Wednesday, January 26, 2011

01-12: Cash America, Pep Boys, Medical Office Buildings, Walgreens, Childtime For Sale

1.      Cash America Pawn in San Antonio, TX: 5000 SF brand new retail center on .53 ac lot.  New 10 yrs NNN corp lease to Cash America.  NOI $87K/yr with 10% rent bump every 5 yrs.  $1.164M. 7.5% cap.
2.      Pep Boys Auto in Las Vegas, NV: 18,196 SF auto parts and service center in high income area (AHI $86K/yr).  15 yrs NNN lease with 12 yrs remaining.  NOI 337K/yr.  $4.499M. 7.5% cap.
3.      Medical Office Building in Flower Mound, TX: 7235 SF medical office building constructed in 1995 in affluent Dallas suburbs (AHI $117/yr in 1 mile).  100% leased to 4 tenants.  NOI $92K/yr. $940K. 9.8% cap.
4.      Taco Bell in Kansas City, MO: 2699 SF newly-rebuilt restaurant on 2/3 acre outparcel in front of Costco and Home Depot.  20 yrs absolute NNN lease to a 40-unit operator.  NOI $150K/yr with 8% rent bump every 5 yrs.  $1.875M. 8% cap.
5.      Walgreens in Montebello, CA: 14,775 SF drug store on 1 ac lot in a densely-populated city in Los Angeles.  25 yrs NNN lease with 20 yrs remaining.  NOI $437K/yr. $6.242M. 7% cap.
6.      Medical Office Building in flower Mound, TX: 11,013 SF medical office building just North of the Flower Mound Emergency Center and Imaging Center and across the street from the new Texas Health Presbyterian Hospital. 100% leased 5 tenants. NOI $221K/yr. $2.6M. 7.9% cap.    
7.      Childtime Learning Center in Yorktown, VA: 7893 SF childcare center on 1.32 acres lot with easy access to I-64 in upper middle class area.  10 yrs NNN corp lease.  NOI $158K/yr. $1.7M. 9.31% cap.

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