08-09: Apartments, AutoZone, Friendly's, Retail Centers

1. Shopping Center in Bakersfield, CA: 18,200 SF attractive new shopping center on 1.7 ac lot at a hard corner location and close to Hwy-58. 55% leased. Actual NOI $113K/yr. $1.95M. 5.8% actual cap. Upside potential when fully leased.
2. Apartments in Edmond, OK: 100-unit well kept multifamily complex on 5 ac lot in fast growing and upper middle-class (AHI $80K/yr in 3 mile radius) Oklahoma City suburbs. New exterior siding and roof. Amenities including laundry room, courtyard with playground, and swimming pool. Close to parks, power centers and Hwy-77. NOI $394K/yr. $4.8M. 8.22% cap.
3. Shopping Center in Granada Hills, CA: 23,922 SF attractive shopping center recently renovated on 3+ ac lot in densely populated & high income (AHI $111K/yr in 1 mile) Los Angeles suburbs. National tenants include: Starbucks, Pacific Dental, State Farm Ins, The UPS Store, Curves and  BofA ATM machines. 100% NNN leased. NOI $64K/yr. $10.73M. 6% cap.
4. Retail Center in Visalia, CA: 14,730 SF high-quality retail center built in 2006 on 1.83 ac outparcel to Packwood Creek, a Power Center anchored by Target and Lowe’s Across from Walmart and Costco. Near Sequoia Mall. 100% NNN leased to Round Table Pizza, Picture People and Ulta Beauty. NOI $382K/yr. $6.38M. 6% cap.
5.  Retail Building in Indianapolis, IN: 7225 SF built-to-suit retail building on nearly 1 ac lot at a hard corner location and along main retail corridor. Across from 1+MM SF Lafayette Square Mall and near I-65. 100% NNN leased to LensCrafters with 4 yrs left.  NOI $112K/yr. $1.318M. 8.50% cap.
6. AutoZone in Aurora, IL: 5360 SF AutoZone built in 2002 on .73 ac lot along busy retail corridor in Chicago metro. Close to Presence Mercy Medical Center. Recently extended absolute NNN corp ground lease (land is for sale) with 9 yrs left. NOI $58K/yr. $983K. 6% cap.
7. Shopping Center in San Diego, CA: 51,693 SF well maintained consisting of three retail buildings on nearly 3 ac lot at major retail artery. Anchored by Office Depot. High barriers to entry. Close to I-805. 100% leased.  NOI $658K/yr. $9.75M. 6.75% cap.
8. Friendly’s Restaurant in Phillipsburg, NJ: 6000 SF Friendly’s Restaurant built in 2007 on 2+ ac outparcel to Phillipsburg Mall. In high income New York metro with an AHI of $104K/yr in 1 mile. 20 yrs absolute NNN ground lease (land is for sale) with 14 yrs left to an operator with 8 locations.  NOI $94K/yr with 5% rent increases every 5 yrs. $1.392M. 6.79% cap.
9. Shopping Center in Garland, TX: 20,040 SF well kept shopping center on 2.62 ac lot in fast growing Dallas suburbs. 100% NNN leased. NOI $123K/yr. $1.499M. 8.26% cap.
10. Retail Center in Carpentersville, IL: 18,144 SF retail center built in 2004 on 2.40 ac lot at main thoroughfare in Chicago suburbs. Fast growing (104.37% pop growth since 2000) and high income area with an AHI of $113K/yr in 3 miles. 100% NNN leased. NOI $385K/yr. $3.5M. 8.50% cap.

© Transmercial 2013

08-08: Macayo's, DaVita, Apartments, Neighborhood Centers, MOB

Below are the most commonly used acronyms:

