02-01: Shopping centers, Pep Boys Auto, Walgreens, CVS for sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market today.

AHI: Avg. Household Income.  National average is about $50+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

1.      Neighborhood Center in Powell, OH: 48,740 SF shopping center built in 2002 on 9.12 acres lot in a fast growing (87% since 2000) affluent area (AHI $122K/yr in 1 mile) in Columbus suburbs. Shadow anchored by 75,775 SF Kroger Supermarket.  100% NNN lease.  NOI $728K/yr. $7.85M. 9.28% cap.  Assumable non-recourse loan at low 6.13% interest.

2.      Pep Boys Auto in Albuquerque, NM: 17,925 SF auto parts and service center with easy access to I-25.  15 yrs NNN corp lease.  NOI $198K/yr with 1.5% annual rent bump.$2.647M. 7.5% cap.

3.      Longhorn Steakhouse in Burlington, NC: 5435 SF franchised Longhorn Steakhouse on 1 acre outparcel to 475,000 SF mall in high income area.  100% NNN ground lease (land is for sale).  NOI $65K/yr. $886K.  7.5% cap.

4.      Walgreens Ground lease in Woodbridge, VA: 14,820 SF new drugstore on 1.47 acres lot in upper middle class Washington DC suburbs.  20 yrs NNN ground lease (land is for sale).  NOI $31K/yr with rate 10% rent bump every 10 yrs.  $4.85M. 6.5% cap.

5.      CVS Shopping Center in Norco, CA: 32,296 SF shopping center built in 2002 on 3.42 acres corner lot in upper middle class Riverside county.  Anchored by a free-standing 16,784 CVS drug store with 15 yrs remaining.  89% leased.   Current NOI $323K/yr. $4.25M. 7.61% cap.  Upside potential when 100% leased.

6.      Walgreens in Saint John, FL: 14,560 SF drug store built in 2004 on a corner in affluent Jacksonville suburbs (AHI $94K/yr).  Long term NNN lease.  NOI $383K/yr.  Price reduced to $5.282M. 7.25% cap.

7.      Strip Center in Aurora, IL: 4522 SF multi-tenant strip center built in 1999 on .37 ac lot in Chicago suburbs.  100% leased to insurance company, Payday Loans, and H&R block.  NOI $73K/yr. $820K.  9% cap. 

© Transmercial 2011.

01-31: Auto center, Office max, Arbys, Car Wash, Starbucks for sale

1.      NTB Auto Center in Lilburn, GA: 11,082 SF National Tire & Battery auto service center built in 2005 on 1.25 acres in affluent region in North East Atlanta.  100% NNN corp lease with 15 yrs remaining.  NOI $180K/yr with CPI-based rent bump every 5 yrs. $2.255M. 8% cap.      

2.      Office Max in Phoenix, AZ: 18,000 SF Office Max built in 2008 in Wal-mart Supercenter anchored shopping center in fast growth (195% since 2000!) area.  100% NNN- corp lease with 7 yrs remaining.  NOI $306K/yr. (bumped to $324K in 2013) $3.308M. 9.28% cap now and 9.8% cap in 2013.

3.      Arby’s in Red Bluff, CA: 2692 SF restaurant built in 1989 on 1.08 acres lot in front of Wal-mart and near I-5 exit in Northern CA.  100% NNN lease with 12 yrs remaining from an operator with 70+ units.  NOI $70K/yr. $1M. 7.08% cap.

4.      Shopping Center in Rialto, CA: 34,385 SF 12-unit shopping center built in 2006 on a 5.3 aces corner lot across from Home Depot and Food 4 Less. Anchored by Walgreens with several national tenants: Wendys, El Pollo Loco, Little Caesar, ACE Cash Express.  95% NNN lease.  NOI $809K/yr. $11.4M. 7.1% cap.  Buyer to assume $8.76M loan (77% LTV) at low 5.65% interest. 

5.      Car Wash in Sunnyvale, CA: 3150 SF Car wash built in 2007 on 2/3 acres corner lot in prime commercial corridor in Silicon Valley (AHI $113K/yr). Just one mile from 98 acres $300M Apple campus.  50 yrs NNN ground lease with 47 yrs remaining (land is for sale).  NOI $144K/yr with 10-15% rent bump every 5 yrs.  NOI $144K/yr. $2.195M.  6.55% cap.

6.      Starbucks in Texas City, TX: 1733 SF Starbucks built in 2008 on .46 acre Across Street from BP Corporate Office and Kroger.  100% NNN- corp lease with 8 yrs remaining.  NOI $93K/yr.  Price reduced to $1.07M.  8.7% cap.

7.      Strip Center in Aurora, CO: 3516 SF retail center built in 2006 on an outparcel to 278,000 SF shopping center anchored by Target, Office Max and Petsmart in fast growing (174% since 2000) and affluent (AHI $119K/yr) Denver suburbs.  100% leased to Starbucks and a local jewelry store.  NOI $105K/yr. $1.35M. 7.8% cap.

© Transmercial 2011.

01-28: On the Border, Office Buildings, Walgreens, Wendys for sale

Welcome new investors.  Each property has a brief description and an one-page flyer (attached).  For a full marketing brochure, please email to maria@transmercial.com.  Previous lists are posted on Transmercial’s blog after 2 weeks delay. Please click here to see how Transmercial selects the following properties among 300-400 properties on the market today.

