04-04: Rite Aid, Burger King, MOB, KinderCare Learning Center, Family Dollar, Advance Auto Parts

Advisory: Same store prescription sales at Rite Aid have gone up while they have gone down at Walgreens.  One of the main reasons is Walgreens lost Express Scripts (a major Pharmacy Benefit Management company) customers. So if you have never considered investing in a Rite Aid store, perhaps time to reevaluate the idea. Click here for the full article.

1.  Office Building in Dallas, TX: 52,043 SF 4-stories office building on 2+ ac lot with excellent visibility to I-30. High income area.  Recent renovations totaling $250+K including: landscaping, painting, HVAC equipment, wet sealing, lighting retrofits and more. 83% leased to multiple tenants. NOI $428K/yr. $3.295M. 13% cap. 
2. Rite Aid in Lima, OH: 14,564 SF Rite Aid Pharmacy built in 2008 next to American Mall in middle-class (AHI $67K/yr) neighborhood. 100% NNN lease with 16 yrs left. NOI $313K/yr. $3.48M. 9% cap.
3. Medical Office Building in Naples, FL: 22,998 SF Class-B office building constructed in 1991 on 2 ac lot near Naples Hospital. High income area. 94% NNN leased with only one vacant unit. NOI $292K/yr. $3.9M. 7.5% cap. 
4. Burger King in Lantana, FL: 3586 SF Burger King fast-food restaurant on .82 ac lot near JFK Medical Center and I-95 in West Palm Beach metro. 100% absolute NNN rare corp lease with 14+ yrs left. NOI $85K/yr. $1.275M. 6.67% cap. 
5. Medical Office Building in Alabaster, AL: 6985 SF Class-A single-tenant medical office building across from new Shelby Baptist Hospital. Along busy retail corridor in growing upper middle-class Birmingham suburbs. 100% absolute NNN leased to Baptist Health Systems till 2019. NOI $138K/yr. $1.85M. 7.5% cap. 
6. Strip Center in Los Angeles, CA: 5480 SF well-maintained strip center built in 1999 on .41 ac lot at a hard corner location in densely populated area. Area with high barrier to entry. 100% NNN leased to 2 tenants: Laundromat & Payday Loan. NOI $108K/yr. $1.649M. 6.59% cap. 
7. KinderCare Learning Center in Trabuco Canyon, CA: 8309 SF day care center built in 2002 on .79 ac lot in Southern CA growing & affluent city (AHI $135K/yr). . 100% NNN corp lease to a national childcare provider. NOI $227K/yr with CPI rent increases every 5 yrs. $2.956M. 7.70% cap. 
8. Family Dollar in Decatur, GA: 9801 SF recently constructed retail building on at a signalized corner location in Atlanta suburbs. 100% NNN- lease with 9 yrs left. NOI $117K/yr. $1.434M. 8.20% cap. 
9. Advance Auto Parts in South Milwaukee, WI: 6600 SF auto parts center on .65 ac outparcel to Pick ‘n Save & Walgreens anchored center. 100% NNN- corp lease with 9 yrs left. NOI $75K/yr. $1M. 7.59% cap.

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