09-09: Winn-Dixie, Advance Auto Parts, MOB, IHOP, Retail Centers

1. Winn-Dixie in Baton Rouge, LA: 50,388 free-standing established Winn Dixie supermarket built in 1993 on 7+ ac lot in fast growing area. Along busy corridor and close to I-12. Tenant has been at this location since 1992. 100% NNN lease with 5 yrs left. NOI $395K/yr. $4.652M. 8.50% cap.
2. MOB in Phoenix, AZ: 41,918 SF Class-B medical office building on nearly 3 ac lot. Across from 136-bed Paradise Valley Hospital. 78% leased to multiple tenants. Actual NOI $314K/yr. $4.2M. 7.49% actual cap. Upside potential.
3. Advance Auto Parts in Dearborn, MI: 7000 SF auto parts retail building completed in 2007 at a corner location in Detroit suburbs. 15 yrs NNN- lease with 9 yrs left. NOI $169K/yr. $2.335M. 7.25% cap.
4. Wendy’s in Idaho Falls, ID: 5600 SF fast food restaurant on .87 ac outparcel to Shopko and Albertson’s grocery at a signalized location. Across from Lowe’s and adjacent to Sam’s Club and Home Depot.  100% NNN lease with 3 yrs left. NOI $123K/yr. $1.37M. 8.98% cap.
5. Retail Center in San Antonio, TX: 9948 SF retail center built in 2006 on .86 ac lot in upper middle-class area. 100% NNN leased. NOI $173K/yr. $2.3M. 7.50% cap.
6. MOB in San Leandro, CA: 29,085 SF Class-B recently remodeled medical office building on 1.56 ac lot in Silicon Valley. Next to San Leandro Hospital. 91% leased to multiple tenants. NOI $440K/yr. $5.5M. 8% [pro forma] cap.
7. Jack in the Box in McKinney, TX: 3230 SF well maintained drive-thru restaurant on 1.23 ac lot at a major retail corridor on a off/on ramp of Hwy-75/121 with high traffic volume in Dallas suburbs. Across from Power Center anchored by Super Walmart and Sam’s Club. 18 yrs absolute NNN corp lease with 8 yrs left. NOI $138K/yr with a rent bump in 2018. $2.315M. 6% cap.
8. Retail Center in Laredo, TX: 8275 SF attractive retail center built in 2003 on .92 ac lot t at a signalized intersection in a border city. 100% NNN leased. NOI $173K/yr. $2.25M. 7.75% cap.
9. Shopping Center in Concord, NC: 27,623 SF shopping center built in 1998 on 3.56 ac lot in a fast growing area. Close to Carolina Mall, Carolinas Medical Center and I-85. 68% leased. Actual NOI $171K/yr. $2.35M. 7.28% cap.
10. IHOP in Jacksonville, NC: 5000 SF IHOP restaurant built in 1999 on nearly 1 ac outparcel to Jacksonville Mall, with 70 stores and across from Onslow Memorial Hospital. 20 yrs NNN lease with 7 yrs left. NOI $158K/yr with a 10% rent increase in 2015. $2.25M. 7.03% cap.

© Transmercial 2013

09-06: Oil Express, CVS, DQ, Burlington Coat Factory, Pizza Hut, Shopping centers

1. Retail Center in Fredericksburg, VA: 5375 SF 6-unit strip center on a busy highway in growing area just South of Washington DC.  100% leased.  NOI $94K/yr. $1.15M. 8.2% cap. 
2. Oil Express in Martinez, CA: 2232 SF Oil change facility built in 1991 on ¼ ac lot in high income San Fran metro.  10 yrs absolute NNN lease with no landlord responsibilities to a multi-unit operator.  NOI $70K/yr.  Just $875K. 8% cap. 
3. CVS Pharmacy in Detroit, MI: 10,880 SF drug store on 1.32 ac lot. 20 yrs absolute NNN lease till 2024.  NOI $257K/yr. $3.674M. 7% cap.
4. Apartments in Oklahoma City, OK: 170-unit 2-story tudor apartments complex on 5.59 ac lot. Amenities include a swimming pool and on-site laundry facilities. NOI $466K/yr. $5.45M. 8.56% cap. 
5. Dairy Queen in Fort Lauderdale, FL: 3329 SF DQ restaurant built in 2003 on .8 ac lot on Hwy 1 in high income area (AHI $88K/yr in 1 mile).  Tenant recently spent $430K on renovation. New 15 yrs NNN lease to an experienced operator.  NOI $135K/yr with generous 3% annual rent bumps. $2.076M. 6.5% cap.
6. Burlington Coat Factory in Raleigh, NC: 62,516 SF big box retail condo on a major artery.  100% leased to BCF with 1+ yrs left.  NOI $266K/yr. $2.8M. 9.5% cap.
7. Shopping Center in lake Elsinore, CA: 17,600 SF 12-unit shopping center on 1.58 ac lot.  90% leased.  NOI $238K/yr. $2.98M. 8% cap. 
8.  Pizza Hut & KFC in Renton, WA: 2 freestanding restaurants (2345 SF & 2485 SF) on 2/3 ac outparcel to Safeway grocery in Seattle metro.  100% leased to KFC and Pizza Hut at below market rent.  NOI $83K/yr. $1.55M. 5.4% cap.    Upside potential. 
9. Strip Mall in Westminster, CO: 5000 SF strip center on 1/3 ac lot in Denver metro.  100% leased.  NOI $80K/yr. $899K. 9% cap.

