07-07: Walgreens, Shopping centers, CVS

1.       Walgreens in Mesa, AZ: 15,525 SF drug store built in 1995 on 1.5 acres corner lot.  100% NNN- leased till 2015.  NOI $242K/yr.  Store with sales revenue of 5+M/yr (low rent to income of 4.8% which means tenant is expected to renew lease).  $2.849M. 8.5% cap.

2.       Shopping Center in North Ogden, UT: 59,000 SF shopping center built in 1997 on 4.67 acres corner lot in high income Salt Lake City metro (AHI $82K/yr in 1 mile).  Anchored by 45,000 SF Lee’s Marketplace, a regional grocery store affiliated with Associated Foods.  100% NNN leased to 11 tenants.  NOI $689K/yr. $8.62M. 8% cap.  Buyer to assume $5.78M loan at low 5.6% interest.

3.       Shopping Center in Pomona, CA: 58,485 SF 8-unit shopping center built in 2009 on 4.25 acres corner lot in densely-populated Los Angeles county with over 450K residents in 5 miles radius.  Anchored by El Super grocery with 36 stores in CA, NV, and AZ. NOI $1.057M.  $15.1M. 7% cap.

4.       Strip mall in Cedar Hill, TX: 8174 SF 2-yrs old attractive strip mall on 2.4 acres lot across from Wal-mart supercenter in fast growing prosperous Dallas suburb.  87% NNN leased to 3 tenants with 2 main tenants in stable healthcare field.  NOI $157K/yr.  $1.85M. 8.5% cap.

5.       CVS Pharmacy in Dallas, TX: 12,973 SF CVS built in 2001 on 1.71 acres corner lot at a major intersection and easy access to I-35E.  100% NNN leased to 2021.  NOI $467K/yr. with 5% bump in each of the six 5-yr options.  Store with very strong sales of $15M (sales to revenue ratio of 3.1%, highly profitable location).  $6M. Buyer to assume $4.4M loan at low 5.43% interest.

6.       Shopping Center in Tyron, GA: 21,600 SF Bank-owned shopping center in fast growing and affluent Atlanta suburbs.  NOI N/A and occupancy expected to be low.  Just $820K.

7.       Retail Center in Fredericksburg, VA: 14,800 SF multi-tenant retail center on 1.55 acres lot in growing high-income town 30 minutes from Washington DC. 100% occupied.  NOI $315K/yr. $4.5M. 7% cap.

8.       Shopping Plaza in Saint Louis, MO: 105,651 SF shopping center built in 1987 on 9.19 acres lot right off I-55 exit and next to South County Center mall.  Anchored by Marshalls and JC Penney that have been here since 1988 and 1993, respectively.  100% leased.  While the property is unpriced, the listing broker expects 8.5% cap and $8+M.  Buyer to assume $6M non-recourse loan.

9.       Strip Center in South Lake Tahoe, CA: 4812 SF strip center in affluent ski resort town (AHI $102K/yr) on 1/3 ac lot.  75% leased.  Pro forma NOI $88K/yr. $985K. 9% cap.

10.   Shopping Center in Glendale, AZ: 85,789 SF shopping center next to Loop 101 on ramp in affluent (AHI $118K/yr in 1 mile) Phoenix metro.  Anchored by 99 Cent Only Store, and Ace hardware. 85% leased.  NOI $861K/yr.  Unpriced but cap rate is expected to be around 8%.

© Transmercial 2011.

07-06: Retail Centers, Office Tower, Walgreens

1.       Strip mall in Indianapolis, IN: 5936 SF retail center built in 2007 on .86 ac lot at a hard corner.  Shadow anchored by Walgreens.  100% NNN leased to 4 tenants: Starbucks, Verizon, Subway and Credit counselor.  NOI $157K/yr. $1.907M. 8.25% cap.

2.       Retail center in Arlington, TX: 10,335 SF retail center on 1 ac lot.  66% NNN leased.  Current NOI $86K/yr. $1.19M. 7.36% cap.  Upside potential when 100% leased.

3.       Shopping Plaza in Streamwood, IL: 20,604 SF shopping plaza built in 2000 on 2.33 acres corner in affluent (AHI of $103K/yr in 1 mile) Chicago suburbs.  84% NNN leased to 10 tenants with 3 small vacant unit.  Current NOI $230K/yr.  $3.1M. 8.34% cap.  Upside potential when 100% leased.

4.       Office Tower in Hurst, TX: 126,152 SF 6-story office building on 5.5 acres lot with frontage on Hwy 183/121 in Dallas metro.  Anchored by Liberty Bank (spent $1M on build out), University of Phoenix, and United Auto Credit.  75% occupied.  Current NOI $1.06M.  $11.3M. 9.4% cap.  Seller to provide 70% LTV financing at 5.5% interest.  Upside potential when 100% leased.

