10-06: Home Depot, Office Buildings, Family Dollar, Fitness center, Shopping Centers For Sale

1.      Home Depot in Orange Park, FL: 108,578 SF single-tenant big box built in 1992 on 11.37 acres lot in middle-class Jacksonville metro.  Adjacent to 187,000 SF Super Target and across from 120-store Orange Park Mall.  100% absolute corp NNN leased to Home Depot till 2017.  NOI $1.13M with 5% rent bump in 2012.  Unpriced but broker said 8% cap ($14M) offer will be accepted.

2.      Auction - Office building in Bedford, TX: 86,000 SF 5-story class-B office building on 5.65 acres lot in high income Dallas metroplex. Vacant but previously used as call center for an insurance company.  Closed bid auction on Nov 16 with reserved price of $2.575M, i.e. lender will sell if winning bid is above this price.       

3.      Shopping Center in Las Vegas, NV: 108,794 SF grocery-anchored neighborhood center on 9 acres lot at the intersection of 2 major arteries. 86% NNN leased.  NOI $1.184M. $13.1M. 9.04% cap.

4.      Family Dollar in Tucson, AZ: 9180 SF single-tenant new retail center on 1.89 acres lot.  10 yrs corp NN lease.  NOI $129K/yr with 10% rent bump every 5 yrs.  $1.48M. 8.75% cap.  Recession insensitive tenant.

5.      Shopping center in Elgin, IL: 20,300 SF 16-unit 2-story retail center built in 1989 on 1.6 acres lot in middle class Chicago metro.  Currently occupied by 14 tenants.  NOI not avail.  Price reduced to $1.995M from $2.399M.

6.      24 Hr Fitness Center in Vista, CA: 35,000 SF fitness center built in 2009 near Hwy 78 exit in growing middle-class San Diego suburbs.  Surrounded by National Retailers Including Wal-mart, Target, Sam's Club, Ross and more. 15 yrs corp NNN lease.  NOI $797K/yr. with 10% rent bump every 5 yrs.  $7.25M. 11% cap.

7.      Office Building in Dallas, TX: 51,043 SF 4-story class-B office building on 2.1 acres lot with I-30 frontage.  Recent $500K renovation.  90% occupied. NOI $362K/yr. $3.62M. 10% cap.

8.      Strip Center in Orange Park, FL: 8000 SF retail center built in 2001 on an outparcel to Publix supermarket. 100% NNN leased to 6 tenants.  NOI $122K/yr.  $1.475M. 8.3% cap.

9.      Retail Center in Duluth, GA: 15,441 SF bank-owned shopping center built in 2006 in fast growing upper middle class Atlanta metro.  Shadow anchored by Walmart.  $1.3M.  Upside potential when leased up.

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