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Q3 2019
INTELLIGENCE
REPORT
SINGLE-TENANT RETAIL REAL ESTATE
The Quantum Pulse
Data Source:
companies. Comps based on freestanding locations unless otherwise noted dates ranging 9/24/18 thru 9/24/19 (12 monthaverage). Average sales rounded and avg building sf based on sold properties. Cap rates blended based on available data; actual yields will vary. NOI calculated based on data available cap rates & published sale. Disclaimer: Although Quantum Real Estate Advisors has obtained the information contained herein from sources it believes to be reliable, and believes the information to be correct, no representations or warranties, express or implied, are made as to the accuracy or reliability of this information. Any references to financials, terms, comps, square footage or age are approximate only and obtained at time of collection. The recipient bears sole responsibility for verification of the accuracy of the information contained herein and bears all risk for any inaccuracies. Quantum Real Estate Advisors shall have no liability or responsibility to any party for any loss or damage arising from reliance by any party on the information contained herein. Definitions: NR -Not Reported. STNL Single Tenant Net Lease. BPS Basis Points
Chad M. Firsel
President
P (312) 269-0220
cfirsel@qreadvisors.com
Jason L. Caplan
Senior Vice President
P (312) 553-2347
jcaplan@qreadvisors.com
Daniel J. Waszak
Senior Vice President
P (312) 269-0550
dwaszak@qreadvisors.com
Zackary J. Hilgendorf
Vice President
P (312) 533-2348
zhilgendorf@qreadvisors.com
Jason R. Lenhoff
Vice President
P (312) 683-9920
jlenhoff@qreadvisors.com
Hope Firsel
VP of Communications
P (773) 848-9349
hfirsel@qreadvisors.com
The Quantum Edge
Details determine the success or failure of an
investment transaction. In physics, the quantum is the smallest possible unit of any physical property. At Quantum Real Estate Advisors Inc., multi-tenant property.
Coast to Coast Knowledge
The Quantum Pulse
Retail Intelligence 2019
Auto / Auto Parts
Advance Auto Parts4
Auto Zone 4
Jiffy Lube5
Firestone5
'ĞŝůůLJ6
Industry Highlights 6
Banks
Bank of America7
BMO Harris Bank 7
JP Morgan Chase 8
PNC Financial 8
TD Bank 9
Wells Fargo 9
Big Box Retail
Bass Pro Shops 10
Best Buy 10
Big Lots11
Costco11
Gander Outdoors 12
Michaels 13
Office Depot14
Staples14
Target15
Walmart15
Book Stores
Barnes & Noble16
Books-A-Million16
Convenience / Gas Station
7-Eleven 17
Alimentation Couche-Tard 17
Chevron 18
Citgo Petroleum 18
Exxon Mobil 19
Phillips 66 19
Shell Oil 20
QuickTrip20
Speedway 21
Wawa21
Industry Highlights21
Credit Ratings49
Dollar Store
Dollar General 22
Family Dollar22
Entertainment
AMC Theatres23
Dave & Busters23
Garden Supply / Hardware
Ace Hardware 24
Tractor Supply 24
Grocery
Albertsons 25
Aldi 25
Kroger 26
Meijer 26
Piggly Wiggly 26
Publix 27
Sprouts 27
Trader Joes 28
Whole Foods 28
Industry Highlights29
Home Improvements & Furnishings
Bed Bath & Beyond30
Harbor Freight Tools 30
Home Depot31
HomeGoods 31
Lowes32
Menards32
Industry Highlights32
Pier 1 Imports33
Sherwin Williams33
Quick Service Restaurants (QSR)