5.       Shopping Center in Folsom, CA: 25,396 SF upscale shopping center built in 2005 on 3.29 acres lot near Target, Lowe’s, Trader Joes, Ralley’s, Orchard Supplies, Office Depot, Save mart, CVS in growing and affluent (AHI $107K/yr in 1 mile) Sacramento suburbs. 94% NNN leased to 13 tenants with 1 avail unit.  NOI $684K/yr. Price reduced to $8.5M. 8.06% cap.  Buyer to assume $6.9M loan at 6.11% interest.

6.       Office / Industrial Building in Charlotte, NC: 61,880 SF single-tenant office/industrial building on 3.87 acres lot.  100% NNN- extension to Sterigenics International, the world's leading provider of Contract Sterilization Services for the Medical Device and Pharmaceutical Industries with 40 services center worldwide. Tenant has been here since 1994 and just extended lease for 10 more years.  NOI $309K/yr with annual rent bump. $3.569M. 8.86% cap. 

7.       Strip Mall in North Babylon, NY: 9800 SF 8-unit strip mall on a major artery in high income New York suburbs.  Adjacent to Landmark Stables Nursery.  100% NNN leased.  NOI $350K/yr. $4.9M. 7.2% cap.

8.       Walgreens in Fort Worth, TX: 13,833 SF Walgreens built in 1997 on 1.3 acres lot at hard corner intersection. 100% NNN- lease with 7 yrs remaining.  NOI $295K/yr. $3.168M. 9.31% cap.

© Transmercial 2011.

07-05: Strip Center, Romano's Macaroni, Wendys, Medical Office Building

1.       Medical Office Building in Desoto, TX: 4685 SF single-tenant 5-yrs old class-A medical office building on .64 ac lot near Methodist Charlton Hospital in Dallas metro.  Easy access to Hwy 67 and I-20.  100% NNN lease to a medical doctor since 2006 with 4 ½ yrs remaining.  NOI $96K/yr. $1.1M. 8.75% cap.

2.       Strip Center in Las Vegas, NV: 13,727 SF 9-unit retail center built in 1996 in high income are (AHI $82K/yr in 1 mile).  Across the street from Santa Fe Station Hotel &  Casino complex.  82.5% NNN lease with 2 small vacant spaces.  Pro forma NOI $179K/yr. $2M. 9% cap.

3.       Romano’s Italian Grill in Hoffman Estates, IL: 8458 SF Romano’s Macaroni Grill on 1.94 acres near St. Alexius medical Center and I-94 exit lot in Chicago suburbs.   100% absolute NNN corp lease with 17 yrs remaining.  NOI $170K/yr. Store with strong sales revenue of $2.373M.  $2.345M. 7.25% cap.

4.       Wendys in Morrow, GA: 3000 SF Wendy’s restaurant remodeled 2004 on .88 ac outparcel to Sam’s Club in Atlanta suburbs.  New 20 yrs NNN lease to an operator with 21 units.  NOI $103K/yr.  Store with sales revenue of over $1.2M in 2010.  $1.419M.  7.25% cap.  Listing office says 8% cap possible ($1.287M).

© Transmercial 2011.

07-01: DSW Shoe Warehouse, Walgreen's, Fresh & Easy, Bass Pro Shops, Hotel

1.     REO Shopping Center in Avondale, AZ: 33,731 SF newly constructed shopping center anchored by Staples at a signalized active (154,000 CPD) corner location near I-10. 65% NNN leased. Pro forma NOI $404K/yr. $3.595M. 11.26% Cap.

2.     REO Office Building in Frankfort, IL: 28,824 SF attractive 3-story multi-tenant office building constructed in 2003 along I-80 in wealthy (AHI $93K/yr within 1-mile) Chicago metro. The building features an oak wood paneled lobby, oak wood suite entries and polished brass trimmings. The suites in this building were originally designed to be professional condos and all units are individually metered. 70% leased. NOI $107K/yr. $1.375M. 7.79% Actual Cap. Upside Potential.

3.     DSW Shoe Warehouse in Cincinnati, OH: 20,790 SF retail building on 2.15 ac lot in prosperous (AHI $103K/yr within1-mil) neighborhood next to I-71. 100% NNN leased. Tenant has been here since 1996 and just renewed 5 yrs extension. NOI $208K/yr. $2.5M. 8.32% Cap.

4.     Walgreen’s in Las Vegas, NV: 13,905 SF drugstore built in 1999 on 1.72 ac lot close to Wal-Mart at a busy signalized intersection.  8-yrs left on NNN- lease. NOI $531K/yr. $7.275M. 7.3% Cap.

