Top 8 Properties 02-01-10

1. Automotive center in Surprise, AZ: 25,800 SF center on 1.68 acres parcel in a fast growing (47%) Phoenix metro. Anchored by Firestone. 88% leased. NOI $142K/yr. $1.5M. 9.5% cap.
2. Buffalo Wild Wing in San Antonio, TX: 7211 SF brand new franchised restaurant on 2.09 acres outparcel to Lowes. Next to South Park Mall with visibility from I-35. 15 yrs absolute NNN lease. NOI $236K/yr with 10% rent bump every 5 yrs. $2.949M. 8% cap.
3. AppleBee’s in Mesa, AZ: 5934 SF franchised restaurant built in 1998 on a corner lot in Phoenix metro. New 15 yrs absolute NNN lease from an experienced operator with 90 locations. NOI $213K/yr. $2.509M. 8.5% cap.
4. Strip Center in Garden Grove, CA: 7052 SF multi-tenant strip center on a corner lot on the busy Garden Grove Blvd. in a strong income (AHI $77K/yr) Orange county. 100% leased with most tenants occupied for over 10 yrs. NOI $117K/yr. $1.95M. 6% cap.
5. MRI medical center in Montgomery, AL: 4293 SF single-tenant 10-yrs old medical building next to 150-bed acute care Baptist Medical Center East. Growing & high income area. 100% NNN corp lease with 7 yrs remaining from MQ Associates, Inc., who Operate 103 Diagnostic Imaging Centers. NOI $98K/yr with CPI-based rent increase. $1.161M. 8.44% cap.
6. Walgreens in North Fort Myers, FL: 15,930 SF drug store on 2.69 acres corner lot. 100% NNN lease with 7 yrs remaining. NOI $350K/yr. $4.268M. 8.2% cap.
7. Shopping Center in Morrow, GA: 117,081 SF multi-tenant shopping center on a major artery to Southlake Mall in Atlanta metro. Anchored by K&G Fashion Superstore, a regional tenant with multiple locations. 95% leased. NOI $649K/yr. $6.6M. 9.85% cap.
8. Arbys in Colorado Springs, CO: 3246 SF fast-food restaurant built in 2005 on .83 ac outparcel to King Soupers Grocery. Excellent demographics: fast growing (102%) and high income (AHI $77K/yr). 15 yrs absolute NNN lease by the largest Arby’s franchisee with 260 locations. NOI $129K/yr with 7.5% rent bump every 5 yrs. $1.7M. 7.59% cap.
   
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