Tuesday, October 21, 2008

Top Commercial Properties 10-20-08

  1. Eagle Ranch Strip Center in Katy, TX: 22,754 SF attractive multi-tenant center on 2.17 acres of lot built in 2005 in growing (132.82% growth within 1-mile radius) Houston suburbs. 100% NNN leased. NOI $300K/yr. $3.760M. 8% Cap.
    -Strong mix of national/local tenants
    -Long NNN leases
  2. 2-unit strip in Fort Myers, FL: 6030 SF two tenant strip center consisting of two buildings on .52 acre lot in hard corner. 100% NNN leased by Subway and Money store. NOI $54K/yr. $785K. 7% Cap.
    -National tenants
  3. Applebee’s Restaurant in Louisville, KY: 4371 SF Applebee’s Restaurant on 1.12 acres of parcel blocks from Jefferson Mall. 100% NNN leased by experienced operator with over 27 restaurants. NOI $183K/yr. $2.3M. 7.95% Cap.
  4. Big O Tires in Gilbert, AZ: 5075 SF Big O Tires Retail Building on .87 acre lot built in 2002 near Loop 101/202 and Fwy-60. 100% absolute NNN leased till 2018. NOI $126K/yr. $1.7M. 7.41% Cap.
    -Lease guarantor by TJ Auto, LLC ($5M net worth)
    -2% Annual rent increases staring 2010
  5. Franchised Motel in Spokane, WA: 181-Rooms well maintained franchised motel on 5.3 acres of parcel next to Denny’s Restaurant just off of I-90. NOI $1,092M. $9.5M. 11.50% Cap.
  6. Pizza Hut Restaurant in Forest Hill, TX: 3,090 SF Pizza Hut building on .76 acre lot in fast growing Fort-Worth metro. 100% NNN leased. NOI $90K/yr. $1.299M. 7% Cap.
    -Lease guaranteed by YUM! Brands, Inc.
  7. Shopping Center in Oldsmar, FL: 3-years old 9,971 SF shopping center on over 1 acre lot anchored by Panera Bread/Starbucks. 100% NNN leased by six tenants. NOI $227K/yr. $3.027M. 7.5% Cap.
    -Good tenant mix: Italian Restaurant, Hair Salon, Fine Wines, Nail/Spa and China Star

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