5.     Strip Center in Glen Cove, NY: 7,200 SF well-maintained strip center on .53 ac lot with excellent visibility in New York metro. Affluent neighborhood with AHI of $132K/yr in 1 mile. 90% leased. NOI $134K/yr. Price reduction from $1.625M to $1.495M. 9% Cap.

6.     Fresh & Easy in Avondale, AZ: 14,390 SF grocery store at strong retail location near Fwy-10 in fast growing (11,070.59%) Phoenix suburbs. Long NNN Ground Lease (buyer owns land). Fresh & Easy's parent company, Tesco, is the world's 3rd largest grocer (#1 grocery brand in the UK) and operates approximately 4,800 stores in Europe, Asia and the United States. NOI $119K/yr. $1.714M. 7% Cap. 

7.     Hotel in Orlando, FL: 214-room hotel built in 1990 on 4.43 ac lot across from Dr P Phillips Hospital and close to numerous theme parks. Conveniently located next to Fwy-4. 56% Average Occupancy. NOI $428K/yr. $6.780M. 6.32% Cap.

8.     Bass Pro Shops in Portage, IN: 130,000 SF single-tenant retail building in a coastal town Southeast of Chicago with I-94 visibility. Roughly 16-years remaining on lease. NOI $517K/yr. $7.250M. 7.14% Cap.

9.     JC Penny Home Store in Pembroke Pines, FL: 50,000 SF retail building developed in 1998 on 4.27 acres lot next to Ethan Allen and BJ’s close to I-75 in Miami metro.  Corporate lease. NOI $594K/yr. $7.8M. 7.62% Cap.

© Transmercial 2011.

06-30: Walgreen's, Fozoli's Restaurant, Golfsmith, Strip Centers

1.     Strip Center in Spring, TX: 9000 SF 2-years old strip center at signalized corner  close to Splashtown-Houston water park and next to I-45. Plans for additional 3000 SF. 100% NNN leased. NOI $246K/yr. $2.9M. 8.5% Cap.

2.     Walgreen’s in Las Vegas, NV: 15,120 SF pharmacy built in 1999 on 1.62 ac lot close to Mountain View Hospital with excellent access to Fwy-95.  8-yrs left on NNN- lease. NOI $405K/yr. $5.550M. 7.3% Cap.

3.     Retail Center in Rego Park, NY: 9605 SF well-maintained retail center along busy boulevard in middle-class (AHI $73K/yr) neighborhood. 100% leased. NOI $305K/yr. $4M. 7.6% Proforma Cap.

4.     Fazoli’s in Champaign, IL: 3000 SF Italian quick service restaurant built in 1995 on .83 ac lot on a pad site to Staples, Dollar Tree, Famous Footwear and PetSmart anchored center near I-74/55. Absolute NNN corp leased till 2020 with corp guaranty. NOI $78K/yr with 10% rent bumps every 5-years. $1.076M. 7.25% Cap.

5.     REO Apartments in Houston, TX: 61-unit multifamily complex on 2.38 ac lot close to Beltway-8 and I/10. High income area.  NOI $104K/yr. $1M. 10.40% Cap. Only $16,393 per unit!

6.     Golfsmith in Downer Grove, IL: 25,000 SF recently renovated retail building shadow-anchored by Home Depot and Sam’s Beverage and near I-355. Absolute NNN corp lease till 2021. Tenant has been here since 1999.  High income Chicago suburbs (AHI 98K/yr in 3 miles). NOI $436K/yr with rent increases every 2½ years. $5.680M. 7.68% Cap.

© Transmercial 2011.

06-29: Shopping centers, Medical Office building, Walgreens, Jack in the Box, Taco Bell, Car Care Center

1.       Shopping Center in Magnolia, TX: 22,260 SF shopping center on 2.86 acres lot in front of Home Depot in fast growing upper middle-class (AHI $99K/yr in 1 mile) community in Houston suburbs.  89% NNN leased to 7 tenants with 1 avail unit.  Current NOI $359K/yr. $3.991M. 9% cap.  Upside potential when 100% leased.

2.       Medical Office Building in San Antonio, TX: 22,664 SF 2-story medical office building on 1.6 acres lot.  99% leased.  NOI $235K/yr. $2.8M. 8.42% cap.

3.       Walgreens in El Paso, TX: 15,120 SF drug store built in 2000 on 1.5 acres corner lot with Loop 375 frontage. 9 yrs remaining on NNN- lease.  Store with strong $8+M in sales.  NOI $338K/yr. $4.225M. 8% cap.  No state income taxes.

