03-25: Walgreens, Shopping centersm Shoneys, Davita, MOB, 7-Eleven

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.  Walgreens in Federal Way, WA: 14,446 SF drug store built in 2004 on 1.32 ac lot at an intersection in high income Seattle metro.  20 yrs NNN lease with 10 yrs left.  NOI $425K/yr. $6.798M. 6.25% cap.
2. Shopping Center in Bakersfield, CA: 22,475 SF well-maintained retail center built in 1986 on 1.37 ac lot adjacent to Valley Plaza Mall.  81% NNN leased to 2 tenants.  Seller will provide rent guaranty for the vacant space.  NOI $242K/yr. $3.15M. 7.7% cap. 
3. Strip Mall in Marysville, CA: 6000 SF attractive strip center built in 2008 on .71 ac lot in Yuba city.  100% leased to 3 tenants.  NOI $126K/yr. $1.628M. 7.75% cap.
4. Shoney's restaurant in Greensboro, NC: 5798 SF restaurant on 1.74 ac lot right off I-40 exit. 100% NNN corp lease till 2027.  NOI $93K/yr with 6% rent bumps every 4 yrs.  $1.25M. 7.5% cap. 
5. Davita Dialysis portfolio in Charlotte, NC: 2 medical office buildings with combined 25,700 SF.  100% leased to Davita with 5 and 7 yrs left.  NOI $472K/yr. $6.3M. 7.5% cap. 
6. Office Building in El Cajon, CA: 19,232 SF 2-story office building on 1.39 ac lot in high income San Diego metro.  77% leased. Pro forma NOI $255K/yr. $3M.  8.5% pro forma cap.
7. Office/Retail Center in Carson, CA: 5060 SF 2-story retail office building completed in 1990 on 11,681 SF lot in high-income city in Los Angeles with over 1/2 million people in 5 miles ring.  100% leased to 7 tenants.  NOI $75K/yr. $1.12M. 6.75% cap. 
8. Medical Office Building in Euless, TX: 11,567 SF MOB constructed in 1990 in Dallas suburbs, South of DFW airport.  100% leased with4.5 yrs left to Prolab, Inc., a private medical holding company with 14 locations in 13 states. NOI $62K/yr.  $895K. 7% cap. 
9. Shopping Center in Elgin, IL: 38,924 SF shopping center on 3.83 ac lot in middle-class Chicago metro.  Anchored by Dollar Tree, and Planet Fitness. 100% NNN leased.  NOI $451K/yr. $5.315M. 8.5% cap.
10. 7-Eleven center in Las Vegas, NV: 4840 SF mature retail center anchored by 7-Eleven with recently renewed lease.  100% NN leased.  NOI $65K/yr. $820K. 8% cap.

            (c) Transmercial 2014