Top 8 Properties 09/02/09

1. Office Depot in East Palo Alto, CA: 30,978 SF 10-yrs old Office Depot building as part of a power center anchored by Ikea, Home Depot, Sports Authority, Nordstrom Rack, Best Buy, and Mi Pueblo Grocery. Located in the heart of Silicon Valley with visibility from Hwy 101, excellent demographics (AHI $157K/yr within 3 miles radius), and high barrier to entry. 10 yrs absolute NNN lease with corp guaranty. NOI $898K/yr. Price reduced to $9.988M. 9% cap.
2. Tire Plus Automotive in Oklahoma, OK: 10,118 SF new automotive center in the suburb of Oklahoma city. 15 yrs NNN lease with corp guaranty from Bridgestone/Firestone (BBB+ Credit Rating). NOI $212K/yr with 10% rent bump every 5 yrs. $2.655M. 8% cap. Recession insensitive tenant.
3. Shopping Center in Phoenix, AZ: 17,055 SF inline shopping center built in 1990 on 1.45 ac lot. Shadow anchored by Fry’s Grocery (owned by Kroger). 100% NNN leased by 10 tenants, 5 of them brand name. NOI $258K/yr. Strong demographics area. Price reduced from $3.675M to $3M. 8.6% cap. Buyer to assume $2.2M loan at favorable rate of 6.25% fixed rate till 2016.
4. Strip Mall in Phoenix, AZ: 13,797 SF upscale strip center built in 2005 in a high income area with AHI over $74K/yr. 100% NNN leased by 6 tenants. NOI $257K/yr. $3.2M. 8.05% cap.
5. Applebee’s in Kansas city, MO: 5285 SF restaurant built in 1996 on 1.7 acres lot across the street from Wal-mart supercenter near I-35 off-ramp. Surrounded by Super Target, Kohl's, and Home Depot, Bed Bath & Beyond, TJ Maxx, PetSmart, Office Depot, and Michael's. Fast growing (70%) and high income (AHI $73K/yr) area. Long term NNN lease. NOI $183K/yr. $2.16M. 8.5% cap.
6. Walgreens in Clovis, CA: 14,490 SF drug store built in 2001 on a corner lot next to Save Mart Supermarket in fast growth and high income Fresno metro. 100% NN leased till 2021. NOI $310K/yr. $4.134M. 7.5% cap.
7. Apartments in Spokane, WA: 13-unit apartments complex in a wealthy & quiet area (AHI $95K/yr) with city views. 99% occupied. $925K.
8. Medical Office Building in San Clemente, CA: 35,214 SF 25-unit medical office building across the street from Saddleback memorial medical center in a affluent coastal city with AHI over $133K/yr. 90% leased. NOI $612K/yr. $8.288M. 7.39% cap.
   
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