06-06: Lowe's, Arby's, Office Building, Shopping Centers, Retail Buildings

1. Lowe’s in Columbus, OH: 125,357 SF big box retail building completed in 1994 on over 12 ac lot at a busy retail corridor. Adjacent to Hobby Lobby & Dollar Tree center. Close to Magic Mountain Fun Center, a year-round indoor/outdoor family fun center and I-70. Tenant has been here for 20 yrs and just renewed 5 yrs  NNN- corp lease with 34% rent reduction. New NOI $532K/yr. $6.3M. 8.46% cap.
2. Retail Center in Elgin, IL: 15,233 SF attractive retail center built in 1990 on 1.78 ac lot along major corridor in upper middle-class Chicago suburbs. Near major center with Target, Hobby Lobby and Burlington. 83% NNN leased to national/regional tenants. Actual NOI $216K/yr. $2.6M. 8.33% cap. Upside potential.
3. Shopping Center in Columbus, GA: 46,784 SF attractive shopping center anchored by Gold’s GYM and Dollar General. Close to Peachtree Mall and with easy access to Hwy-185. NOI $342K/yr. $3.6M. 9.50% cap.
4. Arby’s in Jacksonville, FL: 3718 SF well maintained Arby’s Restaurant on nearly 1 ac lot along major retail corridor and near I-295. 20-yrs absolute NNN corp lease with 8-yrs left. NOI $140K/yr with rent bumps every 2-yrs. $2.012M. 7% cap.
5. Office Building in Meridian, ID: 22,308 SF Class-A multi-tenant office building completed in 2007 on .52 ac lot in a fast growing (310% pop growth since 2000) and high income (AHI $94K/yr) Boise suburbs. 94% leased. NOI $190K/yr. $2.795M. 6.80% cap.
6. Retail Center in Louisville, KY: 16,728 SF attractive retail center next to Kroger Grocery and across from Kohl’s and Walmart Supercenter. 66% leased. $3.745M. NOI/Cap N/A.
7. Retail Center in Hesperia, CA: 19,732 SF 11-units retail center completed in 2008 on 2.56 ac lot in growing San Bernardino County. 100% NNN leased. NOI $275K/yr. $4.5M. 6.13% cap.
8. Shopping center in Melrose Park, IL: 43,000 SF shopping center renovated in 2011 at a hard corner location and next to Toys R Us. Adjacent Winston Plaza, with Meijer Grocery and Chuck E. Cheese’s. Close to Target, Gottlieb Hospital and Costco. 83% NNN with excellent tenant mix. NOI $458K/yr. $6.45M. 7.11% cap.
9. Office Building in Folsom, CA: 8837 SF Class-A single-tenant office building on 1 ac lot in affluent (AHI $114K/yr) Sacramento suburbs. Close to Mercy Hospital of Folsom and Power Center with several big-box anchored tenants. 100% leased to Morgan Stanley, a multinational financial service corporation with 1300 offices. Actual NOI $126K/yr. $1.8M. 7% cap.

            (c) Transmercial 2014