Best Retail Properties 11-20-08

1. Burger King in Montgomery, IL: 2660 SF brand new restaurant on an out parcel to a Wal-mart Supercenter in fast growing Chicago suburb. 20 yrs absolute NNN lease. NOI $233K/yr. $2.906M. 8% cap. Tenant with recession resistant business.
2. Shopping Center in Beaumont, TX: 23,524 SF upscale shopping center built in 2007 on 3.26 acres parcel in an affluent area with AHI over $100K/yr. Anchored by PF Chang’s Pei Wei. 100% NNN leased. NOI $434K/yr. $5.25M. 8.28% cap.
3. Professional Plaza in Phoenix, AZ: 40,000 SF 5-building medical complex built in 1995 in the high-income SW part of Phoenix with AHI over $99K/yr. 92% leased with actual NOI of $592K/yr. $7.4M or 8% cap.
4. Strip center in Tampa, FL: 9600 SF retail strip built in 2007 on over 1 acre lot just a couple blocks from Westfield Citrus Park Mall. 100% NNN leased by 5 good tenants with Quest Diagnostics being the anchored tenant. NOI $266K/yr. $3.547M. 7.5% cap.
5. Applebee’s restaurant in Virginia Beach, VA: 4201 SF restaurant on 1.34 acres pad to Target and across the street from Kmart supercenter in a prime commercial district just off I-264. 20 yrs absolute NNN lease. NOI $173K/yr. $2.31M. 7.5% cap.
6. Wendy’s in Dallas, TX: 2500 SF restaurant constructed in 1995 on 1.1 acres out parcel to a Sam’s Club just off I-20 off-ramp. 20 yrs absolute NNN lease by a very experienced franchisee. NOI $157K/yr. $2.098M. 7.5% cap.
   
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