Wednesday, May 2, 2012

04-18: Rite Aid, Jiffy Lube, Walgreens, Family Dollar, Wienerschnitzel , Shopping centers.



Advisory:  Transmercial has updated the article “Walgreens, CVS, and Rite Aid: Which test is best”.  There have been quite a few changes in the drugs retail business that investors should reassess all 3 tenants. Please click here to download the article. 

  1.  Rite Aid Yucca Valley, CA: 18,026 SF new format Rite Aid built in 2011 on 1.74 ac hard corner lot in Southern CA.  20 yrs NNN- lease.  NOI $495K/yr with 10% rent bumps every 10 yrs. $6.387M.  7.75% cap. 
  2. Jiffy Lube in Austin, TX: 4073 SF Jiffy Lube built in 2004 on .92 ac lot in an affluent (AHI $116K/yr in 1 mile) & fast growing area in Austin.  20 yrs absolute NNN lease with 12 yrs left to the largest Jiffy Lube operator with 435+ units.  NOI $117K/yr with 7.5% rent bumps every 5 yrs. $1.377M. 8.5% cap. 
  3. Shopping Center in Thornton, CO: 19,320 SF shopping center built in 2008 on 4 ac hard corner lot in Denver metro.  Across from Wal-mart supercenter, Sam’s club and Home Depot.  100% NNN leased to 7 national & regional tenants including: Buffalo Wild Wings, Cici Pizza, Qdoba Mexican Grille, Cricket Wireless, At the Beach, and Firehouse Subs.  NOI $441K/yr. $5.7M. 7.75% cap. 
  4. Walgreens in Darien, IL: 15,120 SF drug store built in 2001 at a busy corner in affluent (AHI $131K/yr in 1 mile) Chicago suburbs.  100 NNN- lease till 2021.  NOI $375K/yr. $5.244M. 7.15% cap. 
  5. Family Dollar in Springfield, MA: 11,808 SF new Family Dollar store on 1.91 ac lot to be opened in May 2012.  New 10 yrs NNN- lease.  NOI $135K/yr with rent bumps during options.  $1.722M./ 7.88% cap. 
  6. Wienerschnitzel in Glendale, AZ: 1579 SF fast food restaurant built in 2001 on .89 ac lot in high income Phoenix metro.  100% absolute NNN lease with 9 yrs left.  NOI $60K/yr with generous $5,400 rent bumps (about 9%) every 3 yrs (next one in 2014).  $857K. 7% cap.  Ideal for first time investors. 
  7. Shopping Center in Redwood City, CA: 21,819 SF multi-tenant shopping center in affluent town in Silicon Valley (AHI $167K/yr in 1 mile).  100% NNN lease.  NOI $335K/yr. $5.099M. 6.6% cap. 
  8. Retail Center in Camden, NJ: 11,600 SF 3-unit retail center in densely-populated high income urban Philadelphia metro.  Anchored by 8000 SF Family Dollar store with 10 yrs lease.  90% lease with 1 avail unit.  Proforma  NOI $136K/yr.  $1.6M. 8.5% cap.

© Transmercial 2012
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