01-12: El Chico, Rite Aid, Oreganos Pizza, Credit Union, Office Building

1. El Chico Cafe in Arlington, TX: 5657 SF restaurant on .9 ac lot in Dallas metro.  15 yrs absolute NNN corp lease with 10 yr left to El Chico Café, a public company with 63 locations.  NOI $213K/yr.  $2.51M. 8.5% cap. 
2. Rite Aid in East Haven, CT: 14,673 SF drug store built in 2008 on 1.54 ac hard corner in high income New Haven suburbs.  20 yrs absolute NNN lease with 17 yrs left.  NOI $586K/yr. with 10% rent bump every 10 yrs.  $6.4M. 9.15% cap.  Buyer to assume $3.846M non-recourse loan at low 4.5% interest due in 2019. 
3. Medical-related facility Gilbert, AZ: 10,089 SF center in affluent (AHI $109K/yr in 1 mile) Phoenix metro.  100% NNN lease with 5 yrs left to Cenpatico Schools, a subsidiary of Centene Corp (NYSE: CNC).  NOI $107K/yr. with $10K annual rent bump (about 10%/yr!)  $1.15M. 9.36% cap. 
4. Oregano’s Pizza in Tucson, AZ: 4725 SF pizza restaurant on .72 ac corner lot.  New 20 yrs absolute NNN lease to Oregano's Pizza Bistro, Inc.  with nine full service Pizza Bistros in Arizona and sales of over $24 million.  NOI $127K/yr.  $1.75M. 7.25% cap. 
5. Long John Silver’s in Sacramento, CA: 2689 SF seafood restaurant on 1.28 acres lot on a major commercial artery.  100% absolute NNN lease with 17 yrs left to an entity with 23 restaurants.  NOI $100K/yr with 2.25% annual rent bump. $1.43M. 7% cap. 
6. Shopping Plaza in Cape Coral, FL: 20,000 SF multi-tenant shopping center built in 2010 on a major artery in Fort Meyers metro.  90% NNN leased to national/local tenants.  Current NOI $248K/yr. $3.75M. 6.58% cap.  Upside potential when fully leased. Just $187/SF. 
7. InTouch Credit Union in Frisco, TX: 4415 SF credit union in fast growing (175% since 2000) and affluent (AHI $101K/yr in 1 mile) Dallas suburbs.  100% absolute NNN lease with 5 yrs left to InTouch credit union with 76,398 members.  NOI $192K/yr. $2.4M. 8% cap. 
8. Office Building in Springfield, IL: 20,706 SF office building completed in 1994 on 2 ac lot.  100% NNN lease till 2021 to Gtech, a gaming company handling state lottery.  NOI $227K/yr. $2.68m. 8.5% CAP

© Transmercial 2012.