Best 7 Properties 05-05-09

1. Medical office complex in Houston, TX: 48,513 SF class-A medical office complex built in 2002-2005 on 7.27 acres lot on the campus of 500-bed Northwest Houston Medical Center. Near I-45. 100% NNN leased by 100% medical tenants with mostly 10 yrs leases. Extensive build out with MRI and CAT Scan centers. NOI $924K/yr with annual 1.5% rent bumps. $10.95M. 8.5% cap.
2. Retail Plaza in Ogden, UT: 6470 SF 3-unit retail plaza on ½ acres hard corner lot across from New Gate mall and just East of Costco in Salt Lake city metro. 100% NNN leased. NOI $83K/yr. $925K. 9% cap.
3. O’Reilly Auto Parts in Brownsville, TX: 6800 SF brand new auto part store on ¾ acre lot in a fast growing border city. New 20 yrs NNN corp lease. NOI $85K/yr. $1.15M. 7.4% cap.
4. Jiffy Lube in Omaha, NE: 3113 SF Jiffy Lube built in 2008 on 1/3 acre lot in a stable city. 20 yrs absolute NNN lease by a corp with 430 locations. NOI $74K/yr. with 10% rent bump every 5 yrs. $926K. 8% cap.
5. Wendy’s in Atlantic Beach, FL: 3400 SF restaurant on ¾ acre hard corner lot in front of a grocery anchored shopping center in Jacksonville metro. 20 yrs NNN lease by an franchisee with 69 locations. Store with strong sales of over $1.1M. Tenant plans to spend $170K in remodeling. NOI $88K/yr with annual CPI-based rent increase starting in year 6. $1.18M. 7.5% cap.
6. Advance Auto Parts in Minneola, FL: 7000 SF auto part store on 1 acres lot in Orland suburb. 15 yrs NNN corp lease. NOI $165K/yr. $2.1M. 7.88% cap.
7. Hardee’s restaurant in Conyers, GA: 2643 SF completely remodeled Black Angus burger restaurant on .8 acre lot just off I-20 in Atlanta suburb. New 20 yrs absolute NNN lease by an franchisee with 115 locations. NOI $90K/yr with strong 12% rent bump every 5 yrs. $1.168M. 7.7% cap.
   
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