03-25: Walgreens, Retail Centers, Strip Centers

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  1. Retail Center in Queen Creek, AZ: 16,798 SF attractive retail center on 2.68 ac lot in a fast growing (851% pop growth since 2000) and high income (AHI $94K/yr in 3 miles) Phoenix metro. 100% leased to national and local tenants. NOI $306K/yr. $4.247M. 7.21% cap.
  2. Retail Center in Chicago, IL: 12,704 SF well maintained retail center built in 2005 on .51 ac lot along main corridor. 74% leased to five tenants. Actual NOI $90K/yr. $1.2M. 7.50% cap.
  3. Strip Center in Corona, CA: 10,169 SF strip center constructed in 2005 on 1.40 ac lot at a hard corner location in high income Riverside County. 100% leased with a good tenant mix including Juice It Up and Pacific Dental Services. NOI $282K/yr. $4.915M. 5.75% cap.
  4. Office Building in Madison, WI: 19,200 SF Class-B single tenant office building completed in 2001 on 2.49 ac lot in upper middle class area. New 10-yrs NNN lease. NOI $246K/yr with 2% annual rent increases. $3.29M. 7.5% cap.
  5. Walgreens in Saint Augustine, FL: 15,525 SF Walgreens pharmacy on 1.51 ac lot. Adjacent to Ponce de Leon Mall and near 335-bed Flagler Hospital. Newly extended NNN corp lease with 5-yrs left. NOI $225K/yr. $3.601M. 6.25% cap.
  6. Retail Center in Edinburg, TX: 13,040 SF retail building constructed in 2008 in McAllen suburbs. 100% leased to First Community Bank, All Stars Club, Metro PCS, Select Staff, EZ-Loans, Mr. Press Dry Cleaners and El Meson Mexican Restaurant.. NOI $231K/yr. $2.8M. 8.25% cap.
  7. Strip Center in Houston, TX: 9600 SF attractive strip center on .86 ac outparcel to Home Depot and along Hwy-6. 100% NNN leased. Price/NOI N/A.
  8. Retail Center in Mount Pleasant, WI: 16,124 SF retail center on an outparcel to Walmart and Menards in fast growing middle-class area. 81% leased. Actual NOI $177K/yr. $2.15M. 8.25% cap.

(c) Transmercial 2015