09-16: Ruby Tuesday, Big Lots, Shopping Centers, Fresenius Dialysis, Office Buildings

1. Ruby Tuesday (S&P B-) in Coral Springs, FL: 5067 SF attractive casual dining restaurant completed in 1998 on 1.33 ac outparcel to The Magnolia Shoppes Center with Regal Cinemas. Good demographics: AHI over $105K/yr in a 1-mile radius in Miami suburbs. 20-yrs absolute NNN corp lease with 4-yrs left. NOI $217K/yr. $3.1M. 7% cap.
2. Shopping Center in Naperville, IL: 40,590 SF well maintained shopping center on over 4 ac lot at a signalized intersection in Chicago suburbs. Excellent demographics: 88% pop growth since 2000; AHI of $158K/y in 1 mile. 88% leased to national, regional and local tenants. Actual NOI $573K/yr. $7.05M. 8.14% actual cap. Upside potential when fully occupied.
3. Retail Center in Milford, OH: 13,460 SF retail center on 2 ac lot in upper middle-class Cincinnati suburbs. Adjacent to Kroger supermarket, Meijer Superstore and Home Depot. 100% leased with good tenant mix. NOI $272K/yr. $3.636M. 7.50% cap.
4. Office Building in Santa Ana, CA: 24,215 SF well maintained multi-tenant office building in densely populated Southern California. Close to Western Medical Center and Hwy-55. 60% leased. Actual NOI $196K/yr. $2.808M. 7% cap. Upside potential.
5. Big Lots (S&P BBB-) in Bakersfield, CA: 30,312 SF recently renovated Big Lots on over 3 ac lot along main corridor with several points of access. Recently signed 10-yrs NNN- corp lease. NOI $257K/yr. $4.294M. 6% cap.
6. Retail Center in Warner Robins, GA: 24,549 SF retail center built in 2007 part of Willow Lake Crossing, a 354,050 SF Power Center with Target and Hobby Lobby. National tenants include: Mattress Firm and Hancock Fabrics. Across from 545,500 SF Galleria Mall. 100% NNN leased.  NOI $215K/yr. $3.093M. 7% cap.
7. Retail Center in Hanford, CA: 12,775 SF retail center built in 1994 on 1.23 ac lot along major corridor in a growing area. Shadow-anchored by OSH, Factory 2-U and Staples. Close to Hanford Mall and Adventist Medical Center. 90% leased. Pro forma NOI $ 163K/yr. $2.4M. 6.80% pro forma cap.
8. Retail Center in Mission, TX: 11,990 SF attractive retail center on .79 ac lot in a growing border city in McAllen suburbs. 100% leased. NOI $150K/yr. $2M. 7.50% cap.
9. Fresenius Dialysis Center in Springfield, IL:  6657 SF dialysis center built in 1990 on .65 ac lot in high income area. 100% NNN- till 2022.  NOI $133K/yr with annual rent bumps. $1.858M. 7.15% cap.
10. Retail Center in Lake Zurich, IL: 15,000 well kept retail center on 1.61 ac lot in affluent Chicago metro with an AHI of $125K/yr in 3-mile radius. Tenants include: Subway, State Farm, Dairy Queen, Tacos El Norte and more. 90% NNN leased. NOI $220K/yr. $2.75M. 8% cap.

            (c) Transmercial 2014