Monday, July 29, 2013

07-15: Gold's Gym, Fletcher Hills Automotive, Applebee's, MOB

  1. Gold’s Gym in Hendersonville, TN: 17,592 SF fitness center built in 20011 on 3+ ac lot in growing and high income (AHI $82K/yr) Nashville suburbs. Across from Walmart and Home Depot center. 10 yrs NNN lease with 8 yrs left. NOI $339K/yr with 10% rent bumps every 5 yrs. $4.374M. 7.75% cap.
  2. Fletcher Hills Automotive in El Cajon, CA: 5448 SF well maintained single tenant auto center at a corner location in San Diego suburbs. Close to Westfield Parkway, Fwy-67 and I-8. New 10 yrs lease. NOI$76K/yr. $1.15M. 6.50% cap.
  3. MOB in Lake Worth, FL: 34,002 SF Class-A medical office building completed in 2009 along main retail corridor in Fort Lauderdale metro. Close to Hwy-93. 88% NNN leased to multiple tenants. $785K/yr. $11.3M. 6.95% cap.
  4. Retail Center in North Miami Beach, FL: 8722 SF 6-unit mature retail center along major retail corridor. Adjacent to 738,331 SF The Mall at 163rd Street. 85% NNN leased with only 1 vacant unit. Pro forma NOI $60K/yr. $1.3M. 8% pro forma cap.
  5. Retail Building in Highlands Ranch, CO: 24,000 SF single-tenant attractive retail building constructed in 2004 on 1.70 ac lot in affluent Denver suburbs with an AHI of $128K/yr within in 1 mile. Tenant has been at this location since 2004. 100% NNN leased to Highlands Wine Seller. NOI $300K/yr. $3.699M. 8% cap.
  6. MOB in Puyallup, WA: 29,338 SF Class-A medical office building on 2.80 ac lot in fast growing & high income (AHI $96K/yr) Seattle suburbs. Anchored by MultiCare. 94% NNN leased to multiple tenants. NOI $561K/yr. $7.95M. 7.06% cap. Upside potential when fully occupied.
  7. Retail Center in Tampa, FL: 12,300 SF well kept retail center in affluent area with an AHI of $120K/yr in 1 mile. 100% NNN leased to three tenants. $2.425M. NOI/Cap not provided.
  8. Shopping Center in Brownstown Township, MI: 36,168 SF attractive shopping center on 4.65 ac lot in upper middle class Detroit metro.  Anchored by CVS pharmacy. Across from Kroger center and near I-75. 100% NNN leased. NOI $412K/yr. $4.714M. 8.75% cap.
  9. Office Building in Arlington, TX: 7985 SF Class-A office building on .50 ac lot in fast growing Fort Worth/Dallas metro. Close to GM Assembly Plant, with 2,400 employees. Six Flags Mall, Cowboy Stadium and Fwy-360. 100% NNN leased. NOI $118K/yr. $1.295M. 10% cap.
  10. Applebee’s in Marietta, GA: 5,668 SF Applebee’s Restaurant on 1.28 ac lot next to I-75 exit in high income Atlanta metro.  Completely remodeled in 2011.  New 20 yrs absolute NNN lease with 18+ yrs left. NOI $159K/yr with 1% annual rent increases. $2.489M. 6.40% cap.

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