4.       Jack In the Box in Newberg, OR: 2480 SF new Jack In the Box to be completed in Nov 2011 on .6 ac parcel corner lot across from FredMeyer, Safeway, Bi-Mart. New 20 yrs absolute NNN lease from an operator with 60+ locations with personal guaranty.  NOI $140K/yr.  with 1% annual rent bump.  $2M. 7% cap.

5.       Shopping Center in Flower Mound, TX: 31,939 SF shopping center built in 1998 on a major artery in affluent Dallas metroplex (AHI $116K/yr in 1 mile).  Shadow anchored by Walgreens.  97% NNN leased. NOI $481K/yr.  $5.5M. 8.75% cap.

6.       Retail Center in Cordova, TN: 15,100 SF 3-unit retail center built in 1991 on 1.44 acres lot across from super Target and Wal-mart in middle class Memphis metro.  75% NNN leased to AutoZone and Baptist Minot Medical Center.  Pro forma NOI $250K/yr. $2.95M. 8.5% cap.

7.       Taco Bell in Jackson, TN: 2648 SF restaurant built in 1999 on .85 ac lot near I-40.  15 yrs NNN lease.  NOI $136K/yr. $1.679M.  8.1% cap.

8.       Car Care Center in Naples, FL: 11,000 SF multi-tenant car care center on 1.29 acres lot on a major artery in high income area (AHI $91K/yr in 3 miles).  100% leased to 4 tenants.  NOI $119K/yr. $1.45M. 8.2% cap.

© Transmercial 2011.

06-28: Shopping centers, Apartments, CVS, Jack in the Box, Burger King, Walgreens, Office Depot.

1.       Shopping Plaza in Joliet, IL: 225,597 SF 18-unit shopping plaza on 29 acres parcel at a hard corner in Chicago suburbs.  Anchored by Marshalls, Burlington Coats Factory, Hobby Lobby, Office Max, Fashion Bug.  Shadow anchored by 73,690 SF Ultra Foods with 13 locations in Chicago.  Across from Food 4 Less and Jewel Osco Grocery.  97% NNN leased with 3 small vacant units.  NOI $1.408M.  $15.63M. 9% cap.

2.       Apartments in Houston, TX: 52-unit apartments on 1.8 acres lot in high income Houston (AHI $91K/yr in 3 miles).  94% occupied.  Pro forma NOI $161K/yr.  $1.56M. 10% cap.

3.       CVS Pharmacy in Murfreesboro, TN: 10,125 SF drugstore built in 1999 on 1.5 acres lot at a high traffic corner in Nashville suburbs.  100% NNN lease till 2020.  NOI $249K/yr. with rent bump in 2014.  $3.215M. 7.75% cap.

4.       Strip Mall in Hometown, IL: 10,890 SF strip mall in Chicago suburbs.  Shadow anchored by Walgreens.  100% NNN leased to 5 tenants: insurance agency, American General, dentist, dry cleaner and The Casual Male.  NOI $193K/yr. $2.208M. 8.75% cap.

5.       Jack In the Box in Tolleson, AZ: 2654 SF restaurant built in 2007 on .88 ac lot in fast growing Phoenix suburbs.  20 yrs NNN corp ground lease (land is for sale).  NOI $80K/yr. $1.276M. 6.25% cap

6.       Burger King in Santa Rosa, CA: 2536 SF Burger King with drive thru built in 1998 on .65 ac lot in middle class area North of San Francisco.  100% NNN lease to an experienced operator with 7 locations in Northern CA.  NOI $72K/yr. $1.1M. 6.5% cap.

7.       Strip Center in Salt Lake City, UT: 6949 SF retail center constructed in 2003.  100% NNN lease to 5 national tenants: Subway, Jackson Hewitt Tax Service, Cricket Wireless, Check ‘N Go, and Papa Murphy’s Pizza.  NOI $130K/yr. $1.586M. 8.25% cap.

8.       Business Center in Las Vegas, NV: 20,644 SF well maintained 2-story office building with 5 suites on a busy street in affluent area (AHI $117K/yr in 1 mile). 91% leased.  NOI $370K/yr. $2.75M. 13.48% cap.

9.       Walgreens in Spokane, WA: 14,550 SF drugstore built in 2000 in the residential area.  100% NNN- with 9 yrs remaining.  NOI $372K/yr. $4.894M. 7.5% cap.

10.   Office Depot in Annapolis, MD: 16,708 SF Office Depot on .98 ac corner lot in affluent Washington DC’s suburbs.  New 10 yrs NNN corp lease.  NOI $534K/yr with 10% rent bump every 5 yrs. $7.71M. 7% cap.

© Transmercial 2011.

