03-08: 24-Hr Fitness, Walgreens, On the Border, Medical Office building, Sonic, Forever 21, Shopping centers

1.      24-Hr Fitness in Vancouver, WA: 51% interest in a 45,000 SF 24-Hr Fitness center built in 2008 on 3.56 acres lot in a fast growing city.  NOI $436K/yr with 10% rent bump every 5 yrs.  $5.395M. 8% cap.  Buyer with $970K in equity to assume $4.424M loan (82% LTV) at 6.34% interest due in 2018.

2.      Walgreens in Boothwyn, PA: 9750 SF drug store built in 2004 on 1.3 acres lot in Philadelphia middle-class suburbs. 100% NNN lease with 9 yrs remaining and rare 4.5% rent bump every 3 yrs.  NOI $202K/yr. $2.6M. 7.8% cap.

3.      On the Border in Cranberry Township, PA: 5211 SF franchised OTB Mexican Grill restaurant built in 2005 on 2.13 acres lot with easy access to I-76 and I-79 in affluent Pittsburg suburbs (AHI $103K/yr).  10 yrs absolute NNN corp ground lease with 5 yrs remaining (note: land is for sale.  Should tenant not renew the lease, the building estimated at $1M in value with belong to landowner).  NOI $131K/yr.  $1.643M. 8% cap.  Great property!

4.      Medical Office Building in Rochester, NY: 32,500 SF 2-story class-A single-tenant medical office building completed in 2000 on over 3 acres lot.  100% NNN leased to Elizabeth Wende Breast Care.  100% NNN leased to 2022.  NOI $654K/yr.  $7.7M. 8.5% cap.

5.      Sonic Restaurant in Houston, TX: 2779 SF Sonic restaurant built in 2001 on .96 acre lot across from 174,000 SF shopping center anchored by Randals grocery, Office Depot, Dollar Tree and Anna’s Linen.  Next to Hwy 290 exit.  15 yrs NNN corp ground lease (land is for sale) with 5 yrs remaining.  NOI $56K/yr. $754K.  7.5% cap.

6.      Shopping Center in Lisle, IL: 40,650 SF shopping center on 3.5 acres corner lot in Chicago metro.  Strong demographics: AHI $103K/yr. 100% leased.  NOI $380K/yr. $4M. 9.5% cap.

7.      Shopping center in Colorado Springs, CO: 107,310 SF shopping center built in 1988 on 9.5 acres lot.  Anchored by 65,280 SF grocery store Rancho Liborio, and Family Dollar.  88% leased by 11 tenants.  Current NOI $644K/yr.  $7.5M. 8.58% cap.  Upside potential when 100% leased.

8.      Apartments in Redwood City, CA: 10-unit apartment in wealthy Silicon Valley (AHI $150K/yr).  100% occupied.  NOI $100K/yr. $1.328M. 7.56% cap.

9.      Community College in Temecula, CA: 28,353 SF 2-story office building on 1.79 acres lot in fast growing middle class area (88% growth since 2000).  Near I-15 freeway.  100% leased to Mt. San Jacinto College from 2007 till 2014.  NOI $548K/yr. $5M. 11% cap.

10.   Bank-owned Forever 21 in Palmdale, CA: 76,550 SF single tenant retail center across from 1,000,000 SF Antelope Valley Mall.         New 10 yrs NNN lease.  NOI $702K/yr with annual rent bump.  $9.37M. 7.5% cap.

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