© Transmercial 2013

09-05: Buca di Beppo, Rite Aid, Arby's, Famous Dave's, MOB, Office Depot

1. Buca di Beppo in Mesa, AZ: 7650 SF Italian Restaurant built in 2001 on 1+ ac along major retail artery. Close to Banner Gateway Medical Center and Hwy-60.15 yrs absolute NNN corporate ground lease with 3 yrs left (land is for sale.  Should tenant not renew the lease then the building reverts to landowner). NOI $138K/yr. $2.208M. 6.25% cap.
2. Rite Aid in Charlotte, NC: 13,824 SF two lane drive-thru pharmacy built in 2003 on 1.45 ac lot at a signalized intersection in fast growing and high income (AHI $97K/yr in 3 mile radius) area. 100% absolute NNN lease with 10 yrs left.  NOI $326K/yr. $4.084M. 8% cap.
3. Retail Center in Houston, TX: 11,834 SF attractive retail center built in 2008 on .90 ac lot in fast growing and upper middle-class area. Adjacent to a 600,000 SF Power Center anchored by Walmart, JCPenney and Lowe’s. 100% leased to seven tenants. NOI $281K/yr. $3.51M. 7.75% cap.
4. Retail Center in Kennesaw, GA: 14,300 SF retail center built in 2006 on 1.55 ac lot in high income Atlanta suburbs with an AHI of $85K/yr in 1 mile. 82% NNN leased. NOI $95K/yr. $951K. 10% cap. Upside potential when fully leased.
5. Arby’s in Warren, MI: 1312 SF Arby’s restaurant remodeled in 2012 on .54 ac lot along busy corridor. New 20 yrs absolute NNN lease to an experience franchisee. NOI $114K/yr with 5% rent bumps every 5 yrs. $1.47M. 7.76% cap. This is a sale-leaseback investment, so lease terms are negotiable.
6. Apartments in Rancho Cordova, CA: 101-unit renovated multifamily complex on 3.67 ac lot in Sacramento suburbs. Close to schools, parks and shopping centers. 97% occupancy. NOI $406K/yr. $5.35M. 7.59% cap.
7. Office Depot in Orange City, FL: 20,000 SF built-to-suit retail building completed in 2000 on 1.68 ac lot at a hard corner location in Orlando suburbs. Across from Home Depot and 139-bed Florida Hospital Fish Memorial. Close to I-4. 15 yrs NNN lease with 2+ yrs left. NOI $314K/yr. $4.056M. 7.75% cap.
8. Famous Dave’s in Apple Valley, MN: 3712 SF Famous Dave’s restaurant on .95 ac lot at a busy Downtown location in Minneapolis metro. 20 yrs absolute NNN lease with 6 yrs left. NOI $194K/yr with 4.04% rent bumps every two years. $2.515M. 7.75% cap.
9. Apartments in Denver, CO: 40-unit well maintained apartment buildings on 1.62 ac lot in growing area. 97% occupied. NOI $178K/yr. $2.2M. 8.13% cap.
10. MOB in Spring, TX: 29,000 SF high quality constructed medical office building on 3.40 ac lot in fast growing (229.26% pop growth since 2000) and affluent (AHI $129K/yr in 1 mile) Houston suburbs. All units face main road. 100% NNN leased to multiple tenants. 8% cap. NOI/Price not disclosed.

© Transmercial 2013

09-04: AutoZone, Jiffy Lube, Taco Bell, Apartments, MOB, Retail Centers

1.       AutoZone in Carpentersville, IL: 7500 SF single-tenant retail building along major retail corridor in high income Chicago suburbs with an AHI of $93K/yr within 1 mile. Across from Spring Hill Mall with Macy’s, Sears and Kohl’s. 100% NNN leased with 10+ yrs left.. NOI $90K/yr. $1.5M. 6% cap.

2.       Jiffy Lube in Fort Worth, TX: 2070 SF two-bay auto center on .52 ac lot in a fast growing area. Easy access to I-820.  20 yrs absolute NNN lease with 12 yrs left to a strong franchisee with 110 units. NOI $64K/yr with rent increases every 5 yrs. $891K. 7.25% cap.

