08-27: Texas Roadhouse, Taco Bell & Long John Silver's, MOB, Mixed-use

Welcome new investors.  Transmercial is the only company that offers this list of best properties between $700K to $20M in 50 states.  Each property has a brief description and a flyer (attached).  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).  Underlined names, if any, indicate safe hyperlinks that you can click for more info.

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Below are the most commonly used acronyms:

• 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. Strip Center in Chesapeake, VA: 6000 SF strip center built in 2002 in high income Norfolk metro (AHI $102K/yr) and outparcel to Chesapeake Crossing anchored by K-mart, Michaels and Petsmart. Adjacent to Chesapeake Square Mall. 100% NNN leased to Sprint, Allstate and TitleMax. NOI $105K/yr. $1.167M. 9% cap.
2. Texas Roadhouse in Cedar Falls, IA: 7138 SF steakhouse restaurant built in 2007 on 2+ ac lot along major corridor.  Next to College Square Regional Mall and close to University of Northern Iowa and Hwy-27/58. 15 yrs absolute NNN corp ground lease with 10+ yrs left (land is for sale). NOI 107K/yr with 10% rent increases every 5 yrs. $1.787M. 6% cap.
3. Shopping Center in Missouri City, TX: 19,156 SF high-quality constructed shopping center built in 2010 on 1.97ac lot along Hwy-6 in affluent Houston suburbs. 100% NNN leased. NOI $234K/yr. $4.328M. 7.50% cap.
4. MOB in Houston, TX: 21,600 SF Class-B medical office complex built in 2006 on 2.77 ac lot anchored by Texas Children Pediatrics. 100% NNN leased to medical & dental tenants. NOI $338K/yr. $3.375M. 10.04% cap.
5. Retail Pad in Concord, CA: 2894 SF attractive retail pad built in 2005 on .32 ac lot in high income San Francisco Bay area (AHI $90K/yr). 100% NNN leased to Starbucks Coffee (corp lease) & Kumon Learning Center. NOI $100K/yr. $1.825M. 5.51% cap.
6. Office/Retail Center in Parkville, MD: 22,777 SF mixed-use high-quality constructed center in growing Baltimore suburbs. 90% NNN leased. $6.5M. NOI/Cap not provided.
7. Taco Bell & Long John Silver’s in Bradenton, FL: 2808 SF dual-branded Taco Bell and Long John Silver’s fast food restaurant built in 2008 on a major artery in middle-class Tampa metro. 15 yrs NNN lease. NOI $116K/yr with 1.75% annual rent increases. $1.863M. 6.25% cap.

© Transmercial 2012

08-24: Shopping centers, MOB, Kindercare, Pier 1, Advance Auto

1. Shopping Center in Friendswood, TX: 14,818 SF shopping center built in 2001 on 4.13 ac lot in upper middle class Houston suburbs.  Shadow anchored by Kroger Signature grocery store. 100% NNN leased to 9 tenants include a free-standing Wendy’s on ground lease (tenant owns the building).  NOI $326K/yr. Price reduced to $4.085M. 8% cap.  
2. MOB in Scotts Valley, CA: 7433 SF single-tenant class A medical office building completed in 2001 on .73 ac lot in affluent Silicon Valley suburbs (AHI $125K/yr).  30 yrs NNN corp lease to Sutter Health (Fitch rated AA, $9B in revenue).  NOI $248K/yr with 3.5% annual rent bumps. $3.649M. 6.82% cap.  
3. Kindercare Learning center in Gahanna, OH: 9903 SF childcare center built in 1998 on 2.13 ac lot in affluent Northeast Columbus. 100% absolute NNN lease to KinderCare, a national childcare provider.  NOI $160K/yr with rent bump in 6/2013. $2.05M. 7.84% cap.  
4. Strip mall in Norco, CA: 9000 SF strip mall on 2/3 ac lot at a hard corner at the I-15 off ramp.  100% NNN leased.  NOI $238K/yr. $3.525M. 6.75% cap.  
5. Shopping Center in Missouri City, TX: 26,162 SF upscale shopping center built in 2007 on 2.29 ac lot with Hwy 6 frontage in well-off Houston suburbs (AHI $109K/yr).  87% NNN leased with 1 avail unit.  Proforma NOI $607K/yr. $5.75M. 9.29% cap.  
6. Pier 1 Import in Toledo, OH: 9860 SF single-tenant retail center in commercial retail corridor near Westfield Franklin Park Mall.  High income area.  Tenant has been here over 40 yrs.  100% NNN lease with 5 yrs left.  NOI $152K/yr. $1.748M. 8.75% cap.  
7. Retail Center in Spotswood, NJ: 22,500 SF 9-unit retail center on 4 ac lot in wealthy NY suburbs (AHI $107K/yr).  70% leased.  NOI $280K/yr. $3.5M. 8% cap.  
8. Advance Auto Parts in Austin, TX: 7000 SF AAP on 1.34 ac lot in fat growing and high income area (AHI $90K/yr).  15 yrs NNN corp lease with 8 yrs left.  NOI $140K/yr. $1.866M. 7.5% cap.  
9. Advance Auto Parts in Des Moines, IA: 7000 SF AAP on 1.44 ac lot in high income area (AHI $99K/yr).  15 yrs NNN corp lease with 9 yrs left.  NOI $117K/yr. $1.615M. 7.25% cap.

