07-11: Burger King, Walgreens, CVS, Meineke, Famous Dave's, DaVita, Baylor Medical

1. Burger King in Winter Haven, FL: 2618 SF fast food restaurant built in 2008 on 1 ac outparcel to a shopping center near Wal-Mart Supercenter.  10 yrs absolute NNN corp ground lease with 6+ yrs left (land is for sale).  Growing middle-class city in Orlando suburbs. NOI $85K/yr with 10% rent bumps every 5 yrs.  $1.36M. 6.5% cap.
2. Walgreens in San Francisco, CA: 13,390 SF Walgreens built in 1999 on .79 ac busy corner lot close to Hwy-101/I-280 in affluent Mariana district (AHI $103K/yr in 3 miles). 100% NNN lease with 7½ yrs left. NOI $418K/yr. $7.25M. 5.77% cap.
3. CVS in Port Richey, FL: 11,200 SF CVS Pharmacy built in 1999 on 1.24 ac lot along US Hwy-19 in Tampa metro. 20 yrs lease with 7 yrs remaining. NOI $335/yr. $4.475M. 7.50% cap.
4. Walgreens in Reynoldsburg, OH: 15,120 SF pharmacy built in 2000 on nearly 2 ac lot at a hard corner location near Mount Carmel East Hospital & I-270 in Columbus suburbs. 20 yrs NNN corp lease with 8 yrs left. NOI $429K/yr. $5.047M. 8.5% cap.
5. Shopping Center in National City, CA: 25,958 SF well maintained shopping center on 2+ ac lot at a hard corner location and close to I-805. In densely populated (500,000 residents within 5 miles) San Diego metro. 93% leased to stable tenants. NOI $394K/yr. $5.25M. 7.51% cap.
6. Retail Center in San Diego, CA: 8158 SF retail center on .62 ac lot anchored by Frazee Paint adjacent to remodeled power center. Across from Valley View Casino Center. NNN leased to multiple tenants. NOI $162K/yr. $2.2M. 7.40% cap.
7. Meineke Auto Center in Peabody, MA: 6943 SF auto center on .64 ac lot next at busy corridor and next to I-95 in high income Boston suburbs. 100% NNN leased with 3 yrs left. NOI $130K/yr. $1.65M. 8% cap.
8. MOB in Dallas, TX: 5945 SF Class-A medical building constructed in 2003 on .54 ac lot near I-45/I-30. 100% leased to Baylor Medical. NOI $128K/yr. $1.6M. 8% cap.
9. Famous Dave’s in Palmdale, CA: 6600 SF Famous Dave’s BBQ Restaurant on 1.31 acres lot across from 1M SF 140-store Antelope Valley Mall.  100% NNN lease with 10 yrs left. NOI $192K/yr. $2.9M. 6.65% cap.
10. DaVita Dialysis Center in Los Banos, CA: 10,154 SF Class-A medical office condo in San Joaquin valley. New 10 yrs NNN corp lease. NOI $59K/yr. with 1.5%-2% annual rent bumps.  $995K. 6% cap.

© Transmercial 2012