06-27: Shopping centers, Walgreens, Medical office building Burger King, McDonald

1.       Shopping Center in Fort Worth, TX: 28,344 SF shopping center built in 2005 on 4.65 acres parcel in front of Wal-mart.  89% NNN leased to 9 tenants, 5 of them national tenants.  Pro forma NOI $442K/yr. $5.3M. 8.36% cap.

2.       Shopping Center in Downers Grove, IL: 31,196 SF shopping center on 4.5 acres site in upper middle-class (AHI $88K/yr) Chicago suburbs.  91% leased.  NOI $426K/yr. $4.9M. 8.7% cap.

3.       Walgreens in Torrington, CT: 15,120 SF drug store on 1.5 acres lot. Store with strong sales revenue of over $10M/yr.  NOI $440K/yr. $6.07M. 7.25% cap.

4.       Laundromat in Huntington park, CA: 4972 SF single-tenant retail center on ¼ ac lot in densely populated area in Los Angeles (close to 1M residents in 5 miles).  100% NNN long term leased to a Laundromat operator.  NOI $60K/yr. $1M. 6% cap.

5.       Medical Office Building in Cedar Park, TX: 30,622 SF 2-story medical office building developed in 1999 in a fast growing and high income Austin suburbs.  80% leased.  Current NOI $384K/yr.  $5.5M. 7% cap.  Upside potential when 100% leased.

6.       Office Building in Ann Arbor, MI: 31,508 SF class-A office building on 2.58 acres lot in high income area.  Near I-94 and minutes from the University of Michigan.  100% NNN leased to Cybernet, a research company in medical and defense fields  (named the Best of the Best Michigan business in 2009).  NOI $287K/yr. $3.029M. 9.5% cap.

7.       Burger King in Apple Valley, CA: 5684 SF Burger King restaurant with kids playplace built in 1996 on .98 acre lot near K-mart and Food 4 Less.  8 yrs NNN lease.  NOI $80K/yr with 10% rent bump every 5 yrs.  $1.23M. 6.5% cap.

8.       McDonalds in Colorado Springs, CO: 4000 SF McDonalds on 1.49 acres lot near I-25 exit and Walmart.  20 yrs NNN ground lease (land is for sale).  NOI $80K/yr. $1.066M. 7.5% cap.

© Transmercial 2011.

06-24: SEMINAR CANCELLED. Medical Office Building, Jack In the Box, Short sale shopping centers, Bank United, Starbucks

Please be advised that the seminar/webinar scheduled for June 25 has been postponed.  Transmercial will announce the new date in the future.  Sorry for any inconveniences this may cause.

1.       Medical Office Building in Spring, TX: 17,369 SF established medical office building in affluent Houston suburbs (AHI $120K/yr in 1 mile).  85% NNN leased to 6 tenants (5 medical/dental) with 2 small avail units (one of current tenants is negotiating to expand).  Current NOI $157K/yr. $1.65M. 9.55% cap.  Upside potential when 100% leased.

2.       Shopping Center in Humble, TX: 91,078 SF shopping center on 4.73 acres lot with US-59 frontage and near Houston Intercontinental Airport.  100% leased with 7 national tenants: Ashley Furniture, Chili’s, Popeye’s Chicken & Biscuits, Souper Salad, Oreck Floor Care, Pearle Vision and Comcast Cable.  NOI $1.06M. $11.195M. 9.5% cap.

3.       Jack In The Box in San Antonio, TX: 2760 SF JIB on .69 ac lot.  100% NNN corp lease with 9 yrs remaining.  NOI $105K/yr with CPI –based rent bump not to exceed 9% every 5 yrs (next on in 2012).  $1.545M. 6.8% cap now (est. 7.4% in 2012).

4.       Short sale Apartments in Dallas, TX: 120-unit apartments built in 1983 on 8.94 acres lot in high income area (AHI $87K/yr in 1 mile). 74% occupied.  Proforma NOI $329K/yr. $2.75M. 12% cap.

5.       Medical Office Building in Smyrna, GA: 14,218 SF class-A medical office building on a corner lot in high income Atlanta suburbs (AHI $87K/yr).  100% NNN leased to WellStar Urgent Care, WellStar Allergy & Immunology Clinic, WellStar Rheumatology, Patrick Family Dentistry and Physicians Weight Loss / ObGyn Clinic.  NOI $270K/yr. $3.6M. 7.5% cap.

6.       Shopping Center in Reno, NV: 53,314 SF shopping center on 3.97 acres corner lot.  NOI $530K/yr. $5.3M. 10% cap.

7.       Strip Center in Joliet, IL: 10,595 SF retail center in Chicago suburbs.  Adjacent to CVS.  83% NNN leased to 2 national tenants: Advance Auto and Jimmy Johns Sandwiches with1 vacant unit.  NOI $198K/yr. $2.6M. 7.75% cap.

