08-18: 7-11, shopping centers

1. 7-11 in Milpitas, CA: 2400 SF free-standing single-tenant retail center on .46 ac corner lot in high income (AHI $120K/yr) Silicon Valley with high barrier for entry. 100% NNN corp lease with 3 yrs remaining.  Tenant has been here since 1983 with 2 five-yrs options at market rent.  NOI $66K/yr.  $1.1M. 6% cap. 
2. Shopping center in Coral Springs, FL: 21,200 SF 11-unit inline shopping center built in 2000 on 3.66 acres lot in high income (AHI $95K/yr) North Miami suburbs.  Shadow anchored by Publix Supermarket and CVS.  65% lease to 8 tenants.   Current/pro forma NOI $169K/$358K.  $3.11M.  5.45% cap (11.53% Proforma).  Large lot with potential for further development.
3.  Shopping center in Coral Springs, FL: 92,898 SF established shopping center on 10.64 acres parcel at the entrance to Coral Springs Mall.  97% NNN leased to 19 tenants.  NOI $1.151M. $14.393M. 8% cap. 
4. Shopping Center in Shorewood, IL: 44,594 SF shopping center in middle class Chicago suburbs.  Anchored by HomeGoods (owned by TJ Maxx).   Shadow anchored by Target.  78% leased.  Current NOI $394K/yr. $4.555M. 8.65% cap.  Just over $100/SF! 
5. Shopping Center in Apple Valley, MN: 34,500 SF shopping center in high income Minneapolis suburbs.  100% NNN leased to 2 national tenants: Office Max and Party City.  Building is attached to Best Buyer and Super Target.  NOI  $464K/yr. $5.795M. 8% cap.
6. Strip mall in Santa Ana, CA: 6500 SF strip center built in 1993 on .59 ac lot in densely populated area with over 700K residents in 5 miles ring. 95% NNN leased with 3% annual rent bumps.  NOI $137K/yr. $2.115M. 6.5% cap.

© Transmercial 2011.