01-16: Golden Coral, Smart & Final, Lowes, Walgreens, Popeyes, Medical Office

1. Golden Coral restaurant in Indianapolis, IN: 10,205 SF Golden Coral buffet restaurant on 1.91 ac outparcel to Washington Square Mall.  New 15 yrs NNN lease to an operator with 36 units.  NOI $217K/yr with 8% rent bump every 5 yrs. $2.713M. 8% cap. 
2. Smart & Final in Bakersfield, CA: 20,815 SF grocery store built in 2001 on 2.2 ac lot.  15 yrs absolute NNN corp lease with 5 yrs left.  NOI $310K/yr with 10% rent bump every 5 yr options. $4.134M. 7.5% cap. 
3. Lowes in Grand Rapids, MI: 135,197 SF Lowe’s on 14 acres lot.  20 yrs NNN ground lease.  NOI $660K/yr with unusually high 20% & 10% rent increases in the initial term. $9.75M. 6.77% cap. 
4. Walgreens in Thornwood, CO: 14,820 SF Walgreens built in 2009 on 2.3 acres lot in the fast growing part of Denver metro.  20 yrs absolute NNN lease.  NOI $455K/yr. $7M. 6.5% cap. 
5. Goodwill Store in Santa Clarita, CA: 21,600 SF Goodwill store on 1.08 ac lot.  Renovated in 2011.  100% NNN leased till 2022.  NOI $316K/yr. $4.53M. 7% cap. 
6. Popeye’s Chicken & Biscuits in Baton Rouge, LA: 2681 SF Popeye’s on .6 ac lot stable and strong income area.  100% NNN lease to an operator with 17 units and backing of Capital Spring, a private equity firm. NOI $65K/yr with rent bump every 2 yrs.  Just $773K.  8.5% cap. 
7. Golden Coral in Bakersfield, CA: 14,155 SF new restaurant on 2.13 acres lot.  New 15 yrs absolute NNN to Golden Coral Corp with 480 restaurants in 41 state and 1.5B in sales.  NOI $331K/yr.  $4.417M. 7.5% cap. 
8. Medical Office Condos in Riverside, CA: 13,341 SF 6-unit medical office condos in a growing area.  100% leased to 3 medical tenants.  NOI $276K/yr. $3.626M. 7.61% cap.

© Transmercial 2012