06-27: Office Buildings, Golden Corral, Apartments, Shopping Centers

Advisory:  Chinese investors pursue US commercial properties.  Click here for full article.  The Wall street Journal had a similar article yesterday.

1. Shopping Center in Miami, FL: 17,156 SF well maintained shopping center on over 1 ac corner lot adjacent to Power Center anchored by Kmart and Marshall’s. 100% NNN leased. NOI $256K/yr. $3.2M. 8.01% cap.
2. Office Building in Miami Gardens, FL: 38,000 SF Class-B office building on 1.34 ac corner lot. Across from Walmart Supercenter & close to Jackson North Medical Center. Easy access to I-95, Palmetto Expy & FL Turnpike. 98% leased. NOI $337K/yr. $4.5M. 7.50% cap.
3. Retail Building in Jamaica, NY: 6500 SF well maintained retail building at a corner lot location in densely populated Queens County with over 1,700,000 residents within 5 mile radius. 25 yrs NN lease with 6+ yrs left to CenterLight Health Systems. NOI $161K/yr. $2.087M. 7.75% cap.
4. Golden Corral in Dallas, TX: 9652 Golden Corral Buffet Restaurant built in 1997 on 1½ ac lot at a busy retail corridor & in high income area. Close to Dallas Medical Center, Cinemark 17 and IMAX Theatre and I-635. Newly executed 15 yrs NNN lease to one of the largest franchisees in the country. NOI $240K/yr. $3.428M. 7% cap.
5. Retail Center in Woodstock, IL: 13,915 SF retail center in fast growing and high income city just West of Chicago. Across from Walmart Supercenter. 89% NNN leased to Verizon Wireless, Benjamin Franklin, Anytime Fitness, Great Clips and Chiro One. NOI $225K/yr. $2.73M. 8.25% cap.
6. Retail Center in Rowlett, TX: 19,295 SF retail center renovated in 2000 on 1.64 ac lot in high income (AHI $89K/yr within 3 mile) Dallas suburbs. Next to ALDI grocery center. 100% NNN leased to eight tenants. NOI $209K/yr. $2.275M. 9.20% cap.
7. Apartments in San Jose, CA: 6-units well-kept apartment building in high income Silicon Valley with an AHI of $92K/yr in 3 mile. Close to schools, parks, Westfield Valley Fair, O’Connor Hospital and I-880. 100% occupied. NOI $50K/yr. $840K. 6.05% cap.
8. Shopping Center in Palm Springs, CA: 21,688 SF attractive shopping center built in 1990 on over 3 ac lot at a signalized corner location. Adjacent to Palm Springs Intl Airport. 93% leased. NOI $201K/yr. $2.8M. 7.20% cap.

© Transmercial 2013

06-26: Johnny Carino's, MOB's, Apartments, Retail Centers

1. Retail Center in Smyrna, TN: 16,276 SF retail center in fast growing Nashville suburbs. Adjacent to 415,000 SF Power Center anchored by Super Target. Across from TriStar StoneCrest Hospital and near I-24. NNN leases. NOI $325K/yr. $3.575M. 9.10% cap.
2. Apartments in Clovis, CA: 59-unit well-maintained apartment complex on 2 ac in Fresno suburbs. Close to park & shopping centers. 97% occupied. Pro forma NOI $221K/yr. $2.95M. 7.50% pro forma cap.
3. Johnny Carino’s in Lake Charles, LA: 6532 SF Italian Restaurant built in 2003 on 1.57 ac lot at major retail artery. Next to Lowe’s, across from Walmart Supercenter and close to I-210. 17 yrs absolute NNN corp lease with 7+ yrs left. NOI $173K/yr with 1% annual rent bumps. $2.105M. 8.25% cap.
4. MOB in San Jose, CA: 11,815 SF medical office building on .92 ac corner lot. Across from Regional Medical Center. $2.95M.
5. MOB in Orlando, FL: 10,080 SF Class-A medical office building completed in 2006 across from Florida Hospital East Orlando. Close to Expy-16. 100% leased to credit tenants. NOI $233K/yr. $3.1M. 7.52% cap.
6. Shopping Center in Citrus Heights, CA: 65,408 SF well maintained shopping center anchored by Burlington Coat Factory in fast growing Sacramento suburbs. Shadow anchored by Kohl’s and Ross. 100% NNN leased. NOI $596K/yr. $7.45M. 8% cap.
7. Retail Center in Toledo, OH: 10,000 SF retail center built in 2005 on over 1 ac lot at a hard corner location. Shadow anchored by Walmart Supercenter and near University of Toledo Medical Center. 100% NNN leased. NOI $148K/yr. $1.651M. 9% cap.
8. Retail Center in Richmond, CA: 12,255 SF attractive retail center in high income Contra Costa County. Close to Hilltop Mall. Tenants include: Quizno's, The UPS Store, Round Table Pizza and others. Pro forma NOI $358K/yr. $3.3M. 10.85% Pro forma cap.
9. MOB in Sheffield Village, OH: 23,726 SF Class-B medical office building constructed in 2006 on 1.68 ac lot in upper middle-class Cleveland suburbs. Anchored by Superior Medical Care. 100% leased. NOI $443K/yr. $5.28M. 8.40% cap.

