05-13: Tires Plus, Pizza Hut, Fresenius, CVS, Tuffy Auto

1. Tires Plus in Jacksonville, FL: 5216 SF auto center built in 1998 on .68 ac lot at a high traffic location. Near Regency Square Mall and I-295. 20 yrs absolute NNN corp lease with 6 yrs left. NOI $149K/yr. $1.661M. 9% cap.
2. Pizza Hut in Bridgeview, IL: 3508 SF drive-thru Pizza Hut restaurant built in 2001 on .75 ac lot at a busy corridor in middle-class Chicago suburbs. Next to Walgreens. 20 yrs absolute NNN corp ground lease (land is for sale) with 9 yrs left. NOI $67K/yr with a 10% rent bump in 2017. $1.129M. 6% cap.
3. Retail Center in Grand Rapids, MI: 11,440 SF attractive six units retail center built in 2007 on 1.45 ac outparcel to Meijer grocery department store. 100% NNN leased to SportsClips, AT&T, Verizon, Crooked Goose and Biggby Coffee. NOI $256K/yr. $3.606M. 7.12% cap.
4. Regional Center in Wichita Falls, TX: 143,838 SF well maintained shopping center on 13+ ac lot anchored by 83,000 SF Hobby Lobby in growing upper middle-class area. 98% NNN leased with a 2,400 SF vacant unit. NOI $637K/yr. $7.25M. 8.80% cap.
5. Shopping Center in Clermont, FL: 30,214 SF shopping center built in 2008 outparcel to Lowe’s at a busy signalized intersection in fast growing Orlando suburbs. Across from Home Depot and close to South Lake Hospital. Tenants include: AT&T, Firehouse Subs, The Vitamin Shoppe, Mattress One, Robata Japanese Steakhouse, CFE Credit Union, Key Heath Pharmacy, and Massage Envy. NOI $665K/yr. $8.3M. 8.02% cap.
6. Fresenius in Wheatfield, NY: 7,500 SF Class-B built-to-suit dialysis center constructed in 2011 on 2+ ac lot in high income (AHI $93K/yr) Amherst/Buffalo suburbs. 100% NNN- lease to Fresenius. NOI $151K/yr with annual CPI rent increases. $2.158M. 7% cap. Note: NY is a Certificate of Need state which limits the supplies & availability of new dialysis centers,
7. MOB in Pleasanton, CA: 23,828 SF attractive medical office building completed in 1999 at a major thoroughfare in affluent San Franciscos/Silicon Valley’s suburbs with an AHI of $146K/yr in 3 mile radius. In front of ACE train Station. 88% NNN leased. NOI $503K/yr. $6.9M. 7.30% cap.
8. CVS Pharmacy in Allentown, PA: 11,301 SF CVS Pharmacy on 1.50 ac lot in growing and high income Philadelphia suburbs. 100% NNN- lease with 5 yrs left. NOI $201K/yr. $2.691M. 7.50% cap.
9. MOB in Commerce City, CO: 5901 SF Class-A multi-tenant medical office building on .97 ac lot in booming (1,073.50% pop growth since 2000) and high income (AHI $82K/yr) Denver suburbs.  Quality brick construction. 100% NNN leased. NOI $104K/yr. $1.35M. 7.73% cap.
10. Tuffy Auto in Melbourne, FL: 3900 SF auto repair center built in 2003 on .67 ac lot in well off (AHI $104K/yr) coastal city East or Orlando. Close to I-95. 20 yrs NNN corp lease with 10 yrs left. NOI $103K/yr with a rent bump in 2015. $1.176M. 8.75% cap.

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