09-07: Walgreen's, Medical & Professional Office, Neighborhood Centers

1. Bankruptcy sale - Neighborhood Center in Bakersfield, CA: 100,736 SF 27-unit shopping center built in 2009 on 12.54 acres of land. Anchored by 42,000 SF Vallarta Supermarket (chain with 27 locations in CA), Family Dollar and a free-standing 3900 SF McDonald’s. 78% leased. NOI $1.074M/yr. Unpriced, just make offer.
2. Strip Center in Toledo, OH: brand new 10,470 SF strip center anchored by Dollar Tree. Next to I-80/90. Expected completion date Nov 2012. 86% NNN leased. NOI $86K/yr. $959K. 9% cap. Upside potential.
3. Shopping Center in Warren, MI: 38,300 SF well maintained shopping center on 4+ ac lot anchored by drive-thru Rite Aid. Across from 352-bed St. John’s Macomb-Oakland Hospital. Rite Aid plans to remodeled by 10/12, $200K estimated cost to Rite Aid. 92% leased to 6 tenants. NOI $347K/yr. $3.475M. 10% cap.
4. Walgreen’s in Chicago, IL: 12,154 SF drug store built in 1999 at a hard corner location in densely populated area (900+K residents within 5 mile radius). Area with high barrier to entry.100% NNN leased with 7 yrs left. NOI $371K/yr. $5.05M. 7.35% cap.
5. Shopping Center in Santa Maria, CA: 97,555 SF shopping center constructed in 1996 on 7.52 acres of land anchored by FoodMaxx supermarket, CVS pharmacy and Factory 2-U. ¼ mile from the on/off ramp Hwy-101 in Santa Barbara county. 95% NNN leased. NOI $1.183M/yr. $15.775M. 7.50% cap.
6. Medical & Professional Office Building in Chicago, IL: 7440 SF well maintained medical/professional office building on .23 ac lot at a busy signalized location. 95% leased to stable tenants. $1.05M. NOI/Cap not provided.
7. Retail Center in Grove City, OH: 8800 SF retail center built in 2003 in fast growing Columbus metro. Close to Giant Eagle, CVS and I-71 100% leased. NOI $110K/yr. $1.3M. 8.50% cap.

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