Wednesday, May 29, 2013

05-15: Walmart shadowed, Multifamily, Arbys, Rite Aid, Walgreens, Del Taco, Petsmart



Note: due to tech problem, there will be 1 page flyer only for the 1st property. 

  1.  Walmart-shadowed center in Beaumont, TX: 17,500 SF 10-unit retail center on an outparcel to Walmart supercenter (with $126M in sales revenue) in high income city ($83K/yr) West of Houston.  Near Parkdale Mall and surrounded by Lowe’s, Kohls, Ross, Kroger, Office Depot, and Walgreens.  100% NNN leased to 10 tenants with relative low rents.  NOI $317K/yr. $4.1M. 7.75% cap. 
  2. Multi-Family in Jersey City, NJ: 12-unit 11,000 SF multifamily in densely populated New York metro with over 1.1 million residents within 5 miles.  100% occupied.  NOI $135K/yr.  $1.35M. 10% cap. 
  3. Arbys in Cincinnati, OH: 2104 SF restaurant under construction to replace a pre-existing Arbys in upper middle class area.  New 20 yrs NNN lease to an franchisee with 67 stores in 6 states.  NOI $65K/yr with 7.5% rent bumps every 5 yrs. $900K.  7.25% cap. 
  4. Rite Aid in Dover, DE: 10,908 SF drugstore built in 2001 on 2.45 ac corner lot adjacent to Kohl’s.  20 yrs absolute NNN lease with 8 yrs left.  NOI $340K/yr. $3.78M. 9% cap. 
  5. Walgreens in Saint Petersburg, FL: 13,905 SF Walgreens built in 1998 on 1.74 ac lot.  100% NNN- with 5 yrs left.  NOI $340K/yr. $4.69M. 7.25% cap. 
  6. Burger King in Troy, NY: 2976 SF Burger King built in 1999 on 1.4 ac lot in high income Albany metro.  20 yrs NNN lease with 9 yrs left to Carrols Corp, the largest Burger King franchisee in the US.  NOI 97K/yr with 8.2% and 16.2% rent bumps in 2016 and 2018, respectively.  $1.492M. 6.5% cap. 
  7. Bassett Furniture in Fort Lauderdale, FL: 14,071 SF 2-story 6-yrs old furniture store with Hwy 1 frontage in affluent area (AHI $103K/yr).  Near the Coral Ridge Mall, a highly successful regional mall with anchors including Publix, Marshalls, TJ Maxx, Target, HomeGoods, and AMC Theaters. 100% NNN- corp lease till 2018 to Bassett Furniture (NASDAG: BSET).  NOI $351K/yr. $4.5M. 7.8% cap. 
  8. Del Taco in Henderson, NV: 2640 SF Del Taco Mexican restaurant built in 1993 on .55 ac lot in high income and densely populated Las Vegas metro.  100% NNN lease with 2 yrs left.  NOI $71K/yr. $825K.  8.61% cap. 
  9. Petsmart in Leominster, MA: 20,030 SF single-tenant retail center adjacent to the main entrance to the 667,000 SF Whitney Field Mall.  100% NNN corp lease with 5 yrs left.  NOI $413K/yr. $5.9M. 7% cap.


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