Burger King 34
Chick-fil-A 35
Chipotle 36
Dominos 36
Dunkin Donuts37
Quick Service Restaurants (QSR)
KFC 37
Panera Bread 38
Pizza Hut 39
Starbucks39
Subway40
Taco Bell 40
Industry Highlights 41
Other / Specialty
24 Hour Fitness42
Bright Horizons Family 42
DaVita Healthcare43
Game Stop43
GNC Holdings43
Jo-Ann Fabrics & Crafts 44
Kindercare Education44
The Learning Experience 44
LA Fitness45
Party City45
Petco46
PetSmart46
Pharmacy / Drugstore
CVS 47
Rite Aid 47
Walgreens 48
Industry Highlights 48
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
Advance Auto Parts
Avg CAP Rate 7.20%
2019 Avg $ Sale$1,600,000
NOI$115,200
Avg $/Square Ft $218
Avg Building SF 7,900 SF
Lot Size.70 -1.00 Acres
Lease Term5 -15 Years
# of Locations4,931
Credit RatingS&PBBB-
Moody'sBaa2
The Quantum Pulse
Retail Intelligence 2019
Auto | Auto Parts
Intelligence
Auto Zone
Avg CAP Rate 6.20%
2019 Avg $ Sale$1,700,000
NOI$105,400
Avg $/Square Ft $214
Avg Building SF 8,200 SF
Lot Size.5 -1.5 Acres
Lease Term15 Years
# of Locations5,651
Credit RatingS&PBBB
Moody'sBaa1
Intelligence
grossleases.Avgmonthstosale:5.5months.
4Data Source: Advance Auto Parts based on 75 sold comps. Auto Zone based on 54 sold comps.
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
7/05/2019HollywoodFL7,000 $1,950,000$278.576.25%
The Quantum Pulse
Retail Intelligence 2019
Auto | Auto Parts
Intelligence
monthstosale:6.7months.
Firestone / Bridgestone
Avg CAP Rate 8.10%
2019 Avg $ Sale$2,200,000
NOI$178,200
Avg $/Square Ft $267
Avg Building SF 8,300 SF
Lot Size1 Acre
Lease TermVaries
# of Locations12,000
Credit RatingS&PA
Moody'sA2
Jiffy Lube
Avg CAP Rate 6.30%
2019 Avg $ Sale$1,700,000
NOI$107,100
Avg $/Square Ft $594
Avg Building SF 2,800 SF
Lot Size.25 -.75 Acres
Lease Term10-20 Years
# of Locations2,000
Credit RatingS&PNR*
Moody'sNR
Intelligence
5Data Source: Jiffy Lube based on 49 sold comps. Firestone based on 26 sold comps.
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
6/21/2019North Las VegasNV1,457$896,000$614.966.00%
The Quantum Pulse
Retail Intelligence 2019
Auto | Auto Parts
Intelligence
report.Avgmonthstosale:5.8months.
Avg CAP Rate 6.30%
2019 Avg $ Sale$1,700,000
NOI$107,100
Avg $/Square Ft $219
Avg Building SF 7,600 SF
Lot Size.5 -1.5 Acres
Lease Term20 Years
# of Locations5,219
Credit RatingS&PBBB
Moody'sBaa1
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
7/25/2019Lehigh AcresFL7,225$2,439,000$337.585.55%
The Auto Parts retail industry is a $58b industry with historic single digit growth. Total industry revenues historically have seen consistent growth year over year however have remained stagnant since 2018. Online auto part sales in 2019 forecasted to reach $12 billion (a $3.11b increase since 2017) and projected to reach $19 billion by 2022. The top market share is led by AutoZone, Advance subject to few restrictive regulations, and industry employees do not need to be highly skilled. Despite low barriers, high levels of competition exist making it difficult for new operators to succeed. The market is attractive as vehicles continue to age and car owners keeping their vehicles vs. purchasing new.
