08-22: Shopping centers, Advance Auto, Walgreens, Starbucks, Burger King

1. Shopping Center in Brighton, CO: 57,271 SF shopping center on 4.83 acres lot as part of a shopping center anchored by Kmart in fast growing Denver suburbs.  100% NNN leased to 2 national/regional tenants: Big Lots, and Mi Pueblo Market (regional tenant with 5 stores in Denver).  NOI $371K/yr. $4.535M. 8.19% cap. 
2. Advance Auto Parts in Scotch Plains, NJ: 6120 SF AAP built in 2009 on .79 ac lot in affluent NY suburbs (AHI $127K/yr in 1 mile).  15 yrs NNN lease with 13 yrs remaining.  NOI $205K/yr. $2.77M. 7.4% cap. 
3. Office Building in Plantation, FL: 32,688 SF 2-story class-B office building in Fort Lauderdale metro.  100% leased to 2 tenants: Bank of America (7 yrs lease) and Chrysalis Health (10 yrs lease).  NOI $493K/yr. $6M. 8.22% cap. 
4. Walgreens in El Mirage, AZ: 14,440 SF Walgreens built in 2001 on 1.78 acres lot in fast growing (158% since 2000) Phoenix suburbs.  20 yrs NNN- with 10 yrs remaining.  NOI $344K/yr.  $4.44M. 7.75% cap.  Buyer to assume $3.393M non-recourse loan at 5.75% interest. 
5. Bank-owned Apartments in Fresco, CA: 24-unit apartments within walking distance to Fresno State University.  83% occupied.  NOI $92K/yr.  $899K.  10.23% cap. 
6. Walgreens in Gurnee, IL: 13,905 SF Walgreens built in 1997 on 2.1 acres lot at signalized corner on a major artery in affluent Chicago suburbs (AHI $112K/yr in 1 mile).  100% NNN- with 6 yrs remaining.  NOI $276K/yr.  Store with strong sales revenue of $8.25+M/yr.  (very profitable and highly like to extend the lease).  $3.45M.  8% cap. 
7. Starbucks in Weslaco, TX: 1750 SF Starbucks built in 2008 on ½ ac outparcel to 191,000-Square Foot Ross and Bealls Anchored Center and directly across from The Home Depot in McAllen metro.  100% NNN- with 7 yrs remaining.  NOI $84K/yr with 10% rent bump in 2013 and 5 yrs thereafter. $1.12M. 7.5% cap. 
8. Shopping Center in Fort Worth, TX: 28,344 SF shopping center built in 2005 on 4.74 acres lot in front of Walmart Supercenter in high income area.  90% NNN leased to 9 tenants, 5 of them national. Just 1 vacant unit. Pro forma NOI $444K/yr. $5.3M. 8.38% cap. 
9. Bank-owned Retail Center in Lake City, GA: 19,200 SF retail center in Atlanta metro.  100% leased.  NOI N/A $1.2M. Just $62/SF! 
10. Burger King in Zion, IL: 3300 SF Burger King on .9 acres lot in Chicago metro. 100% NNN lease with 13 yrs remaining.  NOI $103K/yr. $1.15M. 9% cap.

© Transmercial 2011.