10-07: Rite Aid, Wendy's, Retail Buildings, Neighborhood Centers

1. Rite Aid in Chattanooga, TN: 10,908 SF drive-thru pharmacy built in 2000 on 1.84 ac lot at a signalize corner location. Along busy retail corridor and close to Hwy-58/153. 20 yrs NN- corp lease with 7+ yrs left. NOI $304K/yr. $3.811M. 8% cap.
2. Retail Building in Mesquite, TX: 10,810 SF attractive retail center constructed in 2001 on 1.24 ac outparcel to Home Depot in Dallas metro. Adjacent to 425,000 SF The Marketpace at Towne Center, with Michaels, Old Navy, Ross, PetSmart & Pier 1 Imports. Close to Town East Mall and next to I-635. 100% leased to LifeWay Christian Store and Thomas Sewing Company. NOI $219K/yr. $2.932M. 7.50% cap.
3. Wendy’s in Lawrenceville, GA: 2,550 SF Wendy’s built in 1997 on .85 ac outparcel to Publix anchored center in fast growing Atlanta metro. Close to Gwinnett Medical Center and Hwy-316. 100% NNN lease with 12+ yrs left to a franchisee with 23+ units.  NOI $123K/yr. with 1.5% annual rent bumps.  $1.595M. 7.75% cap. Tenant’s financial avail during due diligence.
4. Retail Buildings in Beaumont, TX: 23,411SF consisting of two well maintained retail buildings on 2+ ac lot next to Kroger grocery in high income (AHI $90K/yr) area East of Houston. Close to 456-bed Christus Hospital and I-10. 100% leased. NOI $308K/yr. $3.3M. 9.35% cap.
5. Retail Center in Cypress, TX: 17,600 SF retail center built in 2011 on 1.61 ac lot at major retail corridor in growing and high income (AHI $126K/yr in 5 mile radius) Houston suburbs. 100% NNN leased to Cypress Fairbanks Medical Center and Lucky’s Pub. NOI $397K/yr. $5.1M. 7.80% cap.
6. Neighborhood Center in Kansas City, MO: 163,010 SF attractive shopping center built in 2005 on nearly 17 ac lot in growing (23.09% growth) and affluent (AHI $133K/yr in 3 mile) neighborhood. Close to Super Target, Walmart, Lowe' s, Petco and Marshall' s. Visible from Hwy-150. 78% leased. Actual NOI $1.022M/yr. $13.2M. 7.75% cap.
7. Retail Center in Crystal Lake, IL: 28,506 SF eye-catching retail center built in 2006 on 3+ ac lot in high income Chicago suburbs with an AHI of $102K/yr in 3 miles. 83% NNN leased. Actual NOI $407K/yr. $4.5M. 9.06% cap. Upside potential.
8. Office Building in Saint Petersburg, FL: 9164 SF Class-B built-to-suit office building completed in 1996 across from Tyrone Square Mall. 100% NNN lease with 3 yrs left to Morgan Stanley, a global financial service firm with 1300 offices with S&P rating of A-.  NOI $155K/yr. $1.681M. 9.25% cap.
9. Rite Aid in Manassas, VA: 11,180 SF Rite Aid built in 1996 on 1.73 ac lot in growing and high income (AHI $96K/yr in 3 mile radius) Washington metro. 20 yrs NNN corp lease with 3 yrs left. NOI $221K/yr. $2.5M. 8.85% cap.  Note: land value only is worth $2.11M and property tax value is $3.1M so upside potential.
10. Retail Buildings in Sugar Land, TX: 15,710 SF high quality constructed retail buildings constructed in 2003 on 2+ ac lot in prosperous (AHI $141K/yr) Houston suburbs. At a major retail artery. Close to major power centers, Fist Colony Mall, Methodist Hospital and Hwy-59. 100% NNN leased to six tenants. NOI $367K/yr. $4.6M. 7.99% cap.

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