04-09: Merlin Muffler, Mix-used Center, Neighborhood Center

1. MOB in Philadelphia, PA: 12,303 SF attractive medical office building completed in 2008 on nearly 3 ac lot at a signalized corner location. 12 area hospitals within four miles. 100% NNN leased. NOI $267K/yr.  $2.9M. 9.28% cap.
2. Shopping Center in Strongsville, OH: 40,545 SF well-maintained shopping center on 4+ ac lot at a signalized corner location in high income (AHI $97K/yr) Cleveland suburbs. Anchored by Regos Brothers Supermarket. 82% NNN leased. Actual NOI $329K/yr. $3.485M. 9.45% cap. Upside potential when fully leased.
3. Neighborhood Center in Chandler, AZ: 67,241 SF shopping center built in 1990 on 5+ ac lot at a hard corner location and in high income (AHI $80K/yr in 1 mile) Phoenix suburbs. Anchored by 52,224 SF highly-rated-on-Yelp Lee-Lee International Supermarket, with a long-term lease from 1999 till 2029.  Close to Hwy-101. 97% NNN leased to 10 tenants with only 1 vacant unit. $680K/yr. $8.4M. 8.10% cap.
4. Shopping Center in Hamburg, NY: 29,492 SF shopping center consisting of 3 retail buildings constructed in 2001 on 4.10 ac outparcel to 800,000 SF McKinley Mall in Buffalo suburbs. Tenants include: 9,000 SF freestanding Olive Garden Restaurant, 9,013 SF freestanding Pier 1 Imports, FedEx, Aspen Dental, Ichiban Sushi, GameStop, Beltone Hearing, and Sprint. 100% NNN leased. NOI $506K/yr. $6.31M. 8.02% cap.
5. Retail Center in University Heights, OH: 11,477 SF retail center built in 1995 on .93 ac lot at a hard corner location and in high income (AHI 89K/yr in 1 mile) Cleveland suburbs. Adjacent to University Square center. 100% leased. NOI $135K/yr. $1.507M. 9.02% cap.
6. Mix-used Center in Santa Cruz, CA: 5500 SF well maintained retail/office center on .37 ac lot in high income area. Next to & visible from Hwy-1. 100% leased. NOI $96K/yr. $1.6M. 6% cap.
7. Strip Center in Westminster, CA: 2200 SF well kept strip center at a corner location and next to Walgreens pharmacy in Southern California. 100% leased to established tenants. NOI $82K/yr. $980K. 8.41% cap.
8. MOB in Bradenton, FL: 6000 SF well kept medical office building on .63 ac lot at a busy corridor in Tampa suburbs. Next to 24-hr Walgreens and across from Publix Supermarkets. 15 yrs NNN corp lease with 12+ yrs left to Hospital Corporation of America, the largest private healthcare provider in the world. NOI $84K/yr with 3% annual rent bumps. $1.25M. 6.75% cap. Buyer to assume $667K loan at 6.375% rate.
9. Office Building in Bakersfield, CA: 97,363 SF Class-A 4-story office building on 3.6 ac lot with a separate 763-spaces parking garage.  92% leased.  NOI $1.421M/yr. $13.95M. 10.19% cap.
10. Merlin Muffler in Elgin, IL: 3312 SF well maintained auto center on .42 ac lot at busy corridor in Chicago suburbs. 100% NNN corp lease with 7 yrs left. NOI $63K/yr with next rent increase in 2015. $749K. 8.51% cap. 

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