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Angel Investor (Individual)

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Investments

36

Portfolio Exits

10

About Tom Noonan

Tom Noonan, the former co-founder and CEO of Internet Security Systems (ISS), is the president and CEO at JouleX, a Green IT company specializing in sustainable energy management systems for the enterprise. Noonan, who has been actively involved with the incubation of JouleX, is an operating partner in the Atlanta-based venture capital firm, TechOperators.

Headquarters Location

Atlanta, Georgia,

United States

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Latest Tom Noonan News

Cheers! Dan Murphy’s a dream tenant for landlord investors

Oct 20, 2022

Advertisement Liquor retailer Dan Murphy’s credibility as a tenant is underpinning the strong prices being paid for the freehold of its stores by investors. A private consortium has set a record-low 2.94 per cent yield for a Dan Murphy’s store in Pakenham, on Melbourne’s south-east urban fringe, forking out $14.75 million for the freestanding store. The Dan Murphy’s tenancy is on a large 1.216 hectare parcel at 8 Portobello Road. Credit: The sharp price paid by the consortium bettered a previous benchmark result set by a family of Italian heritage when they paid $22.5 million in 2017 – at the time one of the sharpest retail yields around at 3.22 per cent – to snare Dan Murphy’s Alphington outlet which also included group’s head office in Heidelberg Road. The latest deal also comes hot on the heels of an investor paying a benchmark 3.48 per cent yield for the liquor retailer’s Malvern outlet, which fetched $21.1 million last month. The Pakenham store sold via an on-market expressions of interest campaign handled by JLL’s Stuart Taylor, Tom Noonan, MingXuan Li and Jarrod Herscu and Burgess Rawson’s Zomart He, Matthew Wright and Billy Holderhead. “There has only been few major retail assets transact this year, with neighbourhood and subregional centre transactions being extremely quiet.” JLL’s Stuart Taylor The Dan Murphy’s tenancy is on a large 1.216 hectare parcel at 8 Portobello Road that included 83 carparks and additional vacant land which gave buyers a potential development upside, Noonan said. The liquor outlet holds a 15-year lease over the store with options to 2056 and provides net rental around $433,559 a year, including base rent and percentage rental. The seller of the Pakenham store paid $3,658,000 for the block in November 2008. Advertisement The campaign generated more than 400 enquiries and 15 bids from a range of private investors and developers, including several sourcing money offshore, the agents said. Loading Retail transactions this year are subdued in Victoria. Stock levels and transaction volumes are down across the board after record volumes seen last year. “There has only been few major retail assets transact this year, with neighbourhood and subregional centre transactions being extremely quiet. There is no doubt that vendor confidence at the top end has waned,” Taylor said. Only around $676 million worth of retail property has sold in the year to date, a sharp 65 per cent drop on $1.96 billion sold by this point in 2021. Noonan said private investors, who commonly can stump up large sums of equity to fund their purchases, are not as affected by steep rises in interest rates and are still bidding competitively for premium assets compared to other investors who are reliant on debt. Loading “It’s somewhat of a two speed market I guess,” Noonan said. Dan Murphy’s has about 250 stores nationally. Its outlets often hold a virtual monopoly in the area where they are located meaning the group rarely needs to relocate stores. That geographical longevity is prized by landlords and investors alike and creates a Dan Murphy’s ‘premium’ over other retail investments. Dan Murphy’s owner, the $13 billion ASX-listed Endeavour Group, said on Monday it generated $2.49 billion sales in its stores during the September quarter, down 6.2 per cent on the previous corresponding period. “Our year-on-year comparison shows a predictable decline as we cycle the unique spikes in demand created by COVID-19 restrictions that particularly affected key population centres of New South Wales and Victoria this time last year,” chief executive Steve Donohue said.

Tom Noonan Investments

36 Investments

Tom Noonan has made 36 investments. Their latest investment was in Lumu as part of their Series B on August 8, 2022.

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Tom Noonan Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/4/2022

Series B

Lumu

$8M

Yes

2

5/25/2022

Series A

ShardSecure

$11M

No

2

2/10/2022

Series A - II

Voxie

$25M

Yes

6

1/19/2022

Seed VC

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$99M

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10

10/28/2021

Seed VC - II

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$99M

Subscribe to see more

10

Date

8/4/2022

5/25/2022

2/10/2022

1/19/2022

10/28/2021

Round

Series B

Series A

Series A - II

Seed VC

Seed VC - II

Company

Lumu

ShardSecure

Voxie

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Amount

$8M

$11M

$25M

$99M

$99M

New?

Yes

No

Yes

Subscribe to see more

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Co-Investors

Sources

2

2

6

10

10

Tom Noonan Portfolio Exits

10 Portfolio Exits

Tom Noonan has 10 portfolio exits. Their latest portfolio exit was SaaSOptics on April 13, 2022.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

4/13/2022

Merger

$99M

2

12/22/2021

Acq - Fin

$99M

6

9/21/2021

Acquired

$99M

1

9/10/2021

Acquired

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$99M

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10

6/16/2021

Acquired

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$99M

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10

Date

4/13/2022

12/22/2021

9/21/2021

9/10/2021

6/16/2021

Exit

Merger

Acq - Fin

Acquired

Acquired

Acquired

Companies

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Valuation

$99M

$99M

$99M

$99M

$99M

Acquirer

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Sources

2

6

1

10

10

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