Best Commercial Retail 02-23-09

1. CVS Pharmacy in Fairfax Station, VA: 10,125 SF drug store built in 1999 in an affluent (AHI $147K/yr) and well educated Washington DC suburb. 100% NNN leased. NOI $228K/yr with rare 8% rent increase every 5 yrs. Store with strong $8.9M annual sales. $3.517M. 6.5% cap.
2. Shopping Center in Irving, TX: 54,543 SF shopping center on 4.37 acres corner lot in a high income Dallas metro. 100% occupied by 14 tenants with low rents. NOI $353K/yr. $4.15M. 8.52% cap.
3. Shopping Center in Chula Vista, CA: 48,213 SF 4-yr old retail center on 4 acres lot in a growing San Diego metro. 100% NNN leased by 2 national tenants. Babies R Us and Pier 1 Import. 100% NNN leased. NOI $574K/yr. $8.2M. 7% cap. Buyer to assume $6.6M loan at low 5.5% interest till 2016.
4. Taco Bell in Bakersfield, CA: 2500 SF Taco Bell on ½ ac out parcel to a shopping center anchored by Food Maxx, Longs Drugs, and Dollar Tree. 100% NNN leased with Taco Bell corp guaranty. NOI $109K/yr with over $34K of percentage rent. $1.4M. 7.83% cap. Note: investor owns the land and tenant owns the building.
5. Popeyes Restaurant in Huntsville, AL: 2365 SF restaurant on .57 acre lot on a major commercial corridor. Store with strong sales of over $2.2M (avg revenue for Popeyes is just over $1M). 100% absolute NNN lease. NOI $96K/yr with 10% rent increase every 5 yrs. $1.2M. 8% cap.
6. Walgreens in Riverdale, GA: 14,820 SF brand new drug store located on Hwy 85 in Atlanta metro. 25 yrs NNN lease. NOI $635K/yr. $8.411M. 7.55% cap.
7. Strip center in Folsom, CA: 4369 SF strip center in a fast growing and wealthy Sacramento suburb. Surrounded by Raley’s, Lowe, Office Depot, Orchard Hardware, Trader Joe, Save Mart. 100% NNN leased by 4 tenants. NOI $136K/yr. $1.95M. 7% cap.
   
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