04-28: Steak 'n Shake, Surgerty Center, Carmax, MOB, Strip Centers

1. Strip Center in Fairbanks, AK : 5627 SF strip center built in 2011 on .91 ac outparcel to Sportsman’s Warehouse, Old Navy and Petco. Close to Lowe’s, Walmart, Home Depot and Bentley Mall. 100% NN leased to AT&T, College Town Creamery and Great Alaska Pizza Co. NOI $184K/yr. $2.1M. 8.76% cap.  Note: this property is in Alaska, not Arkansas.
2. Steak ‘n Shake in Cincinnati, OH: 4629 SF dinner-style restaurant across from Tri-County Mall at main retail corridor. In fast growing and middle-class area. Tenant built new structure in 2003 and has occupied this location for 30+ yrs.100% NNN lease with 7-yrs left. NOI $54K/yr. $732K. 7.5% cap.
3. Surgery Center in Birmingham, AL: 12,595 SF improved 16-bed Medplex Outpatient Medical Center on 1.37 ac lot in growing and high income area with an AHI of $118K/yr in 1 mile. New 10-yrs NNN lease. Tenant has been at this location since 1988. NOI $232K/yr with rent bumps every 3-yrs. $3.098M. 7.50% cap.
4. Office Building in Carrolton, TX: 22,783 SF Class-B single-tenant office building on 2.27 ac lot in fast growing Dallas metro. 10-yrs NNN- leased to strong credit healthcare company. NOI $341K/yr. 9% cap. Price N/A.
5. Carmax in Bradenton, FL: 4160 SF Carmax constructed in 2007 on .77 ac outparcel to Lowe’s. Close to Desoto Square Mall. 100% NNN lease with 4-yrs left. NOI $147K/yr. $1.844M. 8% cap.
6. Strip Center in Cypress, TX: 7200 SF retail center built in 2007 on .87 ac lot in affluent (AHI $121K/yr) Houston suburbs. 100% NNN leased to Cy-Fair Urgent Care Center and Text Xpress Book Store. Across from Lone Star College. NOI $186K/yr. $2.385M. 7.80% cap.
7. MOB in Dayton, OH: 6000 SF Class-B single-tenant office building on .31 ac lot at a hard corner location. 15-yrs NNN lease to PriMed Physicians with 8-yrs left. NOI $89K/yr with 1.5% annual rent increases. $1.12M. 8.03% cap.

            (c) Transmercial 2014