02-23: Retail centers, Starbucks, Kmart, Tire Kingdom, VA clinic

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  1. Strip Center in Las Vegas, NV: 7769 SF strip center built in 2006 on 1.2 ac lot in fast growing & high income SE of Las Vegas (1300% since 2000!).  Next to CVS, Sonic, Jiffy Lube, and Carl’s Jr.  100% leased to 6 tenants.  NOI $138K/yr. $2M. 6.91% cap.
  2. Starbucks in San Angelo, TX: 1527 SF Starbucks built in 2003 on .3 ac corner lot.  Starbucks recently spent $300K to renovate the building and renew lease for 10 more yrs.  NOI $69K/yr. $1.155M. 6% cap.
  3. Kmart in Arvada, CO: 105,000 SF retail center consists of Kmart and Goodtimes Burger on a major artery in Denver metro.  100% leased with 8 yrs left.  NOI $458K/yr. $5.9M. 7.77% cap.
  4. Tire Kingdom in Tampa, FL: 5900 SF auto service center on .64 ac lot on a major artery.  100% corp lease with 4 yrs left to TBC Retail Group with 1400 locations. Tenant haw been here since 1984.  NOI $91K/yr. $1.31M. 7% cap.
  5. Shopping Center in Schenectady, NY: 59,919 SF shopping center on 6.12 ac lot in Albany metro. Anchored by 15,939 SF Aldi grocery, a discount supermarket chain with 9000 locations in 18 countries.  Other tenants include Dominos, Hertz, Autoparts Int’l, CDTA, Emptees Recycling, Sung Feng Chinese Restaurant.  NOI $202K/yr. $2.25M. 9% cap.
  6. VA Outpatient Center in Denton, TX: 9519 SF medical office building on 1 ac lot in a city North of Dallas.  100% leased to U.S. Department of Veteran Affairs with 5 yrs left.  NOI $175K/yr. $2.338M. 7.5% cap.

 

(c) Transmercial 2015