09-09: Winn-Dixie, Advance Auto Parts, MOB, IHOP, Retail Centers

1. Winn-Dixie in Baton Rouge, LA: 50,388 free-standing established Winn Dixie supermarket built in 1993 on 7+ ac lot in fast growing area. Along busy corridor and close to I-12. Tenant has been at this location since 1992. 100% NNN lease with 5 yrs left. NOI $395K/yr. $4.652M. 8.50% cap.
2. MOB in Phoenix, AZ: 41,918 SF Class-B medical office building on nearly 3 ac lot. Across from 136-bed Paradise Valley Hospital. 78% leased to multiple tenants. Actual NOI $314K/yr. $4.2M. 7.49% actual cap. Upside potential.
3. Advance Auto Parts in Dearborn, MI: 7000 SF auto parts retail building completed in 2007 at a corner location in Detroit suburbs. 15 yrs NNN- lease with 9 yrs left. NOI $169K/yr. $2.335M. 7.25% cap.
4. Wendy’s in Idaho Falls, ID: 5600 SF fast food restaurant on .87 ac outparcel to Shopko and Albertson’s grocery at a signalized location. Across from Lowe’s and adjacent to Sam’s Club and Home Depot.  100% NNN lease with 3 yrs left. NOI $123K/yr. $1.37M. 8.98% cap.
5. Retail Center in San Antonio, TX: 9948 SF retail center built in 2006 on .86 ac lot in upper middle-class area. 100% NNN leased. NOI $173K/yr. $2.3M. 7.50% cap.
6. MOB in San Leandro, CA: 29,085 SF Class-B recently remodeled medical office building on 1.56 ac lot in Silicon Valley. Next to San Leandro Hospital. 91% leased to multiple tenants. NOI $440K/yr. $5.5M. 8% [pro forma] cap.
7. Jack in the Box in McKinney, TX: 3230 SF well maintained drive-thru restaurant on 1.23 ac lot at a major retail corridor on a off/on ramp of Hwy-75/121 with high traffic volume in Dallas suburbs. Across from Power Center anchored by Super Walmart and Sam’s Club. 18 yrs absolute NNN corp lease with 8 yrs left. NOI $138K/yr with a rent bump in 2018. $2.315M. 6% cap.
8. Retail Center in Laredo, TX: 8275 SF attractive retail center built in 2003 on .92 ac lot t at a signalized intersection in a border city. 100% NNN leased. NOI $173K/yr. $2.25M. 7.75% cap.
9. Shopping Center in Concord, NC: 27,623 SF shopping center built in 1998 on 3.56 ac lot in a fast growing area. Close to Carolina Mall, Carolinas Medical Center and I-85. 68% leased. Actual NOI $171K/yr. $2.35M. 7.28% cap.
10. IHOP in Jacksonville, NC: 5000 SF IHOP restaurant built in 1999 on nearly 1 ac outparcel to Jacksonville Mall, with 70 stores and across from Onslow Memorial Hospital. 20 yrs NNN lease with 7 yrs left. NOI $158K/yr with a 10% rent increase in 2015. $2.25M. 7.03% cap.

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