07-14: Walmart Shadow Center, Dollar Tree, Childtime Day Care, Sam’s Club Shadow Centers, Professional Buildings, Shopping Centers
1. Strip Center in Indianapolis, IN: 14,279 SF attractive strip center built in 2005 on 1.8 ac lot in a growing middle-class neighborhood. With easy access to I-465. 100% NNN leased with great tenant mix including, Subway, and Gentle Dental. NOI $211K/yr. $2.915M. 7.25% cap.
2. Walmart Shadow Center in Union City, GA: 52,054 SF consisting of three well maintained retail centers developed in 2005 on 7.33 ac lot in growing Atlanta MSA. Shadow anchored by Walmart. Adjacent to a major retail artery with over 33,000 VPD. Close to Hwy-138. 97% leased to 19 tenants. NOI $788K/yr. $10.87M. 7.25% cap.
3. Retail Center in O’Fallon, IL: 20,904 SF strip center constructed in 1999 on 2.14 ac lot in high-income St. Louis metro. Close to 144-beds HSHS St. Elizabeth’s Hospital. With easy access to I-64. 100% NNN leased to InFuzed Med Spa, PPG Paint, #1 Nails, and The CoffeeHouse. NOI $303K/yr. $4.045M. 7.50% cap.
4. Professional Building in Plainfield, IN: 10,000 SF multitenant office building built in 1998 on 1.15 ac corner lot in Indianapolis suburbs. Close to Walmart Supercenter. 100% leased to six tenants. NOI $100K/yr. $1.222M. 8.25% cap.
5. Dollar Tree in Palmview, TX: 9,100 SF single tenant retail building constructed in 2007 on nearly 1 ac lot in McAllen suburbs. 100% NNN- corp lease till 2027. NOI $70K/yr. $905K. 7.73% cap.
6. Childtime Learning Center in Midlothian, VA: 5512 SF childcare center built in 1999 on 1.54 ac lot in Richmond metro. Tenant has been at this location since 2007. New 10-year NNN- corp lease to a strong childcare provider with 915 locations. NOI $122K/yr. with a rent increase in year 6. $1.88M. 6.50% cap.
7. Sam’s Club Shadow Centers in Dayton, OH: 46,239 SF consisting of two attractive multitenant retail centers renovated in 1995 on 5.8 ac lot. Shadow anchored by Sam’s Club. With multiple points of ingress/egress. Along major retail corridor. Near I-675 with over 56,000 VPD. 100% NNN leased with excellent tenant mix including Chipotle Mexican Grill, Cold Stone Creamery, Supercuts, PNC Bank, and FedEx Office. NOI $1.001M/yr. $14.3M. 7% cap.
8. Retail Building in Gilroy, CA: 22,754 SF well maintained retail center built in 1980 on 2.27 ac lot in high-income Silicon Valley suburbs. 94% leased to O’Reilly Auto Parts, Advance Services, Glow Hair & Beauty Salon, Social Security/GSA, and Straw Hat Pizza. NOI $424K/yr. $7.068M. 6% cap.
9. Childtime Learning Center in Midlothian, VA: 5,512 SF highly-rated day care center built in 2002 on 1.25 ac lot. In affluent Richmond MSA with an AHI of $122K/yr. in a 3-mile radius. 100% NNN- corp lease till 2032. NOI $124K/yr. with a rent bump in year 6. $1.92M. 6.50% cap.
10. Retail Building in Battle Creek, MI: 49,880 SF two tenant retail building renovated in 2014 on 5.67 ac lot. 100% leased to Planet Fitness, and The Salvation Army. NOI $372K/yr. $5.141M. 7.25% cap.