09-26: Walgreens, Shopping Centers, O'Reillys, Apartments, Tuffy Auto

1. Walgreen's in Santee, CA: 14,820 SF drugstore built in 2008 in San Diego suburbs.  75 yrs NNN lease with 72 yrs left (and normally options to terminate).  NOI $546K/yr. $9.1M. 6% cap. 
2. Shopping Center in Phoenix, AZ: 66,414 SF 14-unit shopping center built in 1999 on 7.6 acres lot next to I-17.  Anchored by Big! Lots.  90% leased.  NOI $435K/yr. $4.75M. 9.16% cap. 
3. Strip Mall in Newport News, VA: 10,500 SF multi-tenant strip mall on 1.15 acres corner lot across from Walgreens. 100% leased.  NOI $88K/yr. $925K.  9.5% cap. 
4. Retail Center in Orlando, FL: 6400 SF retail center built in 2006 on .84 ac corner outparcel to Sam’s Club. 100% leased to 3 regional and national tenants: Amscot Financial, Quizno’s Sub, and Papa John Pizza.  NOI $240K/yr. $2.915M. 8.25% cap. 
5. O’Reilly Auto Parts in Riverside, CA: 6000 SF auto parts store built in 2008 on .4 ac corner lot outparcel to a shopping center in fast growing & upper middle class area (AHI $96K/yr in 1 mile).  100% absolute NNN lease with 7 yrs left.  NOI $139K/yr with 10% rent bump every 5 yrs.  $2.18M. 6.4% cap. 
6. Apartments in Orlando, FL: 188 unit apartments rehabbed in 2006 with new roofs, painting, parking lot reseal, shutters, and fencing  at the cost of $1.2M.  Clubhouse and resort-style swimming pool.  96% occupied.  NOI and N/A not avail.  7.5% cap. Estimated price $7.4M. 
7. Tuffy Auto in Orlando, FL: 5600 SF auto repair center built in 2010 in a fast growing part of the city (68% growth since 2000).  20 yrs NNN corp lease to Tuffy Auto, a regional tenant with 220 locations.  NOI $$139K/yr with 8.5% rent bump every 5 yrs.  $1.739M. 8% cap.

© Transmercial 2011.