04-22: MOB, 24 Hour Fitness, AAP, Walgreens

1. MOB in Naperville, IL: 6715 SF newly renovated medical office building on 1+ ac lot in affluent Chicago suburbs with an AHI of $150K/yr in 1 mile.  10 yrs NNN- lease with 9+ yrs left to MedSpring, an urgent care provider with 14 locations. NOI $175K/yr with 10% rent bumps every 5 yrs. $2.338M. 7.50% cap.
2.  Office Building in Merced, CA: 21,603 SF Class-B office building on 2 ac lot along main corridor. 95% leased to multiple tenants. NOI $236K/yr. $2.8M. 7.74% cap.
3. Neighborhood Center in Redland, CA: 97,185 SF shopping center on 7.60 acres of land at a hard corner location in high income San Bernardino suburbs. Anchored by 17,700 SF Rite Aid, 24-Hour Fitness and Chase. Shadow anchored by Albertsons grocery. 79% NNN leased. NOI $1.064M/yr. $13.75M. 7.74% cap.
4. Retail Center in San Antonio, TX: 8500 SF attractive retail center built in 2006 on .84 ac outparcel to Walmart Supercenter and adjacent to Loop-410.  Near Westover Marketplace, a Power Center anchored by Target, Lowe’s, Ross, Office Depot and PetSmart. 100% leased to 5 tenants including GameStop, Cash Advance, Verizon Wireless, Pro Tax and Nail Salon. NOI $227K/yr. $2.8M. 8.13% cap. Buyer must assume existing loan.
5. 24 Hour Fitness in Houston, TX: 16,735 SF fully renovated fitness center on 1.24 ac lot in densely populated and high income (AHI $107K/yr in 3 mile radius) area. 15 yrs NNN lease with 6 yrs left. NOI $284K/yr. $2.995M. 9.50% cap.
6. Los Alazanes Restaurant in Victorville, CA: 2000 SF drive-thru Mexican restaurant fully renovated in 2008 on .76 ac lot in San Bernardino County. Close to Mall of Victor Valley and I-15. 10 yrs NNN lease with 4+ yrs left to experienced operator with multiple locations. NOI $114K/yr with 3% annual rent increases. $1.52M. 7.50% cap.
7. Advance Auto Parts in Houston, TX: 8528 SF auto center on .89 ac lot next to Walgreens and across from HEB center. 15 yrs NNN lease with 8 yrs left. NOI $133K/yr. $1.663M. 8% cap. Buyer to assume $1.2M loan at 6.3% interest rate.
8. Walgreen’s in Carmichael, CA: 14,490 SF drive-thru drug store built in 2002 on 1.35 ac lot in high income Sacramento suburbs. 20 yrs NNN- corp lease with 9 yrs left. NOI $399K/yr. $5.911M. 6.75% cap.
9. MOB in Edinburg, TX: 6064 SF Class-A medical office building in affluent McAllen suburbs with AHI of $135K/yr in 1 mile. Just North of Cornerstone Regional Hospital. 100% leased. This is a sale & leaseback investment, so lease terms are negotiable. $1.1M.
10. Advance Auto Parts in Universal City, TX: 7000 SF Advance Auto Parts built in 2001 on 1+ ac lot in fast growing San Antonio suburbs. NNN- newly exercised 5 yr option. NOI $102K/yr.  $1.363M. 7.50% cap.

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