8.       Short sale Shopping Center in Mauldin, SC: 18,752 SF 5 yr-old 9-unit shopping center on 2.8 acres lot in fast growing and high income Greenville metro.  70% leased.  Proforma NOI $220K/yr. $2.449M. 9% cap.

9.       Bank United in Saint Petersburg, FL: 4150 SF Bank United building on 1.25 acres lot.  New 12 yrs NNN-.  NOI $104K/yr. $1.398M. 7.5% cap.

10.   Starbucks in Kokomo, IN: 1800 SF free-standing Starbucks built in 2008.  100% NNN- leased with 8 yrs remaining.  NOI $93K/yr with 10% rent bump every 5 yrs. $1.12M. 8.37% cap

© Transmercial 2011.

06-23: SENINAR POSTPONED. Hardee's, Fresenius, Pick 'n Save, Walgreen's, apartments

Hi,

Please be advised that the seminar/webinar scheduled for June 25 has been postponed.  Transmercial will announce the new date in the future.  Sorry for any inconveniences this may cause.

1.     Hardee’s in Jacksonville, FL: 3903 SF restaurant across Food Lion grocery store at signalized corner location near I-295.  New 20-yrs absolute NNN corp lease. NOI $83K/yr with 10% rent increases every 5 years.  $1.118M. 7.5% Cap.

2.     Strip Center in Palos Heights, IL: 5217 SF strip center on .72 ac lot with excellent visibility/signage & close to Palos Community Hospital/Hwy-83 in middle-class ($AHI $80Kyr) Chicago metro.  Long-term NNN leased. NOI $136K/yr.  $1.882M. 7.25% Cap.

3.     Fresenius Dialysis Center in Chicago, IL: 7540 SF attractive medical building on .42 ac lot  in densely populated city. 100% NNN leased to a major provider of kidney dialysis services. NOI $174K/yr. $2.411M. 7.25% Cap.

4.     Strip Center in Portland, OR: 10,261 SF well-maintained strip center across from anchored Safeway center in close proximity to I-84. NNN leased. NOI $100K/yr.  $1.250M. 8% Cap.

5.     Pick ‘n Save in Milwaukee, WI: 60,969 SF grocery store next to Menards along main retail corridor. Long NNN- lease till 2025. $526K/yr with rent increases every 5 years. $6.1M. 8.63% Cap.

6.     REO Apartments in Dallas, TX: 200 units 2-story well-maintained multifamily building on 11.89 ac lot & close to I-635/30. 2/3 bedroom unit mix. 89% Occupied. NOI $261K/yr. $2.750M. 9.51% Cap.

7.     Retail Center in Corona, CA: 7109 muti-tenant retail center on .4 ac corner outparcel to Vans Supermarkets anchored shopping center. 100% leased. NOI $179K/yr. $2.4M. 7.5% Cap.

8.     Strip Center in Orlando, FL: 9729 SF strip center built in 2005 across Winn Dixie anchored center. NOI $220K/yr. $2.2M. 10% cap.

9.     Walgreen’s in Fort Worth, TX: 13,833 SF pharmacy conveniently located at busy corner intersection with ease access to I-80 and I-30. 100% NNN- lease till 2018. NOI $294K/yr. $3.168M. 9.31% Cap.

10.   Shopping Center in Houston, TX: 21,125 SF recently constructed shopping center on 1.87 ac lot near Beltway-8. 76.8% Leased. NOI $179K/yr. $2.4M. 7.47% Cap. Upside potential when fully leased.

© Transmercial 2011.

06-22: O'Reilly Auto, Dollar Tree, Walgreen's, Denny's, Office building

1.     O’Reilly Auto in Indianapolis, IN: 7000 SF fully renovated auto parts store on 1.08 ac lot near Castleton Square Mall, I-69 and I-465. 19-yrs remaining on original NNN- lease. NOI $110K/yr with rare 8% rent bumps every 5-yrs. $1.446M. 7.5% Cap.

2.     O’Reilly Auto & Dollar Tree in White Lake, MI: 21,600 SF retail center renovated in 2009 on 2.37 ac lot in affluent (AHI $106K/yr within 3-mile radius)) Detroit suburbs.  100% NNN- leased by 2 national tenants. NOI $159K/yr. $1.830M. 8.7% Cap.

3.     Walgreen’s in Tucson, AZ: 15,525 SF drug store built in 1996 on 1.96 ac lot at a signalized corner location near Tucson Mall. NNN- corp lease till 2016. NOI $249K/yr. $3.115M. 8% Cap.