© Transmercial 2012

08-23: Smokey Bones Bar & Fire Grill, Wendy's, Walgreen's, Office Buildings

1. Smokey Bones Bar & Fire Grill in Tampa, FL: 7060 SF restaurant built in 1993 on 1.80 ac lot at the entrance of Westfield Town Center Mall just off I-75 on/off ramp in a fast growing Tampa metro.  100% absolute NNN lease with 15+ yrs left to a strong operator.  NOI $275K/yr with annual rent increases. $3.925M. 7% cap. Full brochure avail upon request.
2. Shopping Center in Lynnwood, WA: 23,534 SF fully renovated shopping center on 1.93 ac lot at a signalized intersection of Hwy-99 in growing city just North of Seattle. Anchored by Starbucks and AutoZone. 94% NNN leased. NOI $408K/yr. $5.37M. 7.60% cap.
3. Wendy’s in Tucker, GA: 2844 SF Wendy’s restaurant on .75 acres lot across Publix Supermarket in high income (AHI $87K/yr) Atlanta metro and near I-285 and Hwy-78.  20 yrs NNN lease with 13 yrs left to strong operator with 58 units. NOI $88K/yr with 1.5% annual rent increases. $1.215M. 7.25% cap.
4. Centennial Fine Wine and Spirits in The Colony, TX: 5500 SF liquor store on .66 ac lot with Hwy-121 frontage in affluent Dallas suburbs (AHI $107K/yr in 3 miles). 15 yr absolute NNN lease to Centennial Fine Wine & Spirits, a regional chain.  NOI $137K/yr. with 10% rent bumps every 5 yrs. $1.833M. 7.50% cap.
5. Retail Building in La Quinta, CA: 6400 SF attractive retail building built in 2005 on .48 ac lot in affluent Riverside County with an AHI of $138K/yr within 1 mile. 100% NNN leased to El Mexicali Café and Louise’s Pantry. NOI $149K/yr. $2M. 7.46% cap.
6. Retail Center in Katy, TX: 20,000 SF well maintained retail center on 2+ ac lot in fast growing (50.22% pop growth since 2000) prosperous (AHI $162K/yr in 1 mile) Houston metro. 100% leased to 10 tenants. NOI 353K/yr. $4.285M. 8.25% cap.
7. Walgreens in Hayward, CA: 15,120 SF Walgreens built in 2000 on 1.55 ac corner lot in San Francisco Bay Area. Outparcel to Mission Plaza: a 89,000 SF anchored center.  25 yrs NNN lease till 2025.  NOI $424K/yr with rare 10% rent bump during option period.  $7.083M. 6% cap.
8. Office Buildings in Edmond, OK: 25,658 SF office buildings constructed in 2001 in growing and high income Oklahoma City suburbs. 75% leased with only 2 units available. NOI $200K/yr. $2.5M. 8% cap.
9. Office Building in Dallas, TX: 9206 SF well maintained single-tenant office building in affluent Uptown Dallas (AHI $100K/yr in 1 mile). Close to I-35E and Fwy-366. 100% NNN lease with 5 yrs left. NOI $275K/yr. $2.75M. 10% cap.

