Top 5 properties of 10-08-09

1. Taco Cabana restaurant in Mesquite, TX: 3743 SF franchised restaurant on 1 acre parcel in front of Wal-mart supercenter in Northern Dallas metro. 20 yrs absolute NNN lease by a subsidiary of Carols restaurant group (NASDAG: TAST) that operates 559 locations. NOI $156K/yr. $1.95M. 8% cap.
2. Burger King in Houston, TX: 2929 SF restaurant on 2/3 acre corner lot with frontage on 8-lane 155,000-vehicle-per-day I-10. New 20 yrs absolute NNN lease with a franchisee with 50 locations and over $60M in annual sales. NOI $114K/yr. $1.476M. 7.75% cap.
3. El Pollo Loco restaurant in Atlanta, GA: 3210 SF franchised restaurant built in 2007 on Bufford Hwy with traffic count of over 80K vehicles/day in an affluent Atlanta town with AHI over $101K/yr. 100% NNN corp ground lease (you buy the land) with 12 yrs remaining. Price increased from $1.134M to $1.164M. Cap reduced from 7.5% to 7.25%. Note: this is probably the beginning of the end of price reduction. Moving forward to 2010, you will see more price increases/lower cap rates.
4. Burger King in Lewisville, TX: 3756 SF restaurant on .59 acre pad site to a Kroger supermarkets anchored shopping center in a high-income town in Dallas metro. 20 yrs absolute NNN lease. NOI $110K/yr. with 2% annual rent increase. Store with over $1.1M in sales/yr. $1.3M. 8.5% cap.
5. Shopping Plaza in Mesa, AZ: 82,373 SF mature shopping center on 8.7 acres corner lot in an upper middle-class Phoenix metro with AHI over $98K/yr. 96% leased. NOI $606K/yr. Price reduced from $6.2M to $5.85M. 9.5% cap.
   
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