10-29: HHGregg, EZ Pawn, U-Like Buffet, Office Buildings, Retail Centers

1. Retail Center in Kennesaw, GA: 19,173 SF well maintained retail center on 1.38 ac outparcel to Toy’s R Us in growing Atlanta suburbs. Adjacent to Power Center with Home Goods, T-J-Maxx and Marshalls. Across from Town Center at Cobb and between I-75 and I-575. 93% NNN leased. $2.88M. 8% cap.
2. Retail Center in Tampa, FL: 17,935 SF retail center built in 2004 on over 2 ac outparcel to Super Walmart. Good tenant mix including: GameStop, Amscot and Show-Me’s Bar & Grill. 82% leased with mostly NNN leases. Actual NOI $285K/yr. $3.8M. 7.51% cap. Upside potential when fully leased.
3. HHGregg in Chesapeake, VA: 25,150 SF single-tenant retail building constructed in 2010 on over 2 ac lot in growing Norfolk suburbs. Adjacent to Kohl’s, Walmart Supercenter and Sam’s Club. Near 900,000 SF Greenbrier Mall. On on/off ramp of I-64. 15-yrs NNN lease with 11-yrs left to Gregg Appliances Inc. (a regional, publicly traded company, NYSE: HGG) with 228 stores. NOI $401K/yr with rent bumps every 5-yrs. $5.517M. 7.27% cap.
4. Office Building in Littleton, CO: 12,180 SF Class-B multi-tenant office building completed in 2000 on .69 ac lot in a growing and high income (AHI $98K/yr in 3 miles) Denver suburbs. 100% leased to seven tenants. NOI $71K/yr. $975K. 7.33% cap.
5. U-Like Buffet in Tucson, AZ: 9625 SF highly-rated-on-Yelp buffet restaurant redeveloped in 2012 on 1.47 ac corner lot. Close to Park Place Mall and Kindred Hospital Tucson. 10-yrs NNN lease with 7-yrs left to an operator with 7-units. NOI $138K/yr with a rent bump in 2016. $1.652M. 8% cap.
6. EZ Pawn in Houston, TX: 3640 SF well maintained retail building on .57 ac corner lot in growing upper middle class area. Tenant has been at this location for over 45-yrs. Near Memorial Herman Northwest Hospital and I-610. 100% NNN lease with 5-yrs left. 6% cap. NOI N/A.
7. Neighborhood Center in Palmdale, CA: 96,352 SF shopping center on over 5 ac lot anchored by 99 Cents Only in Los Angeles County. Shadow anchored by Home Depot and Sears Outlet. Next to Hwy-14 and near Antelope Valley Mall. NNN leased. NOI $613K/yr. $10.225M. 6% cap.
8. Office Building in Westport, CT: 10,940 SF Class-B office building on .61 ac lot in affluent (AHI $146K/yr in 3 mile radius) New York coastal town. 79% leased to multiple tenants. Pro forma NOI $201K/yr. $2.8M. 7.20% pro forma cap.
9. Shopping Center in Katy, TX: 40,000 SF attractive shopping center in growing (119% growth since 2000) and upper middle class (AHI $83K/yr) Houston suburbs. 90% leased. NOI $294K/yr. $3.5M. 8.40% cap.
10. Retail Center in Washington Township, MI: 17,561 SF attractive retail center in high income Detroit suburbs with an AHI of $91K/yr in 3 miles. Near Hwy-53. Good tenant mix including: Great Clips, UPS Store, AAA Insurance, Expert Eyes, Miracle Ear and more. 100% NNN leased. NOI $217K/yr. $2.588M. 8.40% cap.

            (c) Transmercial 2014