09-25: Wendy's, Office Depot, Arby's, Shopping Centers, Strip Center, Office Buildings

1. Shopping Center in Lake Barrington, IL: 28,824 SF well maintained shopping center and a 3,000 SF BMO Harris Bank ground lease (land is for sale) on 9+ ac lot in affluent (AHI $186K/yr in 1 mile) Chicago suburbs. 79% NNN lease. $4.958M. 7% cap.
2. Arby’s in Gilbert, AZ: 3280 SF Arby’s restaurant built in 1999 on 1+ ac lot in high income (AHI $82K/yr) Phoenix suburbs. Across from Dana Park Village Square, an upscale power center. 20 yrs NNN corp lease with 6 yrs left. NOI $156K/yr with a rent bump in 2014. $2.085M. 7.50% cap.
3. Office Building in Bogart, GA: 19,810 SF Class-B office building complex consisting of four buildings on nearly 2 ac lot in a high income community Southwest of Athens. 100% leased. NOI $104K/yr. $1.3M. 8% cap.
4. Neighborhood Center in Montclair, CA: 96,989 SF well maintained shopping center on 9.67 ac lot in San Bernardino County. Anchored by 20,389 SF 24 Hour Fitness and 15,892 SF Dollar General. Across from Montclair Hospital Medical Center, near Montclair Plaza Mall and I-10. 80% NNN leased. NOI $1.134M/yr. $16.2M. 7% cap. Upside potential.
5. Strip Center in Carrollton, TX: 9134 SF attractive strip center built in 2010 on over 1 ac lot in growing and affluent (AHI $115K/yr in 1 mile) Dallas suburbs. Close to 1.4M SF The Shops at Willow Bend, with over 125 stores. 100% leased to Schlotzsky’s with drive-thru, The Egg & I and Belle Vous Salon & Day Spa. NOI $257K/yr. $3.672M. 7% cap.
6. Retail Center in Naples, FL: 27,882 SF retail center in a wealthy area with an AHI of $114K/yr in 3 miles. At a primary retail, resort and business community. NOI $200K/yr. $3.2M. 6.25% cap.
7. Wendy’s in Clermont, FL: 3,048 SF well maintained Wendy’s in Orlando suburbs. Close to South Lake Hospital and next to Hwy-27. 20 yrs NNN lease with 18 yrs left to a strong franchisee with 40+ units. NOI $107K/yr with 8% rent increases every 5 yrs. $1.783M. 6% cap.
8. Office Depot in Orange City, FL: 20,000 SF built-to-suit Office Depot completed in 2000 on 1.68 ac lot at a hard corner location in Orlando suburbs. Across from Walmart Supercenter/Home Depot and 139-bed Florida Hospital Fish Memorial. 15 yrs NNN lease with 2+ yrs left. NOI $314K/yr. $4.056M. 7.75% cap.
9. Office Building in Delafield, WI: 11,090 SF attractive 2-story office building on 2.56 ac lot in a growing and prosperous (AHI $128K/yr in 3 mile radius) Milwaukee suburbs. Close to I-94. 100% leased. NOI $177K/yr. $2.3M. 7.7% cap.  

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