© Transmercial 2013

06-25: Rick Johnson Auto & Tire, Tire Works, AAP, Long John Silvers, Walgreens

1. Rick Johnson Auto & Tire Portfolio in various Cities in, FL: 30,022 SF consisting of six stores three in Naples, two in Estero and one in Ft. Myers. In densely populated areas. 10 yrs NNN lease with 9+ yrs left, to a regional tire chain. NOI $483K/yr. $6.037M. 8% cap.
2. Tire Works is North Las Vegas, NV: 5725 SF auto repair center on busy street in fast growing and high income area (AHI $83K/yr within 3 miles).  15 yrs NNN lease with 6 yrs left. NOI $171K/yr with 12% rent bumps in 2014. $2.4M. 7.14% cap.  8% cap in 2014.
3. Strip Center in Moonachie, NJ: 2400 SF strip center in densely (700,000 residents within 5 mile radius) populated area and high income area with an AHI of $89K/yr in 1 mile. 100% leased to three long term tenants. NOI $57K/yr. $825K. 7% cap.
4. Advance Auto Parts in Spring, TX: 7000 SF Advance Auto Parts built in 2007 on 1.37 ac lot in growing and affluent (AHI $111K/yr) Houston metro. Along busy retail corridor. 100% NNN leased with 9 yrs left. NOI $135K/yr. $2.079M. 6.50% cap.
5. Office Max in San Bernardino, CA: 23,500 SF Office Max built in 1998 at prime retail corridor next to I-10  on/off ramp of I-10 in Southern California. Across from a power center anchored by The Home Depot. Close to Sam’s Club and Costco. 15 yrs NNN lease with 1 yrs left. NOI $281K/yr. $2.95M. 9.53% cap.
6. Long John Silver’s in Wichita, KS: 2108 SF franchised seafood restaurant on .43 ac lot in upper middle-class area. Across from Towne East Square Mall.  20 yrs NNN lease with 15+ yrs left from a franchisee with 20 units.  NOI $102K/yr. $1.57M. 6.50% cap.
7. Shopping Center in Kettering, OH: 21,730 SF well maintained shopping center on 2.72 ac lot Dayton suburbs. 100% NNN- leased to 7 tenants. NOI $207K/yr. $2.8M.  7.4% cap.
8. Walgreen’s in Reno, NV: 13,841 SF drug store at a hard corner location. Across from Atlantis Casino Resort and near I-580. 100% NNN lease with 6 yrs left. NOI $479K/yr. $7.11M. 6.75% cap.
9. Shopping Center in Englewood, OH: 25,000 SF shopping center remodeled in 2007 on 8 ac lot in Dayton suburbs. Renovated in 2007.  100% leased.  NOI $224K/yr. $3M. 7.5%.
10. Apartments in San Antonio, TX: 170-unit well kept apartment multifamily complex on 5.63 ac lot in fast growing area. Amenities include a fitness center, sparkling pool, Jacuzzi, picnic areas, a playground, clothes care facilities, and private access gates. 90% occupied. Pro forma NOI $581K/yr. Price BO. 8.31% pro forma cap.

