09-05: Buca di Beppo, Rite Aid, Arby's, Famous Dave's, MOB, Office Depot

1. Buca di Beppo in Mesa, AZ: 7650 SF Italian Restaurant built in 2001 on 1+ ac along major retail artery. Close to Banner Gateway Medical Center and Hwy-60.15 yrs absolute NNN corporate ground lease with 3 yrs left (land is for sale.  Should tenant not renew the lease then the building reverts to landowner). NOI $138K/yr. $2.208M. 6.25% cap.
2. Rite Aid in Charlotte, NC: 13,824 SF two lane drive-thru pharmacy built in 2003 on 1.45 ac lot at a signalized intersection in fast growing and high income (AHI $97K/yr in 3 mile radius) area. 100% absolute NNN lease with 10 yrs left.  NOI $326K/yr. $4.084M. 8% cap.
3. Retail Center in Houston, TX: 11,834 SF attractive retail center built in 2008 on .90 ac lot in fast growing and upper middle-class area. Adjacent to a 600,000 SF Power Center anchored by Walmart, JCPenney and Lowe’s. 100% leased to seven tenants. NOI $281K/yr. $3.51M. 7.75% cap.
4. Retail Center in Kennesaw, GA: 14,300 SF retail center built in 2006 on 1.55 ac lot in high income Atlanta suburbs with an AHI of $85K/yr in 1 mile. 82% NNN leased. NOI $95K/yr. $951K. 10% cap. Upside potential when fully leased.
5. Arby’s in Warren, MI: 1312 SF Arby’s restaurant remodeled in 2012 on .54 ac lot along busy corridor. New 20 yrs absolute NNN lease to an experience franchisee. NOI $114K/yr with 5% rent bumps every 5 yrs. $1.47M. 7.76% cap. This is a sale-leaseback investment, so lease terms are negotiable.
6. Apartments in Rancho Cordova, CA: 101-unit renovated multifamily complex on 3.67 ac lot in Sacramento suburbs. Close to schools, parks and shopping centers. 97% occupancy. NOI $406K/yr. $5.35M. 7.59% cap.
7. Office Depot in Orange City, FL: 20,000 SF built-to-suit retail building completed in 2000 on 1.68 ac lot at a hard corner location in Orlando suburbs. Across from Home Depot and 139-bed Florida Hospital Fish Memorial. Close to I-4. 15 yrs NNN lease with 2+ yrs left. NOI $314K/yr. $4.056M. 7.75% cap.
8. Famous Dave’s in Apple Valley, MN: 3712 SF Famous Dave’s restaurant on .95 ac lot at a busy Downtown location in Minneapolis metro. 20 yrs absolute NNN lease with 6 yrs left. NOI $194K/yr with 4.04% rent bumps every two years. $2.515M. 7.75% cap.
9. Apartments in Denver, CO: 40-unit well maintained apartment buildings on 1.62 ac lot in growing area. 97% occupied. NOI $178K/yr. $2.2M. 8.13% cap.
10. MOB in Spring, TX: 29,000 SF high quality constructed medical office building on 3.40 ac lot in fast growing (229.26% pop growth since 2000) and affluent (AHI $129K/yr in 1 mile) Houston suburbs. All units face main road. 100% NNN leased to multiple tenants. 8% cap. NOI/Price not disclosed.

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