07-06: Retail Centers, Office Tower, Walgreens

1.       Strip mall in Indianapolis, IN: 5936 SF retail center built in 2007 on .86 ac lot at a hard corner.  Shadow anchored by Walgreens.  100% NNN leased to 4 tenants: Starbucks, Verizon, Subway and Credit counselor.  NOI $157K/yr. $1.907M. 8.25% cap.

2.       Retail center in Arlington, TX: 10,335 SF retail center on 1 ac lot.  66% NNN leased.  Current NOI $86K/yr. $1.19M. 7.36% cap.  Upside potential when 100% leased.

3.       Shopping Plaza in Streamwood, IL: 20,604 SF shopping plaza built in 2000 on 2.33 acres corner in affluent (AHI of $103K/yr in 1 mile) Chicago suburbs.  84% NNN leased to 10 tenants with 3 small vacant unit.  Current NOI $230K/yr.  $3.1M. 8.34% cap.  Upside potential when 100% leased.

4.       Office Tower in Hurst, TX: 126,152 SF 6-story office building on 5.5 acres lot with frontage on Hwy 183/121 in Dallas metro.  Anchored by Liberty Bank (spent $1M on build out), University of Phoenix, and United Auto Credit.  75% occupied.  Current NOI $1.06M.  $11.3M. 9.4% cap.  Seller to provide 70% LTV financing at 5.5% interest.  Upside potential when 100% leased.

5.       Shopping Center in Folsom, CA: 25,396 SF upscale shopping center built in 2005 on 3.29 acres lot near Target, Lowe’s, Trader Joes, Ralley’s, Orchard Supplies, Office Depot, Save mart, CVS in growing and affluent (AHI $107K/yr in 1 mile) Sacramento suburbs. 94% NNN leased to 13 tenants with 1 avail unit.  NOI $684K/yr. Price reduced to $8.5M. 8.06% cap.  Buyer to assume $6.9M loan at 6.11% interest.

6.       Office / Industrial Building in Charlotte, NC: 61,880 SF single-tenant office/industrial building on 3.87 acres lot.  100% NNN- extension to Sterigenics International, the world's leading provider of Contract Sterilization Services for the Medical Device and Pharmaceutical Industries with 40 services center worldwide. Tenant has been here since 1994 and just extended lease for 10 more years.  NOI $309K/yr with annual rent bump. $3.569M. 8.86% cap. 

7.       Strip Mall in North Babylon, NY: 9800 SF 8-unit strip mall on a major artery in high income New York suburbs.  Adjacent to Landmark Stables Nursery.  100% NNN leased.  NOI $350K/yr. $4.9M. 7.2% cap.

8.       Walgreens in Fort Worth, TX: 13,833 SF Walgreens built in 1997 on 1.3 acres lot at hard corner intersection. 100% NNN- lease with 7 yrs remaining.  NOI $295K/yr. $3.168M. 9.31% cap.

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