3.       Taco Bell in Tampa, FL: 2216 SF drive-thru fast food restaurant built in 1997 on .77 ac lot along a six lane thoroughfare. 100% NNN lease with 9 yrs left. NOI $114K/yr. $1.91M. 6% cap.

4.       Retail Center in Tempe, AZ: 5982 SF attractive retail center on .67 ac outparcel to Safeway grocery in affluent (AHI $112K/yr in 1 mile) Phoenix suburbs. 100% leased to Tempe Smiles Family Dental, Rita’s Ice and Trader’s Smoke Shop. NOI $108K/yr. $1.502M. 7.25% cap.

5.       Retail Center in Lincolnwood, IL: 18,880 SF well maintained retail center at a hard corner location.  Anchored by Starbucks since 1996. Densely populated (with over 700,000 residents in 5 mile radius) and high income (AH 103K/yr in 1 mile) Chicago suburbs.  76% leased to seven tenants. Pro forma NOI $300K/yr. $3.325M. 9.02% pro forma cap.

6.       Office Building in Sarasota, FL: 6462 SF Class-B office building close to Court House, Government Offices, Police Headquarters and more. 100% leased with professional tenants. NOI $62K/yr. $1M. 6.25% cap.

7.       MOB in Parker, CO: 13,966 SF Class-B medical office building in high income Denver suburbs. Near Parker Adventist Hospital. NNN leased. NOI $214K/yr. $2.4M. 8.92% cap.

8.       Apartments in Fort Wayne, IN: 206-unit well maintained apartment complex on 15 acres of land. Close to parks, Shopping Centers and University of Fort Wayne. 100% occupied. NOI $639K/yr. $7.999M. 8.30% cap.

9.       Retail Center in Mesquite, TX: 22,812 SF attractive retail center on 2.82 ac lot in high income (AHI $81K/yr) Dallas suburbs. Next to Hwy-352 and near Texas Regional Medical Center. 73% leased. NOI $153K/yr. $1.6M. 9.59% cap.

© Transmercial 2013

09-03: Walgreens, AAP, Staples, DaVita, Retail Centers

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. Walgreens in Fredericksburg, VA: 14,820 SF brand new Walgreens at a hard corner location in growing & high-income (AHI $118K/yr in 1 mile) Washington DC metro. 25 yrs absolute NNN lease. $7.78M. 5.4% cap.
2. LongHorn Steakhouse (S&P BBB) in Dayton, OH: 5355 SF restaurant built in 2003 on 1.57 ac lot at a signalized corner location. Adjacent to Super Walmart. 100% absolute NNN corp ground lease (land is for sale) with 5 yrs left. NOI $71K/yr. $1.1M. 6.50% cap.
3. Advance Auto Parts in Spring, TX: 7000 SF auto parts retail center built in 2006 on 1.37 ac lot in fast growing & high income (AHI $111K/yr) Houston suburbs. 100% NNN lease with 9 yrs left. NOI $135K/yr. $2.079M. 6.50% cap.
4. Retail Center in Cincinnati, OH: 17,620 SF attractive retail center on over 1 ac lot. Close to Ford Plant and I-75. NNN leased with good tenant mix. Proforma NOI $140K/yr. $1.4M. 10% cap.
5. Shopping Center in Reynoldsburg, OH: 23,300 SF consisting of two retail buildings in growing Columbus suburbs. Near Taylor Square Shopping Center, with Marshalls, Jo-Ann, Walmart and Sam’s Club. Close to I-70. 93% NNN leased. NOI $443K/yr. $5.11M. 8.68% cap.
6. Retail Building in Kissimmee, FL: 13,250 SF well maintained retail building anchored by 7,500 SF Edwin Watts in Orlando suburbs. Close to Walt Disney World and I-4. 100% leased. NOI $199K/yr. $2.05M. 9.73% cap.
7. Staples in Phoenix, AZ: 20,390 SF Staples built in 2007 on 2.34 ac lot in fast growing (235.80% pop growth) area. Adjacent to Lowe’s & Goodwill. 100% NNN lease with 4 yrs left. NOI $328K/yr. $3.995M. 8.23% cap.
8. DaVita in Green Bay, WI: 14,600 SF well-kept 2-tenant medical office building.  100% leased to DaVita dialysis with 10 yrs left on the lease occupying 13,218 SF and Aurora Medical Group. Close to 547-bed St. Vincent Hospital. NOI $159K/yr with 2.5% annual rent increases. $1.99M. 8% cap.
9. Retail Center in Grove, IL: 15,703 SF retail center along busy corridor. In growing (299.78% pop growth) and affluent (AHI $134K/yr) Chicago metro. Good tenants mix. NOI $227K/yr. $2.528M. 9% cap.
10. Office Building in Clearwater, FL: 25,600 SF Class-B office building on 1+ ac lot in Tampa suburbs. Close to Clearwater Mall and Hwy-19. 100% leased to 27 tenants. NOI $156K/yr. $2M. 7.8% cap.

© Transmercial 2013