Thursday, October 30, 2008

Top Retail Properties 10-29-08

  1. Arby’s restaurant in Omaha, NE: 2879 SF 6-yrs old Arby’s franchised restaurant on .62 ac outparcel to a Home Depot in a stable city. New 20 yrs absolute NNN lease by an operator with 19 locations. NOI $90K/yr. $1.241M. 7.25% cap.
  2. Burger King restaurant in Marietta, CA: 3400 SF 10-yrs old Burger King on 1 acres lot just off I-15 in a booming (83% growth since 2000) and high-income (AHI $83K/yr) town. Across the street from Super Target and Albertsons. New 15 yrs absolute NNN lease. NOI $150K/yr. $2.5M. 6% cap.
  3. Jiffy Lube in Pearland, TX: 4155 SF brand new Jiffy Lube on 1.53 acres parcel in a fast growing (63% since 2000) and affluent (AHI $96K/yr) Houston suburb. 20 yrs absolute NNN lease from an operator with 112+ locations. NOI $151K/yr. $2.023M. 7.5% cap.
  4. Burger King in Hutchinson, KS: 4638 SF restaurant built in 1999 on .79 acres lot. 100% NNN leased till 2019 by a successful franchisee with 36 locations. NOI $97K/yr. $1.3M. 7.52% cap.
  5. Shopping Center in Surprise, AZ: 25,653 SF 7-yrs old shopping center in a fast growing (81% growth) Phoenix suburb. 100% NNN leased by 8 good tenants. NOI $389K/yr. $5.6M. 7% cap.
  6. Rite Aid in Peachtree City, GA: 13,824 SF 4-yrs old Rite Aid on 2.3 acres lot in a high-growth and wealthy Atlanta suburb (AHI $106K within 1 mile ring). 100% NNN lease with 16 yrs remaining. NOI $283K/yr. $3.495M. 8.1% cap.

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