02-21: Walgreens, Red Robin, AAP, Napa Auto Parts, Arizona's Steakhouse, Apartments

1. Walgreen’s in Westland, MI: 13,782 SF double drive-thru drug store built in 1997 on 1.53 ac lot at a hard corner location in Detroit metro. Shadow anchored by Kroger grocery. 20 yrs NNN- corp lease with 5 yrs left. NOI $285K/yr. $3.33M. 8.50% cap.
2. Red Robin Restaurant in Lawrenceville, GA: 6350 SF Red Robin restaurant built in 2006 on .32 ac lot at a main retail corridor in fast growing and high income Atlanta suburbs. Adjacent to The Avenue Webb Gin Shopping Center . Close to 310-bed Eastside Medical Center. 15 yrs absolute NNN ground lease (land for sale) with 8 yrs left. NOI $132K/yr with 10% rent bumps every 5 yrs. $1.955M. 6.75% cap.
3. Advance Auto Parts in Flowery Branch, GA:  7000 SF auto part retail center built in 2007 in fast growing and high income  ($94K/yr) Atlanta suburbs. Across from Publix super market and close to Kroger grocery center. 15 yrs absolute NNN corp lease with 9+ yrs left. NOI $163K/yr. $2.3M. 7.11% cap.
4. Napa Auto Parts in Vallejo, CA:  7,500 SF Napa Auto Parts built in 2006 on .61 ac lot at a signalized corner location Northeast of San Francisco. 15 yrs NNN lease with 6+ yrs left. NOI $117K/yr with annual CPI rent increases. Price just reduced to $1.565M. 7.50% cap.
5. Professional Center in Porter Ranch, CA: 13,896 SF Class-B professional center on .98 ac lot in affluent (AHI $158K/yr in 1 mile) Southern California. Next to Hwy 118. 91% leased to medical practices and professional tenants. Proforma NOI $328K/yr. $5.4M. 6.10% proforma cap.
6. Office Building in Soquel, CA: 7541 SF Class-A office building in high income coastal Santa Cruz metro in Northern CA. Across from Palo Alto Medical Foundation, near Sutter Maternity and Surgery Center and Dominican Hospital. $1.496M.
7. Arizona’s Steakhouse in Lithonia, GA: 6,442 SF upscale steakhouse restaurant built in 2004 on 1.57 ac outparcel to The Mall At Stonecrest, a 1.2M SF Regional Mall near I-20 exit in fast growing Atlanta suburbs.  Tenant with 4 Arizona’s + 11 Travina Italian Restaurants. 100% NNN leased with 10 yrs left. NOI $246K/yr. with 2% annual rent bump. $3.2M. 7.71% Cap.  Tenant’s P&Ls showing profitable business will be available.
8. Apartments in Fort Worth, TX: 121-unit well maintained apartment complex in growing middleclass area. Close to parks, shopping centers and I-30. Proforma NOI $343K/yr. $4.2M. 8.89% proforma cap.

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