Top 7 retail properties 12-01-08

1. Sonic Drive-in Ground lease in Sparks, NV: 1726 SF Sonic restaurant built in 2007 on almost 1 ac out parcel to a shopping center across Kohl and Wal-mart in a fast growing Reno metro. 20 yrs absolute NNN ground lease, i.e. you own the land and tenant owns the improvements. NOI $87K/yr with 10% rent bump every 5 yrs. $1.25M. 7% cap.
2. Childtime Childcare Center in Chula Vista, CA: 8280 SF childcare center built in 2000 on .9 acre lot in a fast growing and high income (AHI $115K/yr within 1 mile) San Diego metro. 100% NNN leased with 9 yrs remaining from a national tenant with over 270 locations. NOI $203K/yr. $2.548M. 8% cap. 10% rent increase in 2010.
3. Alamo Inn & Suites in Anaheim, CA: 86-room hotel on 1.21 acres lot on Katella Avenue right across from Disneyland and walking distance to Convention center. $8.6M.
4. Shopping center in Phoenix, AZ: 15,735 SF retail center built in 2006 on 1.7 acres out parcel to a power center anchored by Lowe’s, Petsmart, Staples, and Wal-mart. Prime location just off I-10 exit. 100% NNN leased by 7 good tenants. NOI $411K/yr. $5.8M. 7.1% cap. Buyer to assume $4.375M loan.
5. Rite Aid pharmacy in Paramount, CA: 13,450 SF pharmacy built in 2004 on an outparcel to a remodeled shopping center. 20 yrs NNN lease with over 17 yrs left. Densely populated area with over 750K residents within 5 miles. NOI $340K/yr. with 10% rent increase every 10 yrs. $4.788M. 7.1% cap.
6. CareNow Urgent Care center in Cedar Hill, TX: new 5575 SF class-A construction urgent care clinic on 1.24 ac lot just off Fwy-67 exit in a high growth and affluence Dallas suburb. 15 yrs NNN lease by a corp with 21 locations in the Dallas metro. NOI $245K/yr with 8% rent bump every 5 yrs. $3.065M. 8% cap.
· Recession-insensitive tenant
· Seller financing possible
7. Dollar General Store in Houston, TX: 9014 SF brand new Dollar General store in a fast growing and strong income Houston. New 10 yrs corp NNN lease by a $9.2B company with over 8000 locations. NOI $105K/yr. $1.279M. 8.25% cap.

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