Advance Auto Parts
2018 Avg Cap Rate 6.64%
2019 Avg Cap Rate 7.20% 56 BPS Increase
Auto Zone
2018 Avg Cap Rate 5.79%
2019 Avg Cap Rate 6.20% 41 BPS Increase
2018 Avg Cap Rate 5.93%
2019 Avg Cap Rate 6.30% 37 BPS Increase
Industry Highlights: Auto Part Trends
The Quantum Pulse
Retail Intelligence 2019
Banks
Intelligence
BMO Harris Bank
Avg CAP Rate 6.80%
2019 Avg $ Sale$1,900,000
NOI$129,200
Avg $/Square Ft $222
Avg Building SF 8,400 SF
Lot Size1.25 -1.75 Acres
Lease Term10 Years
# of Locations600+
Credit RatingS&PA+
Moody'sa3
Bank of America
Avg CAP Rate 5.80%
2019 Avg $ Sale$3,000,000
NOI$174,000
Avg $/Square Ft $425
Avg Building SF 8,300 SF
Lot Size1 Acre
Lease Term15 -20 Years
# of LocationsApprox 4,411
Credit RatingS&PA+
Moody'sA3
Intelligence
Atlanta.Avgmonthstosale:14.5months.
7Data Source: Bank of America based on 55 sold comps. BMO Harris based on 11 sold comps.
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
6/14/2019Sauk CityWI6,543$1,500,000$229.258.09%
1/11/2019Sun CityAZ7,537$3,825,000$507.505.56%
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
8/07/2019Virginia BeachVA3,018$1,700,000$563.295.87%
5/28/2019Spring LakeNC3,364$1,400,000$416.176.75%
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
3/08/2019YorkPA2,392$980,000$409.707.36%
1/17/2019Downers GroveIL3,200$2,083,000$650.946.00%
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
8/13/2019Franklin ParkIL4,213$5,445,120$1,292.465.00%
7/11/2019Thousand OaksCA4,200$4,400,000$1,047.624.37%
The Quantum Pulse
Retail Intelligence 2019
Intelligence
PNC Financial
Avg CAP Rate 6.90%
2019 Avg $ Sale$1,800,000
NOI$124,200
Avg $/Square Ft $255
Avg Building SF 7,200 SF
Lot Size1 -1.5 Acres
Lease Term15 -20 Years
# of Locations2,459 Branches
Credit RatingS&PA
Moody'sA2
JP Morgan Chase
Avg CAP Rate 5.60%
2019 Avg $ Sale$2,500,000
NOI$140,000
Avg $/Square Ft $601
Avg Building SF 4,100 SF
Lot Size.5 -1 Acre
Lease Term15 -20 Years
# of Locations5,654 Branches
Credit RatingS&PA+
Moody'sA2
Intelligence
8Data Source: JP Morgan Chase based on 32 sold comps. PNC Financial based on 15 sold comps. Banks
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
11/16/2018Silver SpringMD4,100$6,900,000$1,682.936.30%
The Quantum Pulse
Retail Intelligence 2019
Intelligence
Wells Fargo
Avg CAP Rate 6.50%
2019 Avg $ Sale$2,500,000
NOI$162,500
Avg $/Square Ft $524
Avg Building SF 5,000 SF
Lot Size.75 -1.5 Acres
Lease Term10 -20 Years
# of Locations5,502 Branches
Credit RatingS&PA-
Moody'sAa2
TD Bank
Avg CAP Rate 6.10%
2019 Avg $ Sale$6,000,000
NOI$366,000
Avg $/Square Ft $1,477
Avg Building SF 4,600 SF
Lot Size.5 -1 Acre
Lease Term15 -20 Years
# of Locations1,300 Branches
Credit RatingS&PAA-
Moody'sA2
Intelligence
9Data Source: TD Bank based on 6 sold comps. Wells Fargo based on 33 sold comps.
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
Banks
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
Intelligence
and has been monetizing from the real estate business. management company. The site formerly employed over 2,000 at its HQ and distribution center in Nebraska.
