04-27: Fresenius, Inline Center, Car-X, Perkos Cafe, MOB, Shopping Centers

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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. Shopping Center in Fort Worth, TX:  17,332 SF Retail center built in 2006 on 2.21 ac lot in upper middle class area (AHI $94K/yr in 1 mile ring).  Across from Super Walmart.  100% NNN leased to 13 good tenants including:  Goodwill, Little Caesar’s, Check N’ Go, A1 Food Mart, and cell tower.  NOI $363K/yr.  $4.636M. 7.81% cap.
  2. Fresenius in Columbus, OH: 11,200 SF dialysis center on .75 ac lot close to Eastland Mall. Between I-70 and I-270. 10-yrs NNN- corp lease with 7-yrs left. NOI $112K/yr with a rent bump in 2018. $1.27M. 8.82% cap.
  3. Neighborhood Center in Scottsdale, AZ: 111,325 SF attractive shopping center built in 2004 on over 9 ac lot in high income Phoenix suburbs with an AHI of $103K/yr in 1 mile. Anchored by 29,600 SF EOS Fitness and Big 5. Adjacent to Costco, Walmart and Home Depot. With easy access to Hwy-101. 78% leased. Actual NOI $1.224M/yr. $18.14M. 6.75% actual cap. Upside potential.
  4. Inline Center in Colorado Springs, CO: 30,855 SF well maintained shopping center on 4.37 ac lot shadow anchored by Walmart Neighborhood Market and Goodwill. Along major corridor and across from King Soopers shopping center. 81% NNN leased. Actual NOI $434K/yr. $5.788M. 7.50% actual cap.
  5. Car-X in Chicago, IL: 5925 SF auto repair center on .31 ac lot along busy artery. Across from Food 4 Less, PetSmart and Sports Authority center. Near Food City Mall. 100% NNN lease with 8-yrs left. NOI $78K/yr with 1.75% annual rent increases. $981K/yr. 8% cap.
  6. Perkos Café in Stockton, CA: 3350 SF well kept restaurant on .91 ac corner lot on an off/on ramp of Hwy-99.  Tenant has been at this location since 1991. 100% NNN lease with 2-yrs left. NOI $ 84K/yr with 3% annual rent bumps. $1.2M. 7.05% cap.
  7. Tire Kingdom in Tampa, FL: 5904 SF Tire Kingdom on .63 ac lot at a signalized intersection.  100% corp lease with 4 yrs left to TBC Retail Group with 1200 locations.  NOI $91K/yr. $1.31M. 7% cap.
  8. Shopping Center in Orland Park, IL: 40,100 SF attractive shopping center in growing and high income Chicago suburbs. Next to Jewel-Osco grocery and across from Target and Lowe’s. Near Walmart Supercenter. 100% leased to long term tenants. NOI $380K/yr. $5.1M. 7.45% cap.
  9. MOB in Hemet, CA: 3380 SF Class-B single tenant medical office building in Riverside County. Close to Hemet Valley Medical Center. 100% NNN lease to Loma Linda University Medical Center. NOI $56K/yr with annual rent increases. $1.085M. 5.25% cap.

 

(c) Transmercial 2015