03-23: La Quinta Inn & Suites, Walgreen's, Rite Aid, Burger King, Lowe's

1. La Quinta Inn & Suites in San Antonio, TX: 85-room hotel built in 2005 on 1.86 ac lot between Methodist Stone Oak Hospital and Hwy Loop-1604. Just minutes from downtown and San Antonio International Airport. Amenities include: Indoor pool, Spa, Business Center, Fitness Center and meeting room. 69% average occupancy. NOI $689K/yr. $7M. 9.84% cap.  
2. Walgreens in Las Vegas, NV: 15,120 SF pharmacy built in 2001 on 1.99 acres lot at a hard corner location near The Strip and I-515. Beer and wine recently added in 2010. 20 yrs NNN lease with 9 yrs left. NOI $530K/yr. $7.162M. 7.40% cap.  
3. Retail Center in Henderson, NV: 11,408 SF well maintained retail center on 1.54 ac lot shadow-anchored by 24 Hour Fitness and adjacent to Albertsons in Las Vegas suburbs. 72% leased. NOI $116K/yr. $1.35M. 8.63% cap. Upside potential.  
4. Shopping Center in Orlando, FL: 32,538 SF shopping center built in 2009 on 5+ acres lot shadow-anchored by Wal-Mart Supercenter and next to Valencia Community College-West. 90% leased. NOI $415K/yr. $5.3M. 7.84% cap. Upside potential. 
5. Rite Aid in High Point, NC: 13,824 SF Rite Aid Pharmacy built in 2002 with double drive-thru at prime retail location in fast growing city Southwest of Greensboro. 100% absolute NNN corp lease with 10 yrs left. NOI $263K/yr. $2.728M. 9.65% cap.  
6. Burger King in Hesperia, CA: 4612 SF fast food restaurant on .75 ac lot across from newly constructed Marriott Courtyard and Spring Hill Suites hotels, and next to off ramp of I-15. In growing and middle-class Southern CA city. New 20 yr absolute NNN lease. NOI $125K/yr with 10% rent increases every 5 yrs. $2.084M. 6% cap.  
7. Shopping Center in Round Lake Beach, IL: shopping center consists of 7516 SF Firestone on 20 years ground lease and 14,086 SF multi-tenant center at a signalized intersection along Route-83 in well-off Chicago metro. NNN leased to 8 tenants. NOI $472K/yr. $6.285M. 7.51% cap.
8.  Lowe’s in Grand Rapids, MI: 135,197 SF big box retail building in growing & middle-class (AHI $68K/yr in 1 mile) stable 2^nd largest city in MI. Top performing Lowe’s. 20 yrs absolute NNN ground lease. NOI $660K/yr with unusual 20% and 10% rent bumps in the initial term. $9.25M. 7.14% cap.  
9. Shopping Center in Folsom, CA: 42,253 SF reentry remodeled shopping center on 6.2 acres lot close to Mercy Hospital of Folsom in growing and affluent (AHI $103K/yr in 1 mile) Sacramento suburbs. 87% NNN leased. NOI $774K/yr. $9.45M. 8.20% cap. Upside potential as tenants are paying under market rents. 
10. Burger King in Chicago, IL: 3377 SF Burger King built in 1991 on .97 ac lot at a signalized intersection. Recently exercised 20 yrs absolute NNN lease to a strong operator with 223 units. NOI $110K/yr. $1.525M. 7.24% cap. 

© Transmercial 2012.