05-17: Shopping centers, Jiffy Lube, Rite Aid, Medical Office Buildings, Popeyes

1.       Bank-owned Shopping Center in Tucson, AZ: 34,953 SF 14-unit shopping center on 3.33 acres lot in a growing area.  70% NNN leased with 4 vacant units.  Current NOI $264K/yr. $2.67M. 9.9% cap.

2.       Shopping Center in Colton, CA: 108,398 SF shopping center built in 1992 on 8.47 acres lot near I-215 exit.  Anchored by Ross, 99 cents Only, Bank of America.  Shadow anchored by Wal-mart.  85% NNN leased.  NOI $1.338M. $18.7M. 7.13% cap.  Buyer to assume $16.2M loan at 6.16% interest.

3.       Jiffy Lube in Danbury, CT: 1952 SF Jiffy Lube on ¼ ac lot in a fast growing (36% since 2000) and affluent (AHI 97K/yr in 1 mile).  20 yrs absolute NNN lease to a franchisee with 415 locations in 15 major markets.  NOI $104K/yr with 10% rent bump every 5 yrs.  Store with strong $1.16M in revenue.  $1.228M. 8.5% cap.

4.       Shopping Center in Phoenix, AZ: 72,650 SF 16-unit well-maintained shopping center on 7.96 acres lot close to I-10 in high income area.  Anchored by Gold’s Gym and Advance Auto Parts with long term leases.  Shadow anchored by a new Walgreens to be open later in 2011.  98% NNN lease.  NOI $855K/yr. $9.775M. 8.75% cap.

5.       Rite Aid in Gainesville, GA: 10,882 SF drug store on 1.12 acres lot.  15 yrs NNN lease with 14 yrs remaining.  NOI $163K/yr. $1.87M. 8.75% cap.

6.       O’Reilly Auto Parts in Charlotte, NC: 8446 SF auto parts store built in 2008 on .84 acre lot near the airport.  20 yrs NNN lease with 17.5 yrs remaining.  NOI $94K/yr with 6% rent bump in yr 11.  $1.35M. 7% cap.

7.       Shopping Plaza in Lisle, IL: 13,200 SF retail center on 1.3 acres lot in high income Chicago suburbs (AHI $104K/yr in 2 miles).  100% NNN lease.  NOI $174K/yr. $2.115M. 8.25% cap.

8.       Medical Office Building in Jacksonville, FL: 20,468 SF MOB in high growth (278% since 2000) and very high income area (AHI $160K/yr in 1 mile). 100% NNN lease.  NOI $418K/yr. $5.075M. 8% cap.

9.       Surgical Arts Center in Houston, TX: 15,218 SF MOB on 1 ac lot in high-income Northern Houston metro 1 block from Houston Northwest Medical Center.  Currently occupied by 4 medical doctors who will lease back after closing.  100% NNN lease.  NOI $129K/yr.  $1.295M. 10% cap.

10.   Popeyes in Aurora, CO: 2364 SF restaurant on .57 ac lot on a major artery near I-225 in high income area in Denver. 100% absolute NNN lease to a multi-location operator.   

© Transmercial 2011.