• AHI: Avg. Household Income.  National average is about $55+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. MOB in Memphis, TN: 14,980 SF well-maintained medical office building along main retail corridor. Close to 617-bed Methodist University Hospital. 100% leased to DaVita Dialysis and Memphis Massage Institute. NOI $209K/yr. $2.55M. 8.20% cap.
2. Macayo’s Mexican Kitchen in Tucson, AZ: 8,065 SF well maintained restaurant in high income area (AHI of $92K/yr in 1 mile) along major retail corridor. 100% NNN lease with 7 yrs left to a regional chain with 17 locations. NOI $184K/yr. $2.195M. 8.42% cap.
3. Walgreen’s in Corpuz Christi, TX: 13,956 SF drive-thru drug store built in 1998 on over 1 ac lot at a hard corner location. With easy access to Hwy-286. 16 yrs NNN- lease with 5 yrs left. NOI $260K/yr. $3.354M. 7.75% cap.
4. DaVita (S&P BB-) in Dallas, TX: 7954 SF built-to-suit high quality construction dialysis center built in 2007 at a corner location. 100% NNN recently extended lease with 13 yrs left.  NOI $152K/yr with 2% annual rent increases. $2.29M. 6.64% cap.
5. Retail Center in El Paso, TX: 6800 SF attractive six-unit retail center built in 2006 on nearly 2 ac corner lot in a growing area. NOI $99K/yr. $1.134M. 8.75% cap.
6. Office Building in Olathe, KS: 31,966 SF Class-B office building in high income Kansas City suburbs. Recent upgrades include: parking lot, sidewalks, exterior, landscape and roof repairs. Close to I-35. 90% leased. NOI $303K/yr. $3.575M. 8.50% cap.
7. Office Building in Colleyville, TX: 5975 SF eye-catching office building constructed in 2003 at main retail corridor in Fort Worth/Dallas suburbs. Excellent demographics: AHI of $159K/yr within 1 mile. 100% leased to multiple tenants. $925K. NOI/Cap not provided.
8. Shopping Center in Phoenix, AZ: 18,115 SF attractive shopping center built in 2008 on 2+ ac lot in fast growing area. Across from Desert Sky Mall. Close to Banner Estrella Medical Center and I-10. 92% NNN leased. NOI $254K/yr. $3.185M. 8% cap.
9. Neighborhood Center in Fairview Heights, IL: 59,386 SF shopping center built in 2010 on 5.90 acres of land in growing St Louis metro. Anchored by Jo-Ann Fabric and Craft & Party City. Adjacent to St. Clair Square Mall and near I-64. 100% leased. NOI $623K/yr. Price/Cap not disclosed.
10. Apartments in Tucson, AZ: 167-unit well maintained gated apartment complex on 3.83 ac lot close to shopping centers, parks and transportation. NOI $460K/yr. $5.9M. 7.80% cap.

© Transmercial 2013

08-07: BWW, Mixed-use, Golden Corral, Fletcher Auto, Retail Centers

1. Retail Center in Lakeside, CA: 13,505 SF retail center on .98 ac lot in San Diego suburbs. Shadow anchored by Rite Aid and Albertsons Grocery. 80% NNN leased ten tenants. Credit tenants include: Cricket Wireless, H&R Block, Subway, UPS Store and Bank of America Kiosk. NOI $277K/yr. $3.95M. 7.03% cap. Upside potential.
2. Retail Center in Sterling Heights, MI: 10,38 SF attractive retail center on 1.47 ac lot in Detroit suburbs.  100% leased to 3 tenants including a  6,941 SF successful Mediterranean restaurant, hair salon. Across from Lakeside Mall. 100% NNN leased. NOI $97K/yr. $1.2M. 8.13% cap.
3. Buffalo Wild Wings in Cedar Park, TX: 6000 SF Buffalo Wild Wings restaurant built in 2008 outparcel to 1890 Ranch Center, a Power Center anchored by Target and CineMark Movie Theater. Across from Cedar Park Regional Medical Center. 15 yrs NNN lease with 10 yrs left to a strong franchisee. NOI $244K/yr with 10% rent increases every 5 yrs. Price reduced to $2.995M. 8.15% cap.
4. Strip Center in Birmingham, AL: 9381 SF newly constructed strip center on 1+ ac lot in fast growing and high income area. Along main retail corridor. 100% NNN leased to Dunkin Donuts, South Boutique, Aspen Dental and Tazikis. NOI $2011K/yr. $2.73M. 7.75% cap.
5. Shopping Center in Greenfield, WI: 32,174 SF attractive shopping center in growing Milwaukee suburbs. Close to Southridge Mall and I-894/I-43. 100% leased with a strong mix of medical, retail and governmental tenants. NOI $339K/yr. $3.95M. 8.60% cap.
6. Shopping Center in North Olmsted, OH: 26,745 SF well kept mature shopping center on 2 ac lot in Cleveland metro. Close to 627,000 SF Westfield Great Northern Mall and I-480. 100% leased. NOI $184K/yr. $2.05M. 8.54% cap.
7. Mixed-use Center in Danville, CA: 5792 SF well maintained office & retail center in affluent city (AHI of $169K/yr in 3 mile radius) just 30-min East of San Francisco. Close to I-680. 100% NNN leased. Pro forma NOI $127K/yr. $2.3M. 5.60% pro forma cap.
8. Golden Corral in Denton, TX: 10,310 SF Golden Corral Buffet Restaurant built in 2003 on 1.61 ac lot in growing area. At major retail artery and close to 764,719 SF Golden Triangle Mall. New 15 yrs absolute NNN lease to 4^th largest franchisee with nearly 400 units. This is a sale lease-back investment so price & lease terms are all negotiable. NOI $199K/yr. $2.843M. 7% cap.
9. Retail Center in Oak Lawn, IL: 8841 SF attractive retail center built in 2008 on 1+ ac lot in Chicago suburbs. Near Chicago Ridge Mall and I-294. 100% NN leased to Starbucks, Little Caesars, Virgin Mobile, Scottrade and TCBY Frozen Yogurt. NOI $240K/yr. $3.4M. 7.06% cap.
10. Fletcher Auto in El Cajon, CA: 5,448 SF well maintained single tenant auto center at a corner location in San Diego suburbs. Close to Westfield Parkway, Fwy-67 and I-8. New 10 yrs lease. NOI$74K/yr. $1.15M. 6.50% cap.