AHI: Avg. Household Income.  National average is about $50+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.      On the Border restaurant in Cranberry Township, PA: On the Border Mexican Grille built in 2005 on 2.13 acres lot across from Power Center anchored by Target, Lowe's, T.J. Maxx and Staples.  Easy access to I-79 in affluent Pittsburg suburbs.  10 yrs NNN ground lease till 2016 (land is for sale) with guaranty by Brinker International (S&P rated BBB-).  NOI $131K/yr.  $1.685M. 7.7% cap.

2.      Office Building in Pacheco, CA: 20,540 SF 2-story office building on 1.3 acres lot high-income Concord/Walnut Creek area.  Easy access to I-680 and hwy 4. 70% leased.  Pro forma NOI $270K/yr. $2.7M. 10% cap.

3.      Office Building in Sacramento, CA: 74,000 SF office building on 4.43 acres corner lot on the busy Florin road with easy access both I-5 and Hwy 99.  90% occupied.  Current NOI $458K/yr. $4.2M. 10.91% actual cap.

4.      Walgreens in Centennial, CO: 14,025 SF new drugstore on a corner lot in affluent Denver metro (AHI $105K/yr).  New 25 yrs NNN lease.  NOI $625K/yr. $9.26M. 6.75% cap.

5.      Shopping Plaza in Median, ID: 50,090 SF retail center built in 1994 on 3.65 acres lot in middle class Boise metro.  100% NNN leased to 3 tenants.  NOI $348K/yr. $3.65M. 9.55% cap.

6.      Walgreens in Fort Myers, FL: 14,675 SF drug store on 1.17 acres corner lot on a busy artery.  100% NNN lease with 8 yrs remaining.  NOI $201K/yr. $2.6M. 7.75% cap.

7.      Wendy’s in Conroe, TX: 3050 SF restaurant built in 1995 on 1.24 acres just off of I-45 exit in Houston suburbs.  100% NNN leased to a multi-unit operator till 2024.  NOI $137K/yr with 10% rent bump every 5 yrs.  $1.7M. 8% cap.

8.      Medical Office Building in Bonney Lake, WA: 19,023 SF medical office building developed in 1998 on 1.77 acres parcel in high growth, high income area South of Seattle.  94% leased.  NOI $362K/yr $4.5M. 8.05% cap.

9.      Office Building in San Leandro, CA: 12,000 SF office building in middle-class San Fran Bay Area with easy access to I-880.  80% occupied.  NOI $120K/yr. $1.6M. 7.5% cap.

10.   Medical Dental Building in Simi Valley, CA: 50% ownership in 28,693 SF medical office building on 1.97 acres lot in affluent city.  100% NNN leased at below market rates.  NOI $160K/yr. $2.145M.

© Transmercial 2011.

01-27: strip center, Starbucks, Office Depot, Family $, Del Taco, KinderCare, DaVita for sale

1.      Strip Center in Porterville, CA: 3620 SF 4-yrs old retail center on .4 ac lot at the intersection of 2 major arteries in San Joaquin Valley.  100% NNN leased to 3 national tenants: Starbucks, Jackson Hewitt Tax Service, and Subway.  NOI $122K/yr. $1.66M. 7.4% cap.

2.      Starbucks in Clarksville, TN: 1850 SF Starbucks built in 2006 on .93 ac lot across Wal-Mart Superstore, K-Mart, Food Lion.  100% NNN- till 2016.  NOI $83K with 10% rent bump in Oct 2011. $1.005M. 9.1% cap in Oct 2011.

3.      Office Depot in Rohnert park, CA: 15,384 SF Office Depot just off Hwy 101 exit in a middle class area.  15 yrs NNN with 8 yrs remaining.  NOI $341K/yr.  $4.75M. 7.19% cap.

4.      Family Dollar in Auburndale, FL: 9180 SF Family Dollar store on 1.1 acres lot.  10 yrs NNN- lease.  NOI $137K/yr. $1.615M. 8.5% cap.

5.      Del Taco in Lone Tree, CO: 2314 SF Del Taco restaurants (with 500+ locations in US) on .6 ac lot near hwy 470 exit in upper middle class Denver suburbs (AHI $111K/yr).  20 yrs NNN lease to an operator with 7 locations.  NOI $150K/yr with 10% rent bump every 5 yrs.  $2M. 7.5% cap.

6.      KinderCare in Santa Clara, CA: 9840 SF KinderCare childcare center on 1.07 acres lot in the heart of densely-populated and wealthy Silicon Valley (AHI $113K/yr with 525K residents in 5 miles).  Easy access to Lawrence Exp. 100% NNN corp lease.  NOI $182K/yr. $2.6M.

7.      Shopping Center in Lakewood, CO: 10,200 SF retail center built in 2006 on 1.93 acres corner lot in Denver metro.  100% NNN leased to 4 good tenants: FedEx, Pizza Hut, Quizno’s, and Brother’s BBQ.  NOI $224K/yr. $2.75M.  Buyer to assume $2+M at 6.18% interest.

8.      DaVita Dialysis in Poinciana, FL: brand new 14,000 SF dialysis center next to Wal-Mart in a fast growing city (164% since 2000) South of Orlando.  15 yrs NNN lease to a national healthcare provider.  NOI $121K/yr. $1.567M. 7.75% cap.

© Transmercial 2011.