11-01-13: MOB, Panera Bread, Fuddruckers, Shopinng Centers

1. MOB in Columbus, OH:  35,929 SF well-maintained medical office building completed in 1990 on 3.97 ac lot in middle-class area.  100% NNN leased to 8 medical/dental tenants.  NOI $559K/yr. $5.952M. 9.4% cap.  Buyer can optionally assume $3.67M non-recourse loan at 4.65% interest fixed till 2022.
2. Panera Bread in Indianapolis, IN: 4725 SF single-tenant retail center built in 2003 on 1.04 ac lot across from 1.6 Million SF US Department of Defense’s Finance and Accounting headquarters employing 6000 people (2nd largest DoD's building after the Pentagon).  NNN lease just renewed till 2019.  NOI $104K/yr.  $1.486M. 7% cap.
3. Retail Center in Santa Clara, CA: 10,185 SF 2-story retail/office complex completed in 1994  in the middle of high income Silicon Valley (AHI $130K/yr) with high barrier to entry. 75% leased to 7 tenants with vacant spaces on 2nd story.  Pro forma NOI $220K/yr. $3.2M. 6.9% cap.
4. Shopping Center in Lewisville, TX: 24,162 SF retail center built in 1996 on 2.69 ac lot in well-off Dallas suburbs (AHI $105K/yr in 1 mile).  84% leased with 3 vacant spaces.  NOI $189K/yr. $2.4M. 7.9% cap upside potential.  Less than $100/SF.
5. Office Building in Palms Spring, CA: 9932 SF 2-story office/medical office building on 3/4 ac lot 1 block from Desert Regional Hospital.  100% leased to 5 tenants + cell tower.  NOI $130K/yr. $1.695M. 7.66% cap.
6. Shopping Center in Shreveport, LA: 21,000 SF shopping center built in 2006 on 2.22 ac lot next to I-20 exit.  Between Walmart and Home Depot.  Anchored by 12,000 SF Family Dollar.  100% NNN leased to 5 good tenants: Family Dollar, Verizon Wireless, Cici's Pizza, Advance America, and Tobacco Discount House.  NOI $261K/yr. $3.323M. 7.8% cap.
7. Fuddruckers in Kennesaw, GA:  5630 SF Fuddruckers casual restaurant (chain with 180+ locations in 36 states) built in 1993 on 1.25 ac lot at 1.2 Million SF Town Center Mall.  Tenant has been here for 20 yrs and has just renewed absolute NNN ground lease (land is for sale) till 2019.  NOI $150K/yr with 10% rent bump every 5 yrs options.  $2.142M. 7% cap.

            (c) Transmercial 2013