Wednesday, February 1, 2012

01-18: Apartments, MOB, Chase Bank, Arbys, KFC/Taco Bell, Burger King


  1. Apartments in Round Rock, TX: 232-unit class-A multi-family asset on 18.76 acres lot in fast growing Austin metro. 95% occupied.  NOI $1.45M. $18.75M. 7.75% cap. 
  2. Medical Office Building in Chico, CA: 5784 SF medical office building on .6 ac lot as part of a medical office complex  across from Enloe Medical Center. 100% leased to 2 dental tenants.  NOI $81K/yr. $1.016M. 8% cap. 
  3. Office Building in Mesa, AZ: 26,348 SF professional office building completed in 2001 on 2.53 ac corner lot in high income (AHI $97K/yr in 1 mile) Phoenix metro.  100% leased to 6 tenants. Stable tenancy with over 70% original tenants.  NOI $294K/yr. $3.275M. 9% cap. 
  4. Medical Office Building in Chico, CA: 10,440 SF medical office building completed in 1996 on .82 ac lot across from Enloe Medical Center in a stable community.  100% leased to 2 medical tenants: VA Vet Clinic, and Medical Doctor.  NOI $152K/yr.  $1.9M. 8% cap. 
  5. Chase Bank in Fontana, CA: 4200 SF upscale 10 yrs old  Chase bank building on .35 ac outparcel in a high income area (AHI $97K/yr in 1 mile) in southern CA.  15 yrs absolute NNN lease with 5 yrs left to Chase.  NOI $130K/yr. with 10% rent bump in each 5 yrs options.  $2.27M. 5.75% cap. 
  6. Arbys in Rockford, IL: 2915 SF restaurant on .78 ac lot.  20 yrs absolute NNN lease with 16 yrs left to a franchisee with 36 units.  NOI $90K/yr with rent bump every 5 yrs. $1.029M. 8.75% cap. 
  7. KFC/Taco Bell in Acadia, CA: 1504 SF on .57 ac lot in a densely populated and high income (90K/yr in 1 mile) in Los Angeles.  15 yrs absolute NNN lease to the 2nd largest KFC franchisee with 237 locations.  NOI $103K/yr with 8% rent bump every 5yrs.  $1.8M. 5.75% cap. 
  8. Shopping Center in Atwater, CA: 7900 SF strip mall built in 2007 on 1 ac lot in a growing city near Merced.  Shadow anchored by Food 4 Less and Walgreens.  100% NNN leased to 4 good tenants: Wells Fargo Bank, Starbucks, UPS Store, and Corp Wireless.  NOI $250K/yr. $3.6M. 7% cap. 
  9. Burger King in Aberdeen, SD: 3530 SF restaurant on .72 ac lot.  20 yrs absolute NNN lease to 26-unit operator.  NOI $113K/yr with 10% rent bump every 5 yrs.  $1.469M. 7.75% cap.  Seller will use $450K proceeds from the sale to renovate the building after closing.

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