12-07: Kohl's, Jiffy Lube, Walgreens, Retail centers

1. Kohl’s in Livermore, CA: 89,000 SF single-tenant retail center built in 2007 on 9.54 acres lot next o Wal-mart and Home Depot.  Easy access to I-580 in affluent city (AHI $107K/yr in 1mile) in Northern CA.  25 yrs absolute NNN ground lease (land is for sale, building is owned by tenant).  NOI $575K/yr. with 10% rent bump in 2017. $10.952M. 5.25% cap.  Buyer to assume $6.9M non-recourse loan at 5.77% interest only till 2017. 
2. Jiffy Lube in Bellevue, NE: 3137 SF brand new Jiffy Lube on .43 ac lot in Omaha metro with low 4.1% unemployment rate.  Brand new 20 yrs absolute NNN lease to an operator with 450 units.  NOI $99K/yr with 10% rent bump every 5 yrs.  $1.17M. 5% cap. 
3. Walgreens in Leland, NC: 14,820 SF Walgreens built in 2004 on 1.84 ac lot in Wilmington metro. 100% NNN lease till 2029.  NOI $255K/yr. $3.642M. 7% cap. 
4. REO’ed Retail Plaza in Carrollton, TX: 19,692 SF built in 2007 on 2.18 ac lot in high income (AHI $79K/yr in 1 mile) Dallas suburbs.  76% leased.  NOI $247K/yr.  $2.27M. 10.89% cap. 
5. Walgreens in Chicago, IL: 20,483 SF Walgreens retail condo built in 2001 just 4 blocks from Wrigley Field Ballpark (home of the Chicago Cubs) with outstanding demographics (100K residents and AHI $107K/yr in 1 mile).  100% NNN lease till 2021.  NOI $349K/yr. $4.985M. 7% cap. 
6. Retail Plaza in Livermore, CA: 9300 SF well-maintained retail center in home of Lawrence Livermore National Laboratory with strong and stable workforce. Affluent area with AHI $120K/yr in 5 miles. Shadow-anchored by Nob Hill Foods & Rite Aid with national, regional and local tenants. 91% NNN leased to 7 tenants. NOI $249K/yr. Price reduced from $2.95M to $2.8M. 8.96% cap.  Seller very motivated to sell due to partnership breakup. 
7. Shopping Center in Lakewood, CO: 53,262 SF established shopping center on 4.3 ac lot in Denver metro. 92% NNN leased to 20 tenants.  Current NOI $675K/yr. $7.2M. 9% cap. 
8. Retail Center in Morgan Hill, CA: 5800 SF retail building on .62 ac lot as part of a shopping center anchored by Ross, and Family Dollar store in affluent Silicon Valley suburbs. Only $700K.  Strong upside potential when leased.

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