06-21: Dennys, Rite Aid, Walgreens, Shopping Centers, Apartments, AutoZone

1.       Dennys in Altamonte, FL: 5390 SF restaurant on 1 ac corner lot near I-4, 160-store Altamonte Mall and Florida Hospital Altamonte (the county's only comprehensive cancer care).  100% absolute NNN lease till 2027 to an operator with 52 Dennys and 74 Burger King locations.  NOI $151K/yr with 4% rent bump in 1/2013 and 10% every 5 yrs thereafter.  $2.016M. 7.5% cap.

2.       Office Building in Arlington, TX: 17,158 SF office building developed in 2000 on 1.28 acres lot near I-30  in middle-class Dallas metro.  100% leased.  NOI $198K/yr. $2.3M. 8.5% cap.

3.       Rite Aid in Cheswick, PA: 10,908 SF drug store on 1.13 acres corner lot in Pittsburgh suburbs. Store with strong sales.  100% absolute NNN lease with 9 yrs remaining.  NOI $223K/yr. $2.26M. 11% cap.

4.       Shopping Center in Bellflower, CA: 59,960 SF well-maintained shopping center on 5.97 acres corner lot in densely populated city in Los Angeles (over 700K residents within 5 miles).  Anchored by 11,747 SF Fresenius Dialysis center.  76% leased.  Current NOI $676K/yr.  $8.75M. 7.73% cap.  Upside potential when 100% lease.

5.       Walgreens in Houston, TX: 15,120 SF drug store built in 2000 on 1.74 acres lot at a hard corner in high income area.  100% NNN- with 9 yrs remaining.  NOI $284K/yr. $3.66M. 7.75% cap.

6.       Shopping center in Oklahoma City, OK: 66,805 SF shopping center built in 2007 on 9.48 acres lot in prime commercial corridor near 1.128M SF 130-store Quail Springs Mall.  Surrounded by Sam’s Club, Super Target, Best Buy,  Pets Mart, Lowes, Ross, Old Navy, Michaels.  Anchored by 48,171 SF Gold’s Gym with new 11 yrs NNN lease.  100% leased to 5 tenants.  NOI $791K/yr.  $9.045M. 8.75% cap.

7.       Apartments in Las Vegas, NV: 192-unit fully furnished apartments built in 1998 on 3.8 acres lot. NOI $472K/yr. $5.5M.  8.58% cap.

8.       Strip Center in Odessa, TX: 9000 SF strip center on 1 ac lot next to Wal-mart.  100% NNN leased.  NOI $130K/yr. $1.53M. 8.5% cap.

9.       Retail Center in Las Vegas, NV: 8600 SF retail center built in 2007 on 1 ac lot.  Shadow anchored by Fresh & Easy and AutoZone.  100% leased to 4 tenants.  NOI $193K/yr. $2.5M. 7.8% cap.

10.   AutoZone in Pomona, CA: 6050 SF AutoZone built in 1997 on .79 acre corner lot with over 400K residents in 5 miles.  Store with strong sales.  Corp lease.  NOI $127K/yr. $1.695M. 7.53% cap.

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