11-17: Rite Aid. Starbucks, Office Depot, hhGregg, Cash America, shopping centers

1. Rite Aid in Reading, MA: 13,611 SF drug store built in 1997 on 1.51 acres corner lot in affluent (AHI $122K/yr in 1 mile) Boston suburbs.  20 yrs absolute NNN lease with 17 yrs left.  Store with strong sales revenue.  NOI $301K/yr.  with 10% rent bump every 10 yrs. $3.469M. 8.7% cap. 
2. Starbucks in Sacramento, CA: 2658 SF retail center on ¾ ac outparcel to Save Mart supermarket and Rite Aid anchored 136,000 SF shopping center.  100% NNN corp lease till 2020.  NOI $92K/yr. with 10% rent bump every 5 yrs.  Price reduced from $1.321M to $11.25M.  7.4% cap.  Note:  While Starbucks [smartly] subleases 1280 SF to Mr Pickles Sandwich shop but remains responsible for the entire building. 
3. Office Depot in Kennesaw, GA: 32,052 SF on a major artery with easy access to I-75 and I-575 in fast growing city in Atlanta suburbs.  10 yrs absolute NNN corp lease with 7 yrs left. NOI $505K/yr. $6.525M. 7.75% cap. 
4. hhGregg Appliances in Orlando, FL: 33,154 SF hhGregg appliances and electronics store (NYSE: HGG with 174 stores) on 2.37 acres lot near 250-store Florida Mall.  Tenant spent $1.2M renovating the building in 2007.  15 yrs NNN lease.  NOI $522K/yr. with 10% rent bump in 4/2012.  $6.143M. 8.5% cap. 
5. Bank-owned Shopping Center in Englewood, OH: 132,276 SF 19-unit shopping center on a corner lot in Dayton metro.  Anchored by 5 national tenants: Big Lots!, Family Dollar, Aldi Food Market, Goodwill, and Sherwin William.  83% leased.  NOI $423K/yr. $4.7M. 9% cap.  Upside potential.  Just $35/SF! 
6. Shopping Center in Killeen, TX: 17,125 SF 2-building retail center at a signalized intersection close to Wal-mart, HEB, Walgreens.  100% NNN leased to 10 tenants, 7 of them national/regional: Starbucks, Radio Shack, Advance America, Game stop, Sport Clip, Cricket Communication, and Firehouse Subs. NOI $377K/yr. $4.604M. 8.2% cap. 
7. Cash America in Charlotte, NC: 7343 SF single-tenant retail center on 1.2 ac lot at a major intersection.  New 10 yrs absolute NNN corp lease (NYSE: CSH).  NOI $99K/yr.  $1.287M. 7.75% cap. 
8. Rite Aid in Greece, NY: 13,604 drug store built in 2008 on 1.8 acres lot in Rochester metro.  20 yrs NNN lease with 17 yrs left.  NOI $552K/yr. with 10% rent bump in 2018. $6.308M. 8.75% cap.

© Transmercial 2011.