08-22: Advance Auto Parts, Freddy's Frozen Custard, Rite Aid, MOB's

1. Advance Auto Parts in Lawrenceville, GA: 7000 SF auto parts center built in 2008 on 1.73 ac lot at a hard corner location in affluent Atlanta metro with an AHI of $102K/yr in 1 mile radius.  15 yrs NNN- corp lease with 11 yrs remaining. NOI $169K/yr. $2.321M. 7.30% cap.
2. Freddy’s Frozen Custard in Pflugerville, TX: 3282 SF restaurant built in 2009 on .85 ac lot at busy retail corridor and in high income Austin suburbs. Close to I-35. 15 yrs NNN- lease to a regional tenant with 11½ yrs left. NOI $110K/yr. $1.48M. 7.48% cap.
3. Retail Center in Granger, IN: 14,447 SF high quality constructed retail center built in 2005 on 2+ ac lot in prosperous ($115K/yr in 3 miles) South Bend suburbs. Tenants include: Beef O' Brady’s, Pizza Hut, C&B Optical One, Malibu Tanning and Gloria Jean’s. 90% leased. NOI $223K/yr. $2.795M. $8% cap.
4. Strip Center in Midlothian, VA: 10,650 SF attractive strip center on 1.20 ac lot anchored by Advance Auto Parts in fast growing and high income Richmond metro. Across from new Honda dealership and new Walmart. NNN leases. NOI $216K/yr. $2.88M. 7.50% cap.
5. Retail Center in Munhall, PA: 13,799 SF strip center built in 2004 anchored by Family Dollar along retail corridor in Pittsburgh suburbs. Across from 700,000 SF Waterfront Town Center: an open-air power center anchored by Target, Giant Eagle, Costco, Lowe's, AMC Theatre, and many others. 100% NNN leased. NOI $131K/yr. $1.425M. 9.20% cap.
6. MOB in Burnsville, MN: 38,119 SF 3-story Class-B medical office building in fast growing and high income community in suburban Minneapolis. Close to Fairview Ridges Hospital, Burnsville Center and I-35W. 79% leased to multiple tenants. NOI $609K/yr. $7.5M.
7. Rite Aid in Riverside, CA: 16,500 SF Rite Aid Pharmacy built in 2000 on 2.27 ac lot at high traffic, high income (AHI 80K/yr in 1 mile) location in Southern California. 20 yrs NNN lease with 8 yrs left. NOI $290K/yr. with 10% rent bumps in 2020.  $3.604M. 8.06% cap. Buyer to assume $1.688M non-recourse loan at low 5.25% interest.
8. Neighborhood Center in Saint Charles, MO: 112,506 SF neighborhood center renovated in 2008 on 14+ acres of land in high income St Louis suburbs.  Anchored by TJ Maxx, Harbor Fright Tools and Shoe Carnival. Adjacent to a 227,000 SF center anchored by The Home Depot, Target and Famous Footwear. Close to Barnes-Jewish St Peters Hospital and I-70. 89% NNN leased. NOI $1.137M/yr. $12.355M. 9.21% cap. Upside potential.
9. MOB in Reno, NV: 14,604 SF well maintained medical office building on .87 ac lot close to St Mary’s Regional Medical Center and I-80. 83% leased to medical/dental practices. Current NOI $100K/yr. $1.2M. 8.40% cap.
10. MOB in Mooresville, NC: 11,715 SF 2-story Class-A medical office building constructed in 2002 on 1.20 ac lot near Lake Norman Regional Medical Ctr in wealthy city (AHI $113K/yr) 30-min North of Charlotte and just off I-77. NOI $200K/yr. $2.509M. 8% cap. 

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