2019, arranged for sale lease back term for 25 years of 11 properties totaling 1.6M SF and
additional 277 acres of land with Sansome Pacific JV. Transaction valued at $324M. Plans announced August 2019 for new retail store in Morganstown, West Virginia with first of its kind, five-story boat tower. In 2015, sale lease back of 135,000 SF location for $6,900,000 $51.11 PSF in Portage, Indiana. Sites sold in 2019: Saint Charles, MO, Leeds, AL and Macon, GA.
Bass Pro Shops
Asking Avg CAP Rate 7.80%
2019 Avg $ Asking$22,400,000
NOI$ -
Avg $/Square Ft $191
Avg Building SF 117,205 SF
Lot Size3 -5.7 Acres
Lease Term15-30 Years; 4 Yrs Remaining
5 Yr Options
# of Locations1,500
Credit RatingS&P BBB
The Quantum Pulse
Retail Intelligence 2019
Big Box Retail
Best Buy
Avg CAP Rate 7.80%
2019 Avg $ Sale$7,000,000
NOI$546,000
Avg $/Square Ft $179
Avg Building SF 39,200 SF
Lot Size3 -5.7 Acres
Lease Term15-30 Years; 4 Yrs Remaining
5 Yr Options
# of Locations1,500
Credit RatingS&P BBB
Intelligence
10Data Source: Bass Pro Shops based on 3 sold comps. Best Buy based on 16 sold comps.
Intelligence
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
6/07/2019Haines CityFL131,501$11,000,000$83.658.11%
5/23/2019Orange CityFL102,854$10,000,000$97.239.10%
Big Lots
Avg CAP Rate 8.80% *
2019 Avg $ Sale$7,600,000
NOI$668,800
Avg $/Square Ft $73
Avg Building SF 105,000 SF
Lot SizeVaries
Lease TermVaries
# of LocationsApprox 1,400
Credit RatingS&PBBB-
Moody'sNR
The Quantum Pulse
Retail Intelligence 2019
Intelligence
Q2 2019 comparable store sales increased 1.2% with net sales for the quarter totaling $1.24M, a 2.5% increased resulting from comparable store sales and sales growth in high volume new stores, partially offset by lower store count year over year. Despite tariff environment from global imports to the U.S., Big Lots is optimistic that strategies in place will drive profitable long-term growth. Operates five distribution centers in Montgomery, AL, Durant, OK, Rancho Cucamonga, CA, Tremont, PA and Columbus, Ohio. Average months to sale: 7.8 months.
Costco
Avg CAP Rate -
2019 Avg $ Sale$13,900,000
NOI-
Avg $/Square Ft $102
Avg Building SF 137,000 SF
Lot Size15 -30 Acres
Lease TermVaries (Long Term)
# of Locations544 Warehouses
Credit RatingS&PA+
Moody'sAa3
11Data Source: Big Lots based on 26 sold comps *part of shopping center. Costco based on 1 sold comp. Big Box Retail
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
4/23/2019WausauWI45,000$7,305,195$162.34
3/21/2019Deer ParkIL50,000$1,249,332 *$24.99 NR
The Quantum Pulse
Retail Intelligence 2019
Gander Outdoors
Avg CAP Rate 9.00%
2019 Avg $ Sale$3,300,000
NOI$297,000
Avg $/Square Ft $54
Avg Building SF 50,000 -120,000 SF
Lot Size3.0 -4.75 Acres
Lease Term15 Years
# of Locations69
Credit RatingS&PNR
Moody'sNR
Avg CAP Rate 7.70%
2019 Avg $ Sale$10,100,000
NOI$777,700
Avg $/Square Ft $181
Avg Building SF 50,800 SF
Lot Size4 Acres
Lease Term10 Years
# of Locations728 and 95 Golf Galaxy Stores
Credit RatingS&P NR
Intelligence
Q3inKennewick,WAandPlymouthMeeting,PA.
Intelligence
storesacross22states.
Recent Sold Comparables
Sale DateCityStateSFSale PricePSFCap Rate
The Quantum Pulse
quotesdbs_dbs7.pdfusesText_13
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