© Transmercial 2013

06-24: Walgreen's, Starbucks, Chuck E. Cheese's, PetSmart

1. Walgreen’s in Malden, MA: 13,855 SF drug store built in 2001 on 1.63 ac lot in densely populated Boston metro with nearly 500,000 residents in 5 mile radius. 20 yrs NNN- corp lease with 6+ yrs left. NOI $420K/yr. $6M. 7% cap.
2. Starbucks in Walker, MI: 2138 SF attractive Starbucks Coffee on .58 ac lot at a busy retail corridor in Grand Rapids suburbs. Close to I-96. 10 yrs NNN corp lease with 5 yrs left. NOI $132K/yr. $1.889M. 7% cap.
3. Shopping Center in San Bernardino, CA: 29,650 SF well maintained inline shopping center on over 3 ac lot in growing city just East of Los Angeles. Shadow anchored by Ralph’s grocery. On an off/on ramp of I-215. 97% leased with a strong tenant mix. NOI $358K/yr. $5.98M. 6% cap.
4. Strip Center in Kissimmee, FL: 6140 SF attractive strip center on .66 ac lot at a hard corner location in Orlando suburbs. 100% NNN leased. NOI $120K/yr. $1.2M. 10% cap.
5. Strip Center in Houston, TX: 7200 SF attractive strip center at a signalized location next to I-45. 76% NNN leased. NOI $74K/yr. $925K. 8% cap.
6. Chuck E. Cheese’s in Indianapolis, IN: 12,820 SF well-maintained Chuck E. Cheese in a growing and high income area. Close to Castleton Square Mall and I-465.  100% NNN corp lease with 5 yrs left. NOI $164K/yr. $2.305M. 7.15% cap.
7. Retail Center in Mesa, AZ: 20,000 SF consisting of twelve-unit retail center and seven automotive repair facilities at a main thoroughfare in Phoenix suburbs. 100% leased. NOI $150K/yr. $1.5M. 10% cap.
8. Office Building in Jupiter, FL: 5310 SF Class-A office building in affluent neighborhood just North of Fort Lauderdale conveniently located at main retail corridor near Jupiter Medical Center. 100% NNN leased. NOI $109K/yr. $1.46M. 7.50% cap.
9. Office Building in Highlands Ranch, CO: 34,796 SF Class-B office building in affluent Denver suburbs with an AHI of $115K/yr within in 3 mile. Located in the middle of Highland Ranch Business Park. 93% NNN leased to multiple tenants. NOI $291K/yr. $3.85M. 7.56% cap.
10. PetSmart in Fredericksburg, VA: 20,140 SF single-tenant PetsMart in high-growth & high income Washington DC suburbs. Shadow-anchored by Target. Close to I-95. 100% NNN leased. NOI $415K/yr. $4.718M. 8.75% cap.

© Transmercial 2013

06-21: Merlin Muffler, SynFast Oil Change, Fast Lube Plus, Wendy's

1. Merlin Muffler in Elgin, IL: 3312 SF well maintained auto repair center at a busy corridor in Chicago suburbs. Tenant has been at this location since 1990. 100% NNN lease with 7+ yrs left. NOI $63K/yr with a rent bump in 2015. $750K. 8.51% cap.
2. Retail Center in Tucson, AZ: 15,233 SF retail center built in 2008 at a main road in fast growing (61.88% pop growth) and high income (AHI $86K/yr in 3 mile) area. Next to Walgreen’s and close to I-10.  NOI $322K/yr. $3.747M. 8.60% cap.
3. SynFast Oil Change in San Diego, CA: 3000 SF 3-bay auto center along main thoroughfare in high income area. New 20 yrs NNN lease to a strong franchisee with 40 units. NOI $113K/yr with 10% rent increases every 5 yrs. $1.688M. 6.75% cap.
4. Fast Lube Plus in Morrisville, NC: 2601 SF Fast Lube Plus built in 2006 on .65 ac lot in fast growing and affluent (AHI $129K/yr in 1 mile) Raleigh suburbs. 100% NNN lease with 13 yrs left. NOI $100K/yr. $1.344M. 7.50% cap.
5. Shopping Center in Edmond, OK: 79,735 SF well maintained shopping center on 6+ acres of land at hard corner location in high income suburbs of Oklahoma City. Shadow anchored by Staples and Big Lots.  98% occupied by tenants including: Goodwill, Westlake Ace Hardware, Chase Bank, Payless ShoeSource and a healthy mix of other regional/local tenants. NOI $757K/yr. $8.9M. 8.51% cap.
6. Office Building in Las Vegas, NV: 10,000 Class-B office building on .69 ac lot in growing and high income area with an AHI of $80K/yr in 1 mile.  Close to Hwy-215. 100% leased with 50% space leased to a medical tenant with 3% annual rent bumps. NOI $123K/yr. $1.698M. 7.35% cap.
7. Office Building in Forest Hill, MD: 18,060 SF Class-B office building on 2.28 ac lot at a hard corner location in fast growing and affluent (AHI $103K/yr in 3 mile) Baltimore suburbs. Land is also approved for additional 27,000 SF MOB.  Pro forma NOI $302K/yr. $4.2M. 8% pro forma cap.
8. Wendy’s in Houston, TX: 3000 SF drive-thru fast food restaurant across from Robertson Stadium & University of Houston, with nearly 41,000 students. 100% NNN leased. NOI $148K/yr. $2.2M. 6.77% cap.
9. Wendy’s in Livonia, MI: 3244 SF recently renovated Wendy’s restaurant on .54 ac outparcel to a shopping center in high income Detroit suburbs. Tenant has been at this location for 15+ yrs. 100% absolute NNN lease. NOI $73K/yr. $1.046M. 7% cap.
10. Strip Center in North Bellmore, NY: 6000 SF strip center in densely populated and in affluent New York suburbs (AHI $122K/yr). NOI $130K/yr. $1.5M. 8.40% cap.

© Transmercial 2013