© Transmercial 2013

08-06: Starbucks, TechnaGlass, Walgreens, Golden Corral, Dollar Tree

1.       Starbucks in South Ogden, UT: 1813 SF Starbucks built in 2007 in high income (AHI $96K/yr) Salt Lake City metro. Near Weber State University and three hospitals.  10 yrs NNN- lease with 4+ yrs left.  NOI $93K/yr. $1.25M. 7.5% cap.

2.       Strip Center in Houston, TX: 10,425 SF attractive strip center built in 2008 on 1+ ac lot in high income area with an AHI of $107K/yr in 1 mile. 100% NNN leased to Starbucks, Edible Arrangements, Mathnasium, Hair Salon, Edward Jones, Alama Tamales and CherryBerry Yogurt Bar. NOI $246K/yr. $3.185M. 7.75% cap.

3.       Strip Center in Yorba Linda, CA: 6,000 SF well kept strip center in affluent (AHI $128K/yr in 1 mile) Los Angeles suburbs. 100% NNN leased to three tenants. NOI $153K/yr. $2.15M. 7.12% cap.

4.       TechnaGlass in North Las Vegas, NV: 3478 SF built-to-suit auto center built in 2006 on .49 ac lot at a high traffic location. 100% absolute NNN lease with 5 yrs left to strong franchisee with 44 units. NOI $79K/yr. $899K. 9% cap.

5.       Mixed-use Center in Evanston, IL: 20,247 SF remodeled office & retail center in densely populated and high income (AHI $102K/yr in 3 mile) coastal town just North of Chicago. 92% leased. NOI $250K/yr. $3.05M. 8.20% cap.

6.       Walgreens in Orlando, FL: 15,120 SF Walgreens built in 1997 along major retail thoroughfare. Tenant has been at this location since 1998. 100% NNN- lease with 5 yrs left. NOI $297K/yr. $4.105M. 7.25% cap.

7.       Golden Corral in Richardson, TX: 9451 SF Golden Corral Buffet Restaurant built in 1996 on 2+ ac lot in growing and high income (AHI $102K/yr) Dallas suburbs. New 15 yrs absolute NNN lease to 4^th largest franchisee with nearly 400 units. This is a sale lease-back investment so price & lease terms are all negotiable. NOI $185K/yr with 10% rent bumps every 5 yrs. $2.643M. 7% cap.

8.       Shopping Center in Kent, WA: 47,062 SF shopping center constructed in 2002 on 5.72 ac lot anchored by Staples in Seattle suburbs. Close to Valley Medical Center. Across from IKEA. NOI $809K/yr. $11.1M. 7.30% cap.

9.       Dollar Tree in Cincinnati, OH: 10,096 SF well kept Dollar Tree on .89 ac lot along busy corridor. Close to Mercy Hospital. 100% NNN- lease with 8 yrs left. NOI $82K/yr. $1.036M. 8% cap.

10.   Shopping Center in Little Rock, AR: 23,304 SF attractive shopping center on 2+ ac lot. On an off/on ramp of I-430. NOI $288K/yr. $3.6M. 8% cap.

© Transmercial 2013