Top 10 Properties Among 360+ on 07/21/09

1. Burger King in Pearland, TX: 2589 SF restaurant on an outparcel to 1.2 M SF Pearland Lifestyle Town Center in a booming (164% pop growth since 2000!) Houston suburb. 20 yrs absolute NNN ground lease (investor owns land and tenant owns the improvements) by an operator with 35 locations. NOI $85K/yr. with 10% rent bump every 5 yrs. $1.215M. 7% cap.
2. Shopping Center in Oakwood, GA: 27,026 SF shopping center built in 2008. Shadow anchored by Sam’s Club and Wal-mart. Right cross Gainesville and Lanier Technical colleges. 92% NNN leased. NOI $570K/yr. $6.335M. 9% cap.
3. Longhorn Steakhouse in Olathe, KS: 5800 SF restaurant built in 2007 as part of a 85-acre entertainment lifestyle center in the upper middle-class Kansas suburb. 15 yrs absolute NNN ground lease by a national credit tenant: Darden Restaurants, Inc. (NYSE: DRI). NOI $120K/yr with 10% rent bump every 5 yrs. $1.550M. 7.75% cap.
4. MRI Medical center in Montgomery, AL: 4293 SF imaging center built in 2000 next to Baptist Medical Center East, a 150-bed acute care hospital in a fast growing and high income area. 100% NNN corp leased WITH 7 yrs left by MQ Associates, Inc. with 92 imaging centers and a subsidiary of Novant Health (AA- credit). NOI $96K/yr. $1.16M. 8.25% cap.
5. Shell Gas station with carwash and C-store in Elk Grove, CA: gas station with 6-MPDs, 2092 SF C-store and carwash just off hwy 99 in a fast growing middle class Sacramento metro. 104K gallon/month with $19K/month sales from c-store and $6400/month from car wash. $2.3M.
6. Bridgestone Auto Center in Lakeville, MN: 25,580 SF auto center built in 2008 on 3.37 acres lot in a high income suburb of St Paul. 15 yrs NNN corp lease by Bridgestone/Firestone, the #1 Tire Manufacturer. NOI $276K/yr with 10% rent increase every 5 yrs. $3.249M. 8.5% cap.
7. Shell Gas station with carwash and C-store in Danville, CA: gas station with 6-MPDs, 2052 SF C-store and carwash in a affluent city with AHI over $198K/yr. Station pumps 180K gallon/month with $37K/month sales from c-store and $6200/month from car wash. $3.9M.
8. Walgreens in Orange Park, FL: 15,420 SF 7-yrs old drug store on 1.4 acres lot on a hard corner in front of Home Depot in a fast growing upper middle-class Jacksonville metro. Area with limited completion with 39 medical offices and clinics within 3 miles. 100% NN lease with 12 yrs left. NOI $342K/yr. $4.208M. 8.2% cap.
9. Strip Center in Tempe, AZ: 9671 SF retail center on .92 ac lot in a stable area. 100% NNN leased. NOI $109K/yr. $1.225M. 9% cap.
10. Vehicle Related Retail Center in Glendale, CA: 14,791 SF retail center in a high income (AHI $90K/yr) with over 750K residents within 5 miles radius. 15 yrs absolute NNN lease by Earl Scheib, an auto paint body center with 85 locations in the US. NOI $192K/yr. $2.227M. 8.63% cap.
    
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