08-12: Shopping centers, Fresenius Dialysis

1. Shopping Center in Charlotte, NC: 45,909 SF established shopping center on 5.47 acres corner lot in stable area.  Anchored by Food Lion Supermarket.  100% leased.  NOI $323K/yr. $3.5M. 9.25% cap. 
2. Fresenius Dialysis Center in Cheyenne, WY: 7620 SF new dialysis center on 1.18 acres lot. New 15 yrs NNN lease with corp guaranty.  NOI $168K/yr with 3% annual rent bump. $2.328M. 7.25% cap. 
3. Shopping Center in Geneva, IL: 86,782 SF neighborhood center built in 1996 on 7.4 acres lot in affluent (AHI $117K/yr) and fast growing (52% since 2000) West Chicago.  Anchored by Dominique’s grocery (owned by Safeway).  Part of a shopping center co-anchored by Best Buy, Gander Mountain, Dollar Tree and McDonald’s. 100% NNN leased to 3 tenants.  NOI $1.092M.  $14.75M. 7.41% cap.  Buyer to assume $10.885M non-recourse loan at 5.77% fixed till 2017.

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