08-23: Dollar General, Family Dollar, Burlington Coat Factory, hhgregg, Retail Buildings

Below are the most commonly used acronyms:

• AHI: Avg. Household Income.  National average is about $55+K/yr.
• NOI: Net Operating Income.  It’s the income after all expenses (prop taxes, ins., maintenance) paid.
• NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses.
• NNN-: Triple net lease with landlord responsible for roof and structure.  Used by Transmercial only.

1. Retail Center in Katy, TX: 17,034 SF retail center built in 2007 on nearly 2 ac lot in fast growing and affluent (AHI $154K/yr in 1 mile) Houston suburbs. 100% NNN leased to eight tenants. $4.12M. 8% cap.
2. Dollar General (S&P BBB-) in Cape Coral, FL: 11,700 SF newly constructed retail store at a signalized corner location in Fort Myers metro. Next to 7-Eleven.  15 yrs NNN- lease. NOI $171K/yr with 10% rent increase in yr 10. $2.56M. 6.75% cap.
3. Retail Building in Saint Petersburg, FL: 6335 SF attractive recently renovated retail building on .70 ac lot at a hard corner location. 100% NN lased to Sprint and The Sleep Oasis, a local multi-store mattress retailer. NOI $106K/yr. $1.325M. 8% cap.
4. Family Dollar in Grand Prairie, TX: 8808 SF Family Dollar store on .75 ac under construction & adjacent to Kroger grocery center. Off/on Hwy-161. 100% NNN lease with rent commencement scheduled for Nov 2013. NOI $113K/yr. $1.571M. 7.25% cap.
5. Retail Center in Lubbock, TX: 21,560 SF attractive retail center in growing (31.61% pop growth since 2000) and affluent area with an AHI of $117/yr in 1 mile. Adjacent to Covenant Medical Park. 100% NNN leased. NOI $364K/yr. $4.55M. 8% cap.
6. Retail Center in Long Beach, CA: 7296 SF six-unit retail center completed in 2006 at a signalized corner location in densely populated Los Angeles area. Close to I-710. Credit tenants include: Subway, Game Stop and Metro PCS. 100% NNN leased. NOI $225K/yr. $3.85M. 5.90% cap.
7. Big Box Retail Building in Port Richey, FL: 91,000 SF recently re-developed big box retail building on 8.40 ac lot in Tampa coastal town. Adjacent to Gulf View Square Mall. Next to Hwy-19. 100% NNN corp leased to Burlington Coat Factory and hhgregg (a regional home appliances and consumer electronic retailer with stores in 18 states). NOI $833K/yr. $9.8M. 8.50% cap.
8. Retail Center in Denver, CO: 10,999 SF well kept retail center at a hard corner location. Anchored by 13-bay Nebraskaland-Coloradoland-Kansasland Tire, with over 40 locations. Easy access to I-25/270. 100% leased. NOI $96K/yr. $1.2M. 8% cap.

© Transmercial 2013