03-07: IRS building, Jiffy Lube, Rite Aid, Crab Shack, Big Lots, The Tilted Kilt

1. IRS Office Building in Greenwood, IN: 9715 SF attractive build-to-suit office building constructed in 2000 on 2 ac lot in Indianapolis metro. Next to Sam’s Club and near I-65. Newly executed 10 yr lease to the IRS. NOI $176K/yr with a rent increase in yr 6. $2.44M. 7.25% cap.
2. Jiffy Lube in Austin, TX: 3731 SF Jiffy Lube on .31 acre lot at a busy corridor and in fast growing area. Close to Hwy-183. 20 yrs absolute NNN lease with 9+ yrs left to largest franchisee with 435 units. NOI $105K/yr with 10% rent increases every 5 yrs. $1.206M. 8.75% cap.
3. Rite Aid in Canton, MI: 11,180 SF Rite Aid pharmacy built in 1999 on 1.79 ac lot at a hard corner location in fast growing and high income (AHI $92K/yr) Detroit suburbs. Across from Meijer grocery, close to Lowe’s, Target, IKEA and I-275. 20 yrs NNN- corp with 6+ yrs left. NOI $340K/yr. $3.788M. 9.02% cap.
4. Crab Shack in Rochester, NY: 7784 SF seafood restaurant on 1.62 ac corner lot in densely populated area. Across from Monroe Community College an off/on ramp of I-390. Recently renewed 5 yr lease. NOI $144K/yr. $1.6M. 9.04% cap.  Note: priced below replacement costs.
5. Strip Center in Clarkston, MI: 4,410 SF strip center built in 2005 on .74 ac lot next to Hwy-24 in high income Detroit metro. 100% NNN leased to Qdoba Mexican Grill and Tropical Smoothie Café. NOI $90K/yr. $1.091M. 8.25% cap.
6. Big Lots in Flint, MI: 40,000 SF well maintained single tenant retail building on 5+ acres of land. Adjacent to 1.3M SF Genesee Valley Center, a regional mall with 130+ retailers and close to I-69. 100% NNN- corp lease with 9 yrs left. NOI $201K/yr. $2.35M. 8.55% cap.
7. Retail Center in Katy, TX: 10,660 SF retail center built in 2002 on 1.39 ac lot at main corridor and in fast growing and high income Houston metro. Next to Walgreen’s and near I-10. Tenants include: Cici’s Pizza, Queen’s Café, DQ Salon, Westfield Nails and Vietnamese Noodle House & Grill. 100% NNN leased. NOI $197K/yr. $2.425M. 8.14% cap.
8. Shopping Center in The Woodlands, TX: 83,526 SF shopping center built in 2008 on 6.7 acres lot with I-45 visibility in Houston suburbs.  Part of a power center with Walmart.  Near St Luke’s The Woodlands Hospital. 100% NNN leased by Burlington Coat Factory and Ferguson.  NOI $811K/yr.  $10.816M. 7.50% cap.
9. Shopping Center in Clovis, CA: 48,770 SF shopping center on 5.75 acres of land at a major retail corridor in high income Fresno suburbs (AHI $88K/yr in 1 mile). Anchored by CVS Pharmacy and shadow-anchored by Save Mart Supermarket. Close to Sierra Vista Mall.  NOI $656K/yr. $9.25M. 7.10% cap.
10. The Tilted Kilt in Killeen, TX: 7750 SF recently remodeled and expanded sports bar and restaurant in fast growing city. Next to and highly visible from Hwy-190. Close to 557,418 SF Killeen Mall. 15 yrs absolute NNN lease. NOI $209K/yr with rent increases every 5 yrs. $2.795M. 7.51% cap.

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