08-29: Advance Auto, Burger King, Kindercare, Taco Bueno, Fresenius, Tire Works, Walgreens

1. Advance Auto Parts in Cleveland, OH: 7000 SF AAP built in 2002 on .57 ac lot near I-480.  100% NNN- corp lease till 2012.  Store with strong sales with nearly double the average sales volume.  NOI $100K/yr. $1.38M. 7.3% cap.  
2. Burger King in Cumming, GA: A Burger King restaurant on .8 ac lot near 493,000 SF The Avenue Forsyth shopping center in affluent Atlanta suburbs with AHI $107K/yr. 100% absolute NNN corp ground  lease (land is for sale) with 11 yrs left.  NOI $110K/yr.  $1.833M. 6% cap.  
3. Kindercare in Grayslake, GA: 6952 SF childcare center built in 1999 on 1.05 ac lot in wealthy Chicago suburbs (AHI $109K/yr).  100% NNN- leased till 2019 to KinderCare, a national childcare provider.  NOI $135K/yr with rent bumps every 5 yrs.  $1.49M. 9.07% cap.  
4. Taco Bueno in Wichita, KS: 2250 SF restaurant built in 2005 on .81 ac lot near 760-bed acute care Wesley Medical Center.  Tenant recently acquired a license allowing them to serve beer, wine and margaritas (more revenue for tenant means better property for investors).  15 yrs NNN corp lease with 8 yrs left.  NOI $85K/yr with 10% rent bumps every 5 yrs.  $1.1M. 7.8% cap.  
5. Fresenius Dialysis Center in Wheatfield, NY: 7500 SF brand new dialysis center on 2.21 ac lot in high income Amherst/Buffalo suburbs.  100% NNN- leased till 2026.  NOI $147K/yr with annual CPI-based rent bumps. $2.109M. 7% cap.  
6. Strip Mall in Omaha, NE: 11,250 SF multi-tenant strip center on .8 ac corner lot across from Bag N Save grocery center.  100% NNN leased to 7 tenants.  NOI $102K/yr. $1.247M. 8.25% cap.  
7. Tire Works Auto Center in Las Vegas, NV: 6232 SF automotive service center in fast growing Southeast Las Vegas (over 1000% growth in the last 10 yrs).  100% NNN leased with 11 yrs left to Tire Works, a regional tenant with 15 locations in Las Vegas.  NOI $199K/yr with generous 12% rent bumps every 5 yrs (next one in 2013).  Price reduced to $2.497M. 8% cap.  
8. Walgreens in Jacksonville, FL: 13,905 SF drugstore built in 1999 on 2.1 ac lot at a busy signalized intersection.  20 yrs NNN lease with 7 yrs left.  Store with very strong sales of $8.5M (low 3.15% rent to income ratio means this is a very profitable location, tenant likely to renew lease).  NOI $268K/yr. $3.458M. 7.75% cap.

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