06-13: Applebees, Logan's, Kohl's, Dunkin's, Church Chicken, MOB, retail centers

1. Applebee's in Elgin, IL: 5004 SF restaurant built in 1996 on 1.12 ac outparcel to a movie theater, and across from Target anchored shopping center on a major artery in high income Chicago metro. 20 yrs absolute NNN lease with 12+ yrs left to a franchisee with 45 units.  NOI $222K/yr with 2% annual rent bumps. $2.96M. 7.5% cap.
2. Logan's Roadhouse in Tulsa, OK: 6503 SF franchised restaurant built in 2010 on 1.4 ac lot across from Sam's Club and adjacent to 777,000 SF Tulsa Hills Shopping Center.  Strong demographics with AHI of over $100K/yr. 20 yrs absolute NNN corp lease with 16 yrs left to a tenant/corp with 220 locations in 23 states.  NOI $248K/yr with 10% rent bumps every 5 yrs. $3.554M. 7% cap.
3. Kohl's in Rancho Cordova, CA: 76,168 SF single-tenant 6-yrs old retail building on 6.68 ac lot in Sacramento metro. Adjacent to Super Target and Near Walmart. Easy access to hwy 50.  100% absolute NNN corp lease with 1-0+ yrs left.  NOI $661K/yr with 10% rent bumps every 5 yrs.  $11.5M. 5.75% cap.
4. Dunkin's Doughnut & Verizon in Hartford, NY: 1890 SF Dunkin Donuts on .48 ac lot next to Walgreens and across from Rite Aid in high income Utica.  100% absolute NNN ground lease to Dunkin's Donuts and Verizon Wireless (wireless tower) both with over 10 yrs left (land is for sale).  NOI $72K/yr.  $1.106M. 6.5% cap.
5. Church's Chicken in Raleigh, NC: 1297 SF restaurant on .21 ac parcel.  100% absolute NNN corp lease with 10+ yrs left.  NOI $68K/yr with 1.5% annual rent bumps. $980K. 7% cap.
6. Retail Center in Wildomar, CA: 9258 SF retail center on 1.5 ac lot in high income Sothern CA (AHI $97K/yr).  Shadow anchored by Rite Aid.  100% NNN leased to 2 tenants.  NOI $150K/yr. $2.225M. 6.75% cap.
7. Strip center in Vestavia, AL: 9200 SF well-maintained retail/office center on .82 ac corner lot.  100% leased to 4 tenants: insurance, Subway, ReMax, and packaging store.  Gross income $139K/yr.  $1.325M.
8. Apartments in Lake Worth, FL: 27-unit multifamily on 4.7 ac parcels in Fort Lauderdale metro. Just blocks from John Prince Memorial Park, Palm Beach Community College, Lantana Airport.  NOI $172K/yr. $1.9M. 9% cap.
9. Medical Office Building in Montgomery, AL: 4293 SF Medical Imaging center built in 2000 on 1/2 ac lot  near highly-rated 150-bed acute care Baptist Medical Center East. High growth, high income area.  100% NNN leased with 2 yrs left to MedQuest with 60 imaging centers in 8 states.  NOI $106K/yr. $850K.  12.5% cap.
10. Retail/Office Building in Elmsford, NY: 24,059 SF retail/office building consists of 4 retail tenants and 9 office suites in high income New York city metro.  Pro forma NOI $265K/yr. $2.995M. 8.87% pro forma cap.

(c) Transmercial 2014