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02-26: Rite Aid Pharmacy, Hereford Steakhouse, MOB, Office Building, Retail Center

  1. Retail Center in Palmetto, FL: 9690 SF retail center built in 2007 on 1 ac lot in Tampa         suburbs. Shadow anchored by 215,000 SF Walmart Supercenter. With easy access to Hwy-41. 93% NNN leased to 5 tenants.  Current NOI $85K/yr. $1.1M. 7.82% actual cap. Upside potential when fully leased.
  2. Strip Center in Mount Pleasant, MI: 16,000 SF strip center on over 1 ac corner lot. 1/2 block from Central Michigan University campus.  Close to McLaren-Central Michigan Hospital. 100% NNN leased to AutoZone, Book Shelf, Party Store and Sewing Store. NOI $133K/yr. $1.62M. 8.22% cap.
  3. Retail Center in North Charleston, SC: 17,160 SF well maintained retail center on 1.39 ac lot. All units face busy corridor. 100% leased with national, regional and local tenants. NOI $135K/yr. $1.45M. 9.34% cap.
  4. Rite Aid in Mechanicsville, VA: 11,288 SF well maintained Rite Aid Pharmacy built in 1998 on 1.49 ac lot along main artery in growing and high income Richmond suburbs with an AHI of $111K/yr. Tenant has been at this location since 1998. Outparcel to Food Lion shopping center. 20-yrs NNN lease with 8-yrs left. NOI $164K/yr. $2.273M. 7.25% cap.
  5. Hereford House in Leawood, KS: 11,055 SF Steakhouse Restaurant on 1 ac outparcel to Town Center Plaza in high income Kansa City suburbs. Close to Menorah Medical Center. New 15-yrs absolute NNN lease.  NOI $254K/yr with annual rent increases. $3.512M. 7.25% cap.
  6. Shopping Center in Lithonia, GA: 48,400 SF attractive retail center constructed in 2002/2003 on 4.34 ac lot anchored by HHGregg in fast growing Atlanta suburbs. Adjacent to The Mall at Stonecrest and close to I-20. 100% leased to 3 tenants: HHGregg Appliances, Direct Furniture, and Pro Fit Fitness & Rehab. NOI $368K/yr. $4.565M. 8.10% cap.
  7. MOB in Walnut Creek, CA: 6938 SF Class-B multitenant medical office building on .49 ac lot in affluent (AHI $109K/yr) San Francisco metro. Across from 572-bed John Muir Medical Center. 100% leased. NOI $142K/yr. $2.3M. 6.18% cap.
  8. Office Building in Smithtown, NY: 20,000 SF well maintained four-story office building in high income New York suburbs with an AHI of $120K/yr in 1 mile radius. 95% leased with good tenant mix. NOI $210K/yr. $3M. 7% cap.

(c) Transmercial 2015