06-28: Best Buy, Service King, Denny's, Office Building, Retail Center

1. Best Buy in Richmond, VA: 44,276 SF small-footprint (i.e. more likely to meet tenant’s current & future need) Best Buy built in 1999 on 5 ac lot in growing and high income area. Across from Chesterfield Town Center Mall.  20 yrs absolute NNN corp lease with 8+ yrs left. NOI $612K/yr. $7.651M. 8% cap.
2. Service King in Peoria, AZ: 4216 SF auto body repair center built in 2003 on .67 ac lot in growing and upper middle-class Phoenix suburbs. Easy access to Hwy-101. 100% absolute NNN corp lease with 6 yrs left. NOI $104K/yr with 12% rent bumps every 5 yrs. $1.351M. 7.75% cap.
3. Best Buy in Ocoee, FL: 44,988 SF Best Buy built in 2000 on 4.35 ac lot in growing & high income Orlando suburbs. Adjacent to West Oaks Mall. 20 yrs absolute NNN corp lease with 7 yrs left. NOI $631K/yr with a rent bump in 2015. $7.599M. 8.31% cap.
4. MOB in Charlotte, NC: 4233 SF Class-A medical office building part of a medical office complex in affluent (AHI $128K/yr in 3 mile radius) Charlotte suburbs. Across from The Arboretum shopping Center. 100% NNN leased to Carolinas Healthcare with 7 yrs left. NOI $117K/yr. $1.676M. 7% cap.
5. Denny’s in O’Fallon, IL: 5136 SF Denny’s restaurant built in 2000 on over 1 ac lot in high income St. Louis suburbs. Along busy Hwy-50 and near I-64. 100% absolute NNN lease with 13 yrs left. NOI $177K/yr with 1.5% annual rent bumps. $2.25M. 7.90% cap.
6. Office Building in Carrolton, TX: 44,438 SF well maintained office building on 2.48 ac lot in high income Dallas metro with an AHI of $96K/yr in 1 mile. Close to Baylor Medical Center. 99% leased to multiple tenants. NOI $360K/yr. $4.5M. 8% cap.
7. Strip Center in Hesperia, CA: 5,000 SF attractive strip center built in 2007 on .52 ac outparcel to Starter Bro’s center in San Bernardo County. 100% NNN leased to Subway, Cicero's Pizzeria, Golden Rooster and My Hacienda Mexican Grill. NOI $90K/yr. $1.385M. 6.50% cap.
8. Retail Center in Plainfield, IN: 12,800 SF retail center built in 2008 on 1.43 ac lot in growing Indianapolis suburbs. 87% leased with good tenant mix. Mostly NNN leases. Pro forma NOI $168K/yr. $1.79M. 9.40% pro forma cap.
9. Office Building in Closter, NJ: 7500 SF Class-B office building at a highly visible location. In prosperous New York metro with an AHI of $132K/yr in 1 mile. 100% leased to multiple tenants. NOI $102K/yr. $1.4M. 7.31% cap.
10. Office Building in Phoenix, AZ: 16,000 SF Class-B office building in densely populated area. Next to I-17. 67% leased to multiple tenants. Actual NOI $119K/yr. $1.7M. 7% actual cap.  Upside potential when fully leased.

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