03-22: Back Yard Burgers, Jiffy Lube, O'Reilly Auto Parts, Walgreen's, MOB

1. Back Yard Burgers in Memphis, TN: 868 SF free-standing restaurant built in 1994 on .40 ac lot along main corridor and near Methodist University Hospital. 100% NNN corp lease till 2027. NOI $76K/yr with CPI annual rent increases. $956K. 8% cap.  
2. Strip Center in Hixson, TN: 12,640 SF strip center built in 2010 on 1.40 acres lot adjacent to Target, Wal-Mart and Northgate Mall in fast growing Chattanooga suburbs. 100% NNN leased to 6 good national/regional tenants. NOI $291K/yr. $3.515M. 8.29% cap.  
3. Shopping Center in Brownsville, TX: 98,346 SF well-maintained shipping center built in 2004 on nearly 5 acres lot adjacent to Sunrise Mall. Next to Hwy-77/83 in a high growth & high income border city. 92% leased to Bed Bath Beyond, Ashley Furniture, Party City and Shoe Carnival. NOI $824K/yr. $10.643M. 7.75% cap. 
4. Jiffy Lube in Colorado Springs, CO: 3020 SF recently renovated Jiffy Lube on .41 ac lot at a hard corner location and close to I-253 in Colorado Springs metro. 20 yrs absolute NNN lease with 15 yrs left. NOI $111K/yr. $1.35M. 7.34% cap.   
5. Medical Office Building in Indianapolis, IN: 4875 SF recently renovated medical building in middle-class (AHI $62K/yr in 3 miles) neighborhood and near I-465. 10 yrs absolute NNN lease to Franciscan Alliance, a chain with 14 hospitals. NOI $68K/yr with 2% annual rent increases. Only $974K. 7% cap. 
6. O’Reilly Auto Parts in Mankato, MN: 8343 SF auto parts center on .72 ac lot in a fast growing city.  Near Madison East Center and Immanuel St. Joseph’s Hospital. 100% NNN- leased till 2018. NOI $63K/yr with rare 6% rent increases every 3 yrs. $773K. 8.15% cap. 
7. Neighborhood Center in Cordova, TN: 53,618 SF attractive shopping center in upper middle-class Memphis suburbs.  Shadow anchored by 67,505 SF Farmer’s Market and 51,555 SF Malco Theatre at both ends of the shopping center.. 91% leased. $8.86M. NOI $792K.  8.93% cap. 
8. Shopping Center in Westminster, CO: 30,179 SF shopping center on 2.93 acres lot shadow-anchored by Lowe’s and Toys ’R’ Us. Across from Westminster Mall and next to Hwy-36 in Denver metro. $2.8M. NOI/Cap not avail.  
9. Medical Office Building in Phoenix, AZ: 45,936 SF 4-story multi-tenant medical building on 2.93 ac lot near Phoenix Baptist Hospital and Christown Spectrum Mall. 57% leased. NOI $283K/yr. $3.175M. 7.5% cap. Upside potential.
10. Walgreen’s in Redlands, CA: 14,820 SF Walgreens built in 2007 on 1.71 ac lot at a hard corner location near University Redlands and I-10 in growing San Bernardino suburbs. 100% NNN corp lease. NOI $434K/yr. $6.7M. 6.49% cap. 

© Transmercial 2012.