02-07: Carls Jr, Shopping Centers, Medical office buildings, Arbys, Office Max for sale

1.      Carl’s Jr Restaurant in Norman, OK: 3527 SF restaurant on 1.19 acres lot in a growing city.  Tenant will spend $150K in remodeling the property after closing.  New 20 yrs NNN lease from 39-unit operator.  NOI $75K/yr.  $1M.  7.5% cap.

2.      Shopping Center in Round Lake Beach, IL: 28,721 SF shopping center on 3.3 acres corner lot in growing middle-class Chicago suburbs.  95% leased to 11 tenants.  NOI $404K/yr. $4.75M. 8.51% cap.

3.      Shopping Plaza in Chicago, IL: 10,978 SF retail center on ½ acre corner lot in densely-populated area.  100% NNN leased to 3 good tenants: Citibank, MS Beauty Supply, and Cricket wireless.  NOI $189K/yr.  $1.985M. 9.54% cap.

4.      Office Max in Phoenix, AZ: 18,000 SF single-tenant retail center as part of a shopping center anchored by Wal-mart supercenter in a high growth area (195% since 2000).  100% corp NNN- till 2018. NOI $306K/yr.  $3.308M. 9.25% cap.

5.      Arby’s in Allen, TX: 2915 SF restaurant built in 1999 on .83 ac lot in booming (120% since 2000) and affluent (AHI $115K/yr in 1 mile).  100% corp NNN lease with 8 yrs remaining.  #1 performing location in the area.   NOI $142K/yr. with 2% annual rent bump. Price reduced to $1.629M. 8.75% cap.

6.      Medical Office Building in West Covina, CA: 25,836 SF 2-story medical office building on 1.73 acres lot.  Great locations: i) near Citrus Valley Medical Center, ii) Close to I-10 exit, iii) close to 208-store Westfield West Covina Mall.  100% NNN leased to West Covina Medical Group till 2026 and guaranteed by Lakeside Medical Organization with network over $70M.  NOI $833K/yr. $9.8M. 8.5% cap.

7.      Strip Center in Coral Springs, FL: 7200 SF strip center on ½ ac lot in wealthy Fort Lauderdale metro (AHI $95K/yr in 1 mile).  100% leased.  70% LTV seller financing available.  NOI $73K/yr. $900K. 8.14% cap.

8.      Medical Office Building in Plantation, FL: 13,556 SF medical office building develop in 1990 on 1.34 acres lot middle class Fort Lauderdale suburbs.  76% NNN leased to 2 national tenants: DaVita Dialysis (new 12 yrs lease), and LabCorp (NYSE: LH).  Current NOI $281K/yr. $3.45M. 8.2% cap.  Upside potential when 100% leased.

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