12-18: Goodyear, Jiffy Lube, Applebee's, Lone Star Steakhouse, MAX Fitness, Verizon Wireless

1. Goodyear (S&P BB-) in Jacksonville, FL: 8000 SF auto center built in 2006 on 1+ ac lot at a signalized intersection. Close to I-95. 15 yrs NNN- corp lease with 7+ yrs left. NOI 144K/yr. $2.045M. 7.04% cap. Buyer to assume $950,000 loan at 6.37% interest rate.
2. Jiffy Lube in Orlando, FL: 2,572 SF 3-bays Jiffy Lube built in 1997 on .32 ac lot.  Along major artery.  13 yrs absolute NNN lease with 12+ left to a franchisee with 8 units.  NOI $53K/yr with 2% annual rent bumps.  $738K.  7.25% cap.
3. Starbucks Coffee in Walker, MI: 2,138 SF attractive Starbucks Coffee completed in 2007 on .59 ac lot at a busy retail corridor in Grand Rapids suburbs. Close to I-96. 10 yrs NNN- corp lease with 5 yrs left. NOI $132K/yr. $1.8M. 7.36% cap.
4. Applebee’s in Memphis, TN: 7000 SF casual dining restaurant renovated in 2012 on 1.40 ac lot in high income area with an AHI of $94K/yr in 1 mile. Adjacent to the FedEx World Headquarters. This is a sale & leaseback investment. New 15 yrs absolute NNN ground lease (land for sale). NOI $110K/yr with 10% rent increases every 5 yrs. $1.917M. 5.75% cap.
5. Retail Center in Plantation, FL: 18,979 SF well maintained retail center on over 2 ac corner lot in high income Fort Lauderdale suburbs. Close to Westside Regional Medical Center and Westfield Broward Mall. Long term & stable tenants. NOI $385K/yr. $2.85M.  NOI/Cap not provided.
6. Lone Star Steakhouse in Rockford, IL: 6,397 SF Lone Star steakhouse on .92 ac outparcel to Target in middle class area. Near Walmart Supercenter, Sam's Club, Lowe's & Home Depot. 100% absolute NNN lease with 12 yrs left.  NOI $208K/yr with 1.5% annual rent bumps.  $2.189M. 9.5% cap.
7. MAX Fitness in Fort Wayne, IN: 19,200 SF fitness center completed in 2007 on 5 ½ ac lot in growing and high income (AHI $81K/yr) area. Near Walmart Supercenter and two major hospitals. 100% NNN lease with 8 yrs left to experienced operator with three facilities. NOI $176K/yr. $2.07M. 8.51% cap.
8. Retail Center in Toledo, OH: 23,293 SF retail center renovated in 2009 on 2 ac lot close to I-90/80. 99% NNN leased. NOI $212K/yr. $2.32M. 9.16% cap.
9. Strip Center in Avondale, AZ: 10,017 SF attractive strip center completed in 2003 on 1.38 ac outparcel to Sam’s Club in growing Phoenix suburbs. Close to I-10. 100% leased to stable tenants. NOI $165K/yr. $2.135M. 7.75% cap.
10. Verizon Wireless in Indianapolis, IN: 2433 SF newly constructed retail building on .80 ac lot at a signalized intersection and along main retail corridor. 10 yrs NNN- lease to largest franchisee in the U.S. NOI $116K/yr with 10% rent bumps every 5 yrs. $1.6M. 7.26% cap.

           

            (c) Transmercial 2013