11-11: 24 Hour Fitness, MOB, Burge King, Shopping Centers

1. Shopping Center in Missouri City, TX: 29,910 SF attractive shopping center on 2.88 ac lot along Hwy-6 in fast growing & affluent (AHI $124K/yr in 1 mile) Houston suburbs. Near Wal-Mart, Kohl’s, Lowe’s and Home Depot. 97% NNN leased. NOI/Price N/A.
2. Retail Building in Augusta, GA: 4200 SF brand new retail building on .85 ac corner lot along major corridor. Near I-520. 100% NNN leased to 2 brand-name tenants:  Dunkin’ Donuts and Firehouse Subs. NOI $100K/yr. $1.44M. 7% cap.
3. Retail Center in Noblesville, IN: 12,080 SF retail center built in 2005 on 1.42 ac outparcel to Home Goods, T-J-maxx, Shoe Carnival, Petsmart, Best Buy and Barnes & Noble in Indianapolis suburbs. 86% NNN leased with only one vacancy.  Actual NOI $175K/yr. $2.195M. 8% actual cap. Upside potential.
4. Strip Center in Ridge, NY: 6000 SF well maintained retