12-21: Strip Mall, MOB

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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 Mall in Fontana, CA: 7194 SF strip center built in 2008 on 2/3 ac lot across from Walmart.  86% NNN leased to 5 tenants with 1 avail unit.  Current NOI $185K/yr. $2.1M. 8.81% cap. 
2. Medical Office Building in Redwood City, CA: 7000 SF medical office building in the middle of affluent Silicon Valley.  100% NNN leased to 3 tenants.  NOI N/A.  $2.5M.

© Transmercial 2012

12-20: Arby's, Jiffy Lube, MOB, Neighborhood Centers

1. Shopping Center in West Sacramento, CA: 22,198 SF shopping center built in 1992 on 1.61 ac lot at a signalized corner location. Close to Ikea, Walmart Supercenter, Home Depot and I-80. 92% NNN leased. NOI $435K/yr. $5.28M. 8.25% cap.
2. Retail Center in Centennial, CO: 12,370 SF 6-yrs old retail center on over 1 ac lot at a high traffic corner location & in affluent (AHI of $127K/yr in 1 mile) Denver metro. 100% leased to Maggie Smith’s Irish Pub, Continental Fabric Care, Anniversary Nails and Peakview Wine & Spirits. NOI $182K/yr. $2.8M. 6.53% cap.
3. Arby’s in Huntsville, AL: 2842 SF Arby’s Restaurant built in 2000 on 1.21 ac lot in growing and upper middle-class area. Off/on ramp Hwy-72. 100% absolute NNN lease with 7 yrs left. NOI $110K/yr with 3% increases every 2 yrs. $1.468M. 7.50% cap.
4. Retail Center in Saratoga, CA:  11,772 SF well maintained retail building at busy corner location in prosperous (AHI $204K/yr) neighborhood in Silicon Valley. 100% NNN leased to Crown Castle, Chase and Y&L Style Bar and Rejuve. NOI $399K/yr. $7.3M. 5.32% cap.
5. Jiffy Lube in Tucson, AZ: 1861 SF established three-bay auto center on .32 ac lot at a major corridor. Tenant has been at this location since 1982. 100% leased with 10 yrs left. NOI $50K/yr. $750K. 6.7% cap.
6. Neighborhood Center in Cary, NC: 33,080 SF shopping center built in 2003 on 4+ ac lot in growing Raleigh suburbs. Across Crossroads Plaza and next to I-440/40. $4.25M. while NOI/Cap not provided, It’s only $128/SF!.
7. MOB in Tempe, AZ: 24,121 SF well maintained medical office building in high income area. Close to 120-bed Banner Desert Medical Center, Fiesta Mall and Hwy-101. 85% leased to professional & medical tenants. NOI $203K/yr. $2.6M. 8% cap.
8. Strip Center in Crest Hill, IL: 9878 SF attractive strip center built in 2006 on 1 ac lot in fast growing (229.69% pop growth since 2000) Chicago metro. 100% NNN leased. NOI $182K/yr. $1.827M. 10% cap.
9. Retail Center in Saint Louis, MO: 11,201 SF retail center built in 2007 on 1.44 ac lot close to I-55. 100% NNN leased  to 2 credit tenants: Panera Bread and Dollar Tree. NOI $240K/yr. $2.4M. 10% cap.

© Transmercial 2012

12-19: CVS, Walgreens, Neighborhood Center, MOB

1. CVS in Tuscaloosa, AL: 10,055 SF CVS pharmacy built in 2001 on 1.53 ac lot at a busy corner location in high income town. 100% NNN-lease with 9 yrs left. NOI $170K/yr with rare 5% rent bumps every 5 yrs. $2.44M. 7% cap.
2. Retail Center in Augusta, GA: 5800 SF well maintained retail center built in 1999 on .92 ac corner lot in growing city. 100% leased to Animal Emergency Hospital, Salon, Karate, Skinner Clothing and Stucco and brick. $799K. Cap/NOI not available.
3. Retail Center in Hainesville, IL: 9800 SF attractive retail center on .80 ac lot at a signalized intersection in growing and high income Chicago suburbs. 100% leased to Firestone Auto Center, Subway, Fab Nails & Spa, Tap Out Liquor and Bento Café. $2.2M. 9% cap.
4. Dennys in Brooklyn Center, MN: 5250 SF Dennys next to I-94 exit in Minneapolis metro. 100% NNN lease with 11 yrs left.  NOI $144K/yr with rent bump in year 6.  $1.6M. 9% cap.
5. Walgreens in Laurelton, NY: 13,900 SF drug store on 1 ac lot in  high income (AHI $93/yr in 1 mile) NY suburbs with over 1M residents within 5 miles. 20 yrs NNN corp lease with 8 yrs left. NOI $428K/yr. $6.25M. 6.84% cap.
6. Neighborhood Center in Miami, FL: 81,779 SF well kept grocery anchored shopping center on 8.79 acres of land in densely populated area. Anchored by a Presidente Supermarket, Family Dollar, Sherwin Williams, and Miami-Dade Library. 91% leased. 7.50% cap. Price/NOI not disclosed.
7. MOB in Orlando, FL: 15,773 SF Class-A medical office building on 2+ ac lot across from 225-bed Florida Hospital East Orlando and close to Hwy-408. 100% NNN leased to multiple tenants. NOI $372K/yr. $5.75M. 7.25% cap.

© Transmercial 2012

12-18: Advance Auto Parts, Pep Boys, KFC & Taco Bell, Wendy's, MOB, Retail Centers

1. Advance Auto Parts in Des Moines, IA: 7000 SF Advance Auto Parts built in 2006 on 1.44 ac lot at a busy corridor. 15 yrs NNN- corp lease with 8+ yrs left. NOI $117K/yr with a 10% rent bump in yr 11^th. $1.561M. 7.5% cap.
2. Pep Boys in Albuquerque, NM: 21,768 SF auto parts store center built in 1990 in middle class area. Across from Lowes, Petco and close to Cottonwood Mall. 100% absolute NNN lease with 10+ yrs left. NOI $310K/yr with 1.5% annual rent increases. $4.138M. 7.5% cap.
3. KFC & Taco Bell in Tampa, FL: 3405 SF drive-thru dual branded fast food restaurant at a hard corner location near St. Joseph’s Children’s Hospital of Tampa and Tampa Buccaneers Stadium. Brand new 20 yrs absolute NNN lease to a strong operator with 171 units. NOI $117K/yr with 10% rent increases every 5 yrs. $1.808M. 6.5% cap.
4. Wendy’s in Buffalo Grove, IL: 4089 SF Wendy’s restaurant on 1.27 ac lot at major retail corridor in affluent (AHI $104K/yr in 1 mile) Chicago metro.  Tenant has been at this location since 1990. Across from Buffalo Grove Center, a 188,067 SF retail center anchored by Buffalo Grove Theaters.100% NNN ground lease with 2 yrs left (land is for sale, should tenant not renew the lease, the building will revert to landlord). NOI $69K/yr. $910K. 7.64% cap.
5. Retail Center in Las Vegas, NV: 13,790 SF eight-units retail center constructed in 2006 on 1.65 ac lot in fast growing (992.61% pop growth since 2000) and high income area. At a main corridor and min from St Rose Dominican Hospital. 100% NNN leased with good tenant mixes, such as Dunkin Donuts and Firehouse Subs. NOI $253K/yr. $3.334M. 7.5% cap.
6. MOB in Coral Springs, FL: 10,376 SF Class-B medical office building on .65 ac lot across from 182-bed Coral Springs Medical Center. 100% leased to NW Heart & Health Specialists (a HCA Subsidiary) with 3 yrs left. NOI $125K/yr with 3% annual rent increases. $1.3M. 9.61% cap.

© Transmercial 2012

12-17: AAP, CVS, Family Dollar, Strip Centers

1. Advance Auto Parts in Austin, TX: 7000 SF auto center built in 2005 on 1.34 ac lot in fast growing and high income area with AHI of $90K/yr in 1 mile. 15 yrs NNN- corp lease with 8 yrs left. NOI 140K/yr with 10% rent increase in 2015. $1.8M. 7.78% cap.
2. Retail Center in Romeoville, IL: 11,830 SF L-shaped retail center built in 1999 in close proximity to I-55 in Chicago suburbs. 100% leased to Tuffy Auto, State Farm, A & E Integrated Health and Fat Ricky’s. Property in Will county with low property taxes.  NOI $157K/yr. $1.55M. 10.17% cap.
3. CVS (S&P BBB+) in Laveen, AZ: 13,013 SF drug-store built in 2006 on 2 ac lot at a hard corner location in high income and booming (936.22% pop growth since 2000) Phoenix suburbs. Across the street from Home Depot and Fry’s Supermarket. 23 yrs absolute NNN corp lease with 16 yrs left. NOI $382K/yr. $5.46M. 7% cap.
4. Family Dollar in Syracuse, NY: 8320 SF brand new Family Dollar on .89 ac lot in densely populated area. Near I-81. New 10 yrs NNN- corp lease. NOI $128K/yr. $1.599M. 8% cap.
5. Retail Building in Atlanta, GA: 3850 SF retail building constructed in 2000 on 1.19 ac outparcel to Kroger supermarkets at a busy corridor. 100% NNN leased to Popeye’s and Subway. NOI $84K/yr. $950K. 8.50% cap.
6. Shopping Center in San Jose, CA: 10,375 SF L-shaped well maintained shopping center at established and affluent (AHI $118K/yr) residential community.  100% NNN leased. NOI $250K/yr. $3.709M. 6.75% cap.
7. Family Dollar in Delton, FL: 9200 SF retail building constructed in 2011 on 1 ac lot in fast growing North of Orlando. Across from Publix anchored center. 10 yrs corp NNN- lease.  NOI $132K/yr. $1.698M. 7.81% cap.
8. Strip Center in Colorado Springs, CO: 20,201 SF strip center at main retail corridor in high income area. Close to Chapel Hills Mall and I-25. 100% NNN leased with long-term leases. NOI $415K/yr. $5.94M. 7% cap.

© Transmercial 2012