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02-17: MOB, Zaxby’s, Kroger, Retail Centers

  1. Shopping Center in Roswell, GA: 74,790 SF neighborhood center on 7.76 ac lot at a hard corner location in growing and high income (AHI $114K/yr in 5 mile ring) Atlanta suburbs. Renovated in 2004. Across from Power Center with Hobby Lobby, Big Lots, Dollar Tree and more. National tenants include: Auto Zone, Leslie’s Pool Supply, CiCi’s Pizza and Stoney River Legendary Steak. 98% NNN leased. Actual NOI $878K/yr. $10.985M. 8% cap.
  2. MOB in Phoenix, AZ: 31,600 SF two story medical office building along busy corridor and close to I-17. 78% leased by 15 medical & professional tenants. NOI $387K/yr. $5.16M. 7.51% cap.
  3. Zaxby’s in College Park, GA: 3311 SF franchised casual restaurant built in 2006 on over 1 ac outparcel to Walmart in fast growing Atlanta suburbs. Across from Kroger grocer center and close to Hwy-279. This is as sale/leaseback investment. New12-yrs absolute NNN lease to a strong franchisee. NOI $161K/yr with a 5% rent increase in yr 6. $2.308M. 7% cap.
  4. Neighborhood Center in Oklahoma City, OK: 102,757 SF well maintained shopping center constructed in 1994 on over 8 ac lot along major retail corridor. Next to 103,000 SF Walmart Neighborhood Market. Between Shepherd Mall and Oklahoma City University. 94% leased. NOI $782K/yr. $10M. 7.82% cap.
  5. Shopping Center in Tampa, FL: 45,353 SF well kept shopping center on nearly 6 ac corner lot in a high income area with an AHI of $87K/yr in mile. Adjacent anchored tenant include: Lowe’s, The Fresh Market, Bed Bath and Beyond, Petco, Publix, Stain Mart and Tuesday Morning. 100% leased to nineteen tenants. NOI $1.062M/yr. $14.5M. 7.33% cap.
  6. Strip Center in Mankato, MN: 7502 SF attractive strip center built in 1996 on 1.18 ac outlot to Hy-Vee grocery.  Across from 814,000 SF River Hills Mall with 95 stores. Close to Hwy-60. NNN leased. NOI $141K/yr. $1.942M. 7.30% cap.
  7. Kroger in Hendersonville, TN: 58,890 SF well performing Kroger grocery with fuel station on 5.26 ac lot in a growing and high income Nashville suburbs. Tenant has been at this location for over 30-yrs. Tenant pays very low rent. 100% absolute NNN corp lease with 7-yrs left. NOI $309K/yr. $4.718M. 6.55% cap.
  8. Retail Center in Rialto, CA: 25,352 SF well maintained retail center on 1.78 ac lot along main corridor in San Bernardino County. 100% NNN leased. NOI $270K/yr. $4.156M. 6.5% cap.

(c) Transmercial 2015