4.     Shopping Center in Charlotte, NC: 45,908 SF shopping center anchored by Food Lion grocery store at a busy signalized intersection. 100% NNN leased. NOI $324K/yr. $3.504M. 9.25% Cap.

5.     Strip Center in Orlando, FL: 9375 SF retail center renovated in 2001 across from Florida Mall which is anchored by Saks Fifth Avenue, Dillard’s, Nordstrom, Macy’s, Sears and JC Penny.  100% leased. NOI and price not avail.

6.     Retail Center in Crete, IL: 10,200 SF well maintained retail center at highly visible location in growing prosperous (AHI $101K/yr within 1-mile) Chicago suburbs near I-394. 100% leased. NOI $128K/yr.  $1.425M. 9% Cap.

7.     Office Building in Lincoln, NE: 41,921 SF Class-B multi-tenant office building on 3.20 ac lot in upscale neighborhood. 89% NNN leased. NOI $410K/yr. $4.750M. 8.65% Actual Cap. Upside Potential.

8.     Denny’s in Jacksonville, FL: 5390 SF restaurant on 1.19 ac corner lot location in close proximity to Regency Square Mall next to Hwy-9A. Well performing store (2010 sales $1.873M). Absolute NNN lease till 2027. NOI $159K/yr. $2.123M. 7.5% Cap.

9.     Strip Center in Longview, WA: 8484 SF strip center next to Lower Columbia College  at hard corner location. 100% leased. NOI $126K/yr. $1.8M. 7% Cap. 

© Transmercial 2011.

06-21: Dennys, Rite Aid, Walgreens, Shopping Centers, Apartments, AutoZone

1.       Dennys in Altamonte, FL: 5390 SF restaurant on 1 ac corner lot near I-4, 160-store Altamonte Mall and Florida Hospital Altamonte (the county's only comprehensive cancer care).  100% absolute NNN lease till 2027 to an operator with 52 Dennys and 74 Burger King locations.  NOI $151K/yr with 4% rent bump in 1/2013 and 10% every 5 yrs thereafter.  $2.016M. 7.5% cap.

2.       Office Building in Arlington, TX: 17,158 SF office building developed in 2000 on 1.28 acres lot near I-30  in middle-class Dallas metro.  100% leased.  NOI $198K/yr. $2.3M. 8.5% cap.

3.       Rite Aid in Cheswick, PA: 10,908 SF drug store on 1.13 acres corner lot in Pittsburgh suburbs. Store with strong sales.  100% absolute NNN lease with 9 yrs remaining.  NOI $223K/yr. $2.26M. 11% cap.

4.       Shopping Center in Bellflower, CA: 59,960 SF well-maintained shopping center on 5.97 acres corner lot in densely populated city in Los Angeles (over 700K residents within 5 miles).  Anchored by 11,747 SF Fresenius Dialysis center.  76% leased.  Current NOI $676K/yr.  $8.75M. 7.73% cap.  Upside potential when 100% lease.

5.       Walgreens in Houston, TX: 15,120 SF drug store built in 2000 on 1.74 acres lot at a hard corner in high income area.  100% NNN- with 9 yrs remaining.  NOI $284K/yr. $3.66M. 7.75% cap.

6.       Shopping center in Oklahoma City, OK: 66,805 SF shopping center built in 2007 on 9.48 acres lot in prime commercial corridor near 1.128M SF 130-store Quail Springs Mall.  Surrounded by Sam’s Club, Super Target, Best Buy,  Pets Mart, Lowes, Ross, Old Navy, Michaels.  Anchored by 48,171 SF Gold’s Gym with new 11 yrs NNN lease.  100% leased to 5 tenants.  NOI $791K/yr.  $9.045M. 8.75% cap.

7.       Apartments in Las Vegas, NV: 192-unit fully furnished apartments built in 1998 on 3.8 acres lot. NOI $472K/yr. $5.5M.  8.58% cap.

8.       Strip Center in Odessa, TX: 9000 SF strip center on 1 ac lot next to Wal-mart.  100% NNN leased.  NOI $130K/yr. $1.53M. 8.5% cap.

9.       Retail Center in Las Vegas, NV: 8600 SF retail center built in 2007 on 1 ac lot.  Shadow anchored by Fresh & Easy and AutoZone.  100% leased to 4 tenants.  NOI $193K/yr. $2.5M. 7.8% cap.

10.   AutoZone in Pomona, CA: 6050 SF AutoZone built in 1997 on .79 acre corner lot with over 400K residents in 5 miles.  Store with strong sales.  Corp lease.  NOI $127K/yr. $1.695M. 7.53% cap.

© Transmercial 2011.

