9 ac lot in a growing middle-class Cleveland suburbs.  10 yrs NNN lease till 2021 to an operator with 20+ locations.  NOI $97K/yr. $1.087M. 9% cap.

3.       Bank-owned Apartments in White Settlement, TX: 168-unit apartments on 6.68 acres lot in Fort Worth.  Each unit with private balcony or patio.  89% occupied.  NOI N/A.  $2.825M. just less than $18,815/unit.

4.       Staples in Golden, CO: 20,390 SF Staples office supplies built in 2007 on 1.6 acres lot as a part of a shopping center anchored by Home Depot and Kohls. 10 yrs NNN- leased till 2017.  NOI $387K/yr. with 12% rent bump in the each of 5 yrs options.  $4.842M. 8% cap.  Buyer to assume $4.125M loan at 6% interest fixed till 2017.

5.       Shopping Center in Lisle, IL: 40,650 SF shopping center on a corner lot in stable upper-middle class Chicago suburbs. 100% leased to 12 tenants.  DuPage county with low county taxes.  NOI $380K/yr. $3.975M. 9.58% cap.

6.       Professional Center in San Jose, CA: 57,500 SF multi-tenant 2-story office building on 3.3 acres lot in high income area with easy access to I-880, I-680 and Hwy 101.  90% leased to 9 tenants.  NOI N/A.  $8.6M. Just less than $150/SF.

7.       Dunkin’ Donuts in Mesa, AZ: 2550 SF free-standing Dunkin Donuts remodeled in 2010.  On a outparcel to  Safeway anchored shopping center and across from Frys supermarket in middle class Phoenix suburbs.  10 yrs absolute NNN lease by an operator with 15+ locations.  NOI $68K/yr with 12% rent bump every 5 yrs.  $915K.  7.45% cap.

8.       Shopping Plaza in Mesa, AZ: 80,883 SF shopping center on 6.95 acres lot at a major intersection in affluent (AHI $101K/yr in 1 mile) Phoenix metro.  Anchored by 53,372 SF Bashas’ grocery with 130 locations in AZ.  93% NNN lease to 9 tenants.  Current NOI $606K/yr.  $6.25M. 9.71% cap.  Upside potential when 100% leased.

© Transmercial 2011.