12-09: O'Charleys, MOB, Retail Centers, CVS, Jack in the Box

1. O’Charley’s restaurant in Richmond, VA: 7050 SF family restaurant built in 2001 on 2.06 ac corner lot in growing upper middle class area. 20 yrs absolute NNN corp lease to O’Charleys, Inc (NASDAG CHUX, S&P rating B-) till 2023.  NOI $189K/yr with 1.75% annual rent bump. $2.528M. 7.5% cap. 
2. Medical Office Building in Melbourne, FL: 3293 SF class-A medical office building developed in 1999 on .74 ac lot in affluent (AHI $105K/yr) & fast growing coastal town.  100% absolute NNN lease till 2021 to Brevard Eye Center with 7 locations in FL.  NOI $103K/yr.  Only $995K. 10% cap. 
3. Strip Center in Meridian, ID: 3980 SF strip center on 2/3 ac lot in fast growing and high income (AHI $86K/yr in 1 mile) Boise metro.  100% NNN lease.  NOI $111K/yr. $1.537M. 7.25% cap. 
4. Shopping center in Torrance, CA: 18,224 SF mature retail center on over 1 ac lot in high income city (AHI $94K/yr in 1 mile) in Los Angeles (500K people within 5 miles).  92% leased.  NOI $375K/yr. $5.889M. 6.37% cap. 
5. Strip Mall in Boise, ID: 6000 SF 4-unit strip mall on an outparcel to 90,000 SF Shopko. 86% NNN lease with1 small vacant unit.  NOI $123K/yr. $1.538M. 8% cap. 
6. CVS Pharmacy in Fremont, CA: 16,224 SF CVS in an affluent residential town (AHI $123K/yr in 1 mile) in Silicon Valley suburbs with very high barriers to entry & minimal competition (closest drug store 2.3 miles away).  100% NNN lease.  NOI $325K/yr. $5.702M. 5.7% cap. 
7. Jack In the Box in Las Vegas, NV: 2590 SF JIB built in 1997 on .56 ac near I-15 exit.  100% absolute NNN corp lease with 6 yrs left.  NOI $131K/yr. with 8% rent bump every 5 yrs.  $1.877M. 7% cap. 
8. Shopping Center in Freehold, NJ: 25,105 SF shopping center in well-off Ney York suburbs (AHI $118K/yr).  NOI $399K/yr. $4.2M. 9.5% cap.

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