06-10: DaVita, Rick Johnson, Gateway Academy, Tire Kingdom, Retail Centers

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 Denton, TX: 70,310 SF attractive retail center on over 6 ac outparcel to 764,719 SF  Golden Triangle Mall, with Sears, Macy’s, Dillard’s and more. In fast growing Dallas suburbs. Close to I-35E. 100% leased to Bed Bath & Beyond, Staples, Party City and Once Upon a Child. NOI $788K/yr. $11.265M. 7% cap.
2. DaVita in Moorpark, CA: 11,594 SF high quality constructed single tenant dialysis center completed in 2008 in high income city (AHI $126K/yr in 3 mile) in Southern California. 15-yrs NNN corp lease with 13 yrs left. NOI $340K/yr with 10% rent bumps every 5-yrs. $5.3M. 6.43% cap.
3. Rick Johnson in Fort Myers, FL: 5304 SF well maintained Rick Johnson auto center on .86 ac lot along major retail corridor in Cape Coral suburbs. 10-yrs absolute NNN lease with over 8 yrs left. NOI $98K/yr with rent bumps. $1.353M. 7.25% cap.
4. Retail Building in Phoenix, AZ: 4314 SF attractive retail building at a busy thoroughfare. Close to Phoenix Children’s Hospital. 100% NNN leased to 3 national tenants: Dunkin’ Donuts, Progressive Insurance and Check into Cash. NOI $97K/yr. $1.34M. 7.25% cap.
5. Retail Center in League City, TX: 11,500 SF recently constructed retail center at a signalized intersection in growing and high income Houston suburbs with an AHI of $101K/yr in 1 mile radius.  100% NNN leased to Safari Anima, Yummy Donut, Trendy Nails, Hair 21 and Massage 21. NOI $189K/yr. $2.7M. 7.02% cap.
6. Shopping Center in Upland, CA: 23,563 SF L-shaped well maintained shopping center built in 1990 on 2.48 ac lot at a hard corner location in high income (AHI $104K/yr) San Bernardino County. 96% leased. NOI $192K/yr. $3.105M. 6.22% cap.
7. Gateway Academy in Charlotte, NC: 11,884 SF Child Development Center built in 2001 on 2.36 ac lot in a growing and affluent area with an AHI of $126K/yr in 1 mile. 20-yrs NNN lease with 12-yrs left to 5^th largest day care provider with 120 units. NOI $194K/yr with 2% annual rent bumps. $2.432M. 8% cap.
8. Tire Kingdom in Greenville, SC: 6656 SF 8-bay Tire Kingdom completed in 2003 outparcel to Hobby Lobby in growing (140% pop growth since 2000) and high income area with an AHI of $93K/yr in a 3 mile radius. Adjacent to Walmart and near I-385. 100% NNN corp lease with 10-yrs left. NOI $154K/yr with a 10% rent bump in 2019. $2.294M. 6.75% cap.
9. Retail Center in Spokane, WA: 9960 SF attractive retail center completed in 1999 on nearly 1 ac lot along busy retail corridor. All units face main road. $2.185M.  NOI/Cap N/A.

            (c) Transmercial 2014