06-20: Shopping centers, Sunbelt Rentals, Starbucks, Office Buildings

1.       Shopping center in Florissant, MO: 101,323 SF shopping center in St. Louis metro.  Anchored by Shop N Save supermarket with 42 locations in St Louis. 98% leased. NOI $875K/yr. $11.293M. 7.75% cap.

2.       Office Building in Sunrise, FL:  11871 SF single-tenant class-A office building on 2 ac lot in Fort Lauderdale metro.  10 yrs NNN lease to Cinergy Health, a profitable national health insurance company with $70M in revenue.  NOI $312K/yr with CPI-based annual rent bump. $3.2M. 9.75% cap.

3.       Shopping Center in Lincoln, CA: 20,765 SF shopping center built in 2005 on 2.33 acres lot in fast growing upper middle class Sacramento suburbs (AHI $99K/yr in 1 mile).  90% NNN leased.  Tenants include Wells Fargo, Sunset Deli, Mina's Coffee Shop, a convenience store, Coldwell Banker, a CPA.  NOI $535K/yr. $6.957M. 7.7% cap.

4.       Distressed Retail Center in Gilbert, AZ: 5496 SF strip center built in 2004 in high income Phoenix metro (AHI of $90K/yr in 1 mile).  Shadow anchored by Walgreens.  100% leased to 4 tenants: Hertz, Edward Jones, Taco Shop and Chiropractor. NOI $99K/yr. $1.05M. 9.47% cap.

5.       Sunbelt Rentals in Orange Park, FL: 15,370 SF single-tenant retail center in high income Jacksonville metro.  100% leased to Sunbelt Rentals, an equipment rental company with 398 locations.  NOI $135K/yr.  $1.421M. 9.5% cap.

6.       Mi Pueblo Marketplace in Pittsburg, CA: 50,173 SF grocery store completely remodeled in 2009.  Next to Hwy 4 off ramp. 15 yrs NNN leased to Mi Pueblo Foods, a fast growing regional chain.  NOI $835K/yr. with 10% rent bump every 5 yrs.  $11.93M. 7% cap.

7.       Starbucks in Clarksville, TN: 1850 SF Starbucks built in 2006 on .93 ac lot across Wal-mart Supercenter, Kmart, Food Lion in high income town.  100% NNN- with 5 yrs remaining.  NOI $91K/yr. $1.009M.  9.1% cap.

8.       Office Building in Aurora, IL: 38,400 SF class-A office building constructed in 1994 in Chicago metro.  81% NNN leased to Dryer Medical Clinic since 1994.  NOI $481K/yr. $5.25M. 9.17% cap.  Upside potential when full leased.

© Transmercial 2011.

06-17: Denny's, apartments, DaVita, Retail center

1.       Denny’s in Orlando, FL: 4765 SF restaurant on 1.13 acres lot in a growing and high income near the airport.  100% NNN leased till 2027 to an operator with 52 Dennys.  NOI $82K/yr with 4% rent bump in 2013 and 10% rent bump every 5 yrs thereafter.  $1.1M. 7.5% cap.  Note: this transaction is restructured as follows: NOI $60K/yr.  $750K. 8% cap.  With the low rent, the business with $943K in revenue (low 6.36% rent to income ratio) is profitable.

2.       Apartments in Bay Point, CA: 63-unit apartments in near Concord.  90% occupied.  NOI $258K/yr. $2.825M.  9.13% cap.

3.       Childtime Learning Center in Midlothian, VA: 6380 SF Childtime day care center on .8 ac lot in affluent Richmond metro (AHI $100K/yr in 3 mile).  100% NNN corp lease.  NOI $89K/yr. $1.115M. 8% cap.

4.       Apartments in Austin, TX: 248-unit apartments in a stable market.  Pro forma NOI $910K/yr.  $9.5M. 9.58% cap.

5.       DaVita in Redwood City, CA: rare 8190 SF dialysis center on .57 acre lot across from Kaiser Permanante in an affluent Silicon Valley town (AHI $145K/yr in 5 mile).  Completely remodeled in 2009.  10 yrs NNN corp lease with 9 yrs remaining.  NOI $282K/yr with CPI-based annual rent bump. $4.3M. 6.65% cap.

6.       Apartments in Houston, TX: 66-unit apartments in quiet, high income cul de sac.  92% occupied.  NOI $186K/yr. $1.55M. 12% cap.  Just over $23K/unit.

7.       Retail Center in Murrieta, CA: newer 53,000 SF retail center on 5.1 acres lot in fast growing (102% since 2000) and high income (AHI $98K/yr).  Adjacent to Wal-mart and I-15.  NOI $600K/yr. $7.999M. 7.5% cap.

© Transmercial 2011.