© Transmercial 2012

08-22: Advance Auto Parts, Freddy's Frozen Custard, Rite Aid, MOB's

1. Advance Auto Parts in Lawrenceville, GA: 7000 SF auto parts center built in 2008 on 1.73 ac lot at a hard corner location in affluent Atlanta metro with an AHI of $102K/yr in 1 mile radius.  15 yrs NNN- corp lease with 11 yrs remaining. NOI $169K/yr. $2.321M. 7.30% cap.
2. Freddy’s Frozen Custard in Pflugerville, TX: 3282 SF restaurant built in 2009 on .85 ac lot at busy retail corridor and in high income Austin suburbs. Close to I-35. 15 yrs NNN- lease to a regional tenant with 11½ yrs left. NOI $110K/yr. $1.48M. 7.48% cap.
3. Retail Center in Granger, IN: 14,447 SF high quality constructed retail center built in 2005 on 2+ ac lot in prosperous ($115K/yr in 3 miles) South Bend suburbs. Tenants include: Beef O' Brady’s, Pizza Hut, C&B Optical One, Malibu Tanning and Gloria Jean’s. 90% leased. NOI $223K/yr. $2.795M. $8% cap.
4. Strip Center in Midlothian, VA: 10,650 SF attractive strip center on 1.20 ac lot anchored by Advance Auto Parts in fast growing and high income Richmond metro. Across from new Honda dealership and new Walmart. NNN leases. NOI $216K/yr. $2.88M. 7.50% cap.
5. Retail Center in Munhall, PA: 13,799 SF strip center built in 2004 anchored by Family Dollar along retail corridor in Pittsburgh suburbs. Across from 700,000 SF Waterfront Town Center: an open-air power center anchored by Target, Giant Eagle, Costco, Lowe's, AMC Theatre, and many others. 100% NNN leased. NOI $131K/yr. $1.425M. 9.20% cap.
6. MOB in Burnsville, MN: 38,119 SF 3-story Class-B medical office building in fast growing and high income community in suburban Minneapolis. Close to Fairview Ridges Hospital, Burnsville Center and I-35W. 79% leased to multiple tenants. NOI $609K/yr. $7.5M.
7. Rite Aid in Riverside, CA: 16,500 SF Rite Aid Pharmacy built in 2000 on 2.27 ac lot at high traffic, high income (AHI 80K/yr in 1 mile) location in Southern California. 20 yrs NNN lease with 8 yrs left. NOI $290K/yr. with 10% rent bumps in 2020.  $3.604M. 8.06% cap. Buyer to assume $1.688M non-recourse loan at low 5.25% interest.
8. Neighborhood Center in Saint Charles, MO: 112,506 SF neighborhood center renovated in 2008 on 14+ acres of land in high income St Louis suburbs.  Anchored by TJ Maxx, Harbor Fright Tools and Shoe Carnival. Adjacent to a 227,000 SF center anchored by The Home Depot, Target and Famous Footwear. Close to Barnes-Jewish St Peters Hospital and I-70. 89% NNN leased. NOI $1.137M/yr. $12.355M. 9.21% cap. Upside potential.
9. MOB in Reno, NV: 14,604 SF well maintained medical office building on .87 ac lot close to St Mary’s Regional Medical Center and I-80. 83% leased to medical/dental practices. Current NOI $100K/yr. $1.2M. 8.40% cap.
10. MOB in Mooresville, NC: 11,715 SF 2-story Class-A medical office building constructed in 2002 on 1.20 ac lot near Lake Norman Regional Medical Ctr in wealthy city (AHI $113K/yr) 30-min North of Charlotte and just off I-77. NOI $200K/yr. $2.509M. 8% cap. 

© Transmercial 2012

08-21: Burger King, MOB, CBA, Strip Centers, Office Building

1. Burger King in Winter Haven, FL: 2618 SF Burger King restaurant built in 2008 on 1 ac outparcel to a shopping center near Wal-Mart Supercenter.  10 yrs absolute NNN corp ground lease with 6+ yrs left (land is for sale).  Growing middle-class city in Orlando suburbs. NOI $85K/yr with 10% rent increase in yr 6. Price reduced to $1.307M. 6.50% cap.
2. Retail Center in Mansfield, TX: 18,776 SF retail center built in 2000 outparcel to Walmart Supercenter on/off Hwy-287 ramp in fast growing and high income Fort Worth/Dallas suburbs. 100% NNN leased. NOI $277K/yr. $2.919M. 9.50% cap.
3. MOB in Arlington, TX: 8462 SF brand new urgent care center on 1.28 acres of parcel along I-20. Immediately South of the Medical Center of Arlington, a 326-bed full-service Hospital. Adjacent to Arlington Highlands: a 825,000 SF center anchored by Conn's, Costco, Bed, Bath & Beyond, PetSmart, Dave & Buster’s and Many More and near The Parks at Arlington Regional Mall. 12 yrs NNN- leased by Concentra Heath Services. NOI $280K/yr. $3.74M. 7.50% cap.
4. Retail Center in Lynwood, CA: 2676 SF retail center at a signalized corner location in a densely populated are with over 900K residents within 5 mile radius. Across from Plaza Mexico.100% NNN leased by 4 tenants. Gross income of $105K/yr. $980K. 7.5% cap.
5. CBA in Spring, TX: 4945 SF recently constructed Christian Brothers Automotive center on .72 ac lot a fast growing & high income Houston suburbs with AHI of $90/yr. 15 yrs absolute NNN corp lease. NOI $151K/yr with 1½% rent bumps starting in yr two. $2.085M. 7.25% cap.
6. Office Building in Reno, NV: 5016 SF 2-story recently remodeled office building on .22 ac lot close to Reno Tahoe International Airport and Hwy-395. New 5 yrs NNN lease to Massage Essence, a day spa. This is a sale & lease back investments so lease terms are negotiable. NOI $60K/yr. $750K. 8% cap.
7. Strip Center in Los Angeles, CA: 7246 SF strip center on .32 ac lot along busy corridor. Area with high barrier to entry. Tenants include: Polls Mexican Restaurant, Bless Party Supplies & Water Source, Bike Shop, Bakery Restaurant, Pretty Nail Salon, Liana's Mini Market, and a Coin Laundry. 100% NNN leased. NOI $126K/yr. $2.1M. 6% cap.

© Transmercial 2012