Top 9 Properties 10-22-09

1. Shopping Center in Kauai, HI: rare 36,933 SF 2-story 36-unit retail center on 4 acres lot near cruise ship dock at Nawiliwili harbor. 94% leased. NOI $391K/yr. $5.6M. 7% cap.
2. Medical Office Building in Long Beach, CA: 13,144 SF medical office building with beautiful landscaping in a prestigious location of Bixbys Knolls and minutes from Long Beach Memorial Hospital. 100% leased. NOI $226K/yr. $2.9M. 7.79% cap. Buyer to assume $1.96M loan at low 6.17% interest.
3. Strip Mall in Phoenix, AZ: 8400 SF strip center built in 2006 on 1.36 acres pad to Lowes and Wal-mart supercenter. 100% NNN leased by 4 brand name tenants: Starbucks coffee, Subway, T-mobile, and Wingstop. NOI $265K/yr. $3.125M. 8.5% cap.
4. Short sale of Cucina Tagliani restaurant in Avondale, AZ: 6722 SF beautiful Italian restaurant built in 2005 on 1.5 acres outparcel to a shopping center anchored by Kohls, Sprouts Farmers market, and Jo-Ann Fabrics in a fast growing Phoenix suburbs. Property currently with over $4M in loans. $1.575M and subject to lenders approval. Tenant will sign long term lease at close of escrow offering 8% cap.
5. AppleBee’s in Austin, TX: 5015 SF franchised restaurant built in 1995 on a pad to Sam’s Club and Best Buy in a stable and high income (AHI 82K/yr) Austin. Adjacent to Wal-mart. Long term absolute NNN lease by an operator with 22 locations. NOI $194K/yr. $2.28M. 8.5% cap.
6. Sprout Grocery in Glendale, AZ: 30,600 SF upscale grocery store on 3.32 aces lot as an anchored tenant in a 62,236 SF neighborhood shopping center in Phoenix metro. Competitor of Whole Foods, Trader Joe's, and Fresh & Easy with 38 Locations in 4 States and growing. 15 yrs absolute corp NNN lease with 10 yrs remaining. NOI $510K/yr. with 4.3% rent increase every 3 yrs. $5.861M. 8.7% cap.
7. Walgreens in Orange Park, FL: 15,420 SF drug store built in 2002 on 1.43 acres lot in a prime commercial corridor in a affluent (AHI 94K/yr) Jacksonville metro. 100% NN lease with over 12 yrs left. NOI $343K/yr. Price reduced from $4.2M to $4.1M. 8.35% cap.
8. Assisted Living Facility in Mesa, AZ: 5900 SF assisted living facility in Phoenix metro. 10 yrs NNN leased by Doctor’s Choice Assisted Living with guaranty by high net-worth tenant. NOI $139K/yr. $1.746M. 8% cap.
9. Shopping Center in Tarpon Springs, FL: 25,000 SF shopping center built in 2000 on 2.5 acres lot in a stable and high income Tampa metro. 100% leased. NOI $178K/yr. $2.4M. 7% cap. Less than $100/SF!
   
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