11-11: Shopping Centers, Rite Aid, KFC, Medical Office Building For Sale

1.      Shopping Center in Mesquite, TX: 94,109 SF shopping center on 8.84 acres lot with easy access to I-635 in Dallas-Fort Worth Metroplex.  100% NNN leased by 3 national tenants: Best Buy, Bed Bath & Beyond, and Borders.  NOI $1.241M. $14.975M. 8.29% cap.

2.      Rite Aid in Burlington, NC: 14,470 SF drug store on 1.44 acres corner lot in upper middle class area (AHI $81K/yr)  in a fast growing city.  20 yrs NNN lease with 18 yrs remaining.  NOI $311K/yr with 10% rent bump every 10 yrs.  $3.58M. 8.7% cap.

3.      Medical Office Building in Cincinnati, OH: 6400 SF class-A medical office building developed in 1998 on ½ acres lot in a very wealthy NE area of Cincinnati (AHI $131K/yr within 1 mile) with easy access to I-275.  100% leased by 2 medical/dental tenants.  NOI $81K/yr.  $925K.  8.8% cap.

4.      La Petite Academy, Las Vegas NV: 7793 SF childcare center built in 1996 on .88 acres lot in area with high barrier to entry submarket.  100% NNN corp lease till 2016 to a national childcare provider.  NOI $128K/yr with CPI annual increases.  $1.4M. 9.2% cap.

5.      Shopping Plaza in Mansfield, TX: 31,184 SF shopping center built in 2001 on 3.28 acres corner lot in very fast growing (150% since 2000) upper middle class (AHI $94K/yr within 1 mile) Dallas suburbs.  95% NNN leased to 11 tenants.  NOI $562K/yr. Price just reduced to $5.9M.  9.53% cap.

6.      Strip Mall in Stockton, CA: 7293 SF 4-unit strip mall built in 2008 on 1.32 acres outparcel in front of Costco and Walgreen’s.  100% NNN lease.  NOI $216K/yr.  Price reduced to $2.88M. 7.5% cap.

7.      KFC in Desoto, TX: 2851 SF restaurant on 1/3 acres outparcel to a neighborhood center just off to I-35 exit in Dallas metro.  Property undergone a $150K remodel completed in 2011.  Store with strong sales of over $1.4M/yr.  New 20 yrs absolute NNN lease by a 14-unit operator.  NOI $110K/yr. $1.375M. with 1.5% annual rent bump.  8% cap.

8.      Medical Office building in Orlando, FL: 53,000 SF medical 3-story office building South of Orlando medical center.  100% leased by 2 AAA credit tenants.  NOI $720K/yr. $9M. 8% cap.

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