Top 6 Properties 12-23-09

1. Sprouts Supermarkets in Glendale, AZ: 30,600 SF growing regional grocery store in high income Phoenix metro with 38 locations in 4 states. 100% corp NNN leased till Dec 2019. NOI $510K/yr with rent increased to $531K/yr in 2011. $5.66M. 9% cap.
2. Pizza Hut in Gainesville, FL: 4250 SF restaurant on 1.2 acres lot. 15 yrs NNN lease from an operator with 30 restaurants. NOI $113K/yr with 10% rent bump every 5 yrs. $1.421M. 8% cap.
3. Strip center in Largo, FL: 7480 SF modern looking retail center constructed in 2003 on .73 ac outparcel to Publix Supermarkets in Tampa metro. 100% NNN leased by 4 good tenants: Chase Bank, Sally Beauty supplies, Tropical smoothie, and Michael’s Pharmacy. NOI $197K/yr. $2.323M. 8.5% cap.
4. Jack In the Box in Beaverton, OR: 2864 SF restaurant in a prime commercial corridor just off Sunset Hwy in a stable and high income area. 100% NNN lease with 8 yrs left. NOI $164K/yr. with 10% rent bump every 5 yrs. $2.27M. 7.25% cap.
5. Rite Aid in Methuen, MA: 13,227 SF drug store built in 2005 on 2.7 acres lot just off Hwy 213 exit 30 miles North of Boston. 20 yrs absolute NNN lease. NOI 324K/yr with 10% rent bump every 10 yrs. $3.984M. 8.15% cap.
6. Michael’s Arts and Crafts in Mountain View, CA: 21,579 SF single –tenant retail center on 1.41 acres parcel in a heart of Silicon Valley with high barrier for entry. Near Hwy 101 & across from a new 100,000 SF community center. Completely renovated in 2007. Excellent demographics with AHI $138K/yr. 100% NNN leased till 2018 by a national tenant with over 1000 locations in 49 states & Canada. NOI $513K/yr with 10% rent bump in 2012. $6.95M. 7.38% cap. Buyer to assume $5.3M non-recourse loan at 6.5% interest.
   
   Sales Activities:

1. Arby’s in Omaha, NE: $1.094M. In contract.
2. Starbucks in Columbus, GA: $1.5M. 8% cap. In contract.
3. Starbucks in Panama City, FL: $1.54M. 8.25% cap. In contract.

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