Top 5 Properties 09/10/09

1. Holiday Express Hotel in Brentwood, CA: 50-unit hotel built in 1995 on 1.37 acres lot in a booming (86% growth since 2000) and high income (AHI $85K/yr) San Fran Bay Area. $113/day avg rate and 74% avg occupancy rate. NOI $558K/yr. Price reduced to $4.995M. 13% cap.
2. Retail Strip Center in Fort Worth, TX: 9961 SF beautiful strip center built in 2007 on 1 acre parcel in a high growth area near I-35. 100% NNN leased by 5 tenants. NOI $177K/yr. $1.775M. 9.75% cap.
3. Arby’s restaurant in Austell, GA: 3365 SF restaurant on .9 ac corner outparcel to a shopping center in Atlanta’s suburb. 100% NNN lease with guaranty by Wendys (NYSE: WEN) till 2017. Store with strong sales. NOI $75K/yr. $937K. 8% cap.
4. CVS Pharmacy in Kennesaw, GA: 12,608 SF drug store built in 1994 on 1.37 acres lot in a fast growing (28%) and high income (AHI $89K/yr) Atlanta suburb. NOI $174K/yr. Store with very low rent/revenue ratio of 3.8%, i.e. profitable location. 100% NNN lease with 6 yrs left. Lease options with rent increases. $2.05M. 8.52% cap.
5. Petco in Darlene Prairie, MO: 15,000 SF single-tenant retail store on an outparcel to a 400,000 SF power center anchored by Target, JC Penney, Shop 'n Save and Wehrenberg Theatre in Saint Louis metro. 10 yrs NNN corp lease. NOI $252K/yr. $2.975M with rent bump. $2.975M. 8.5% cap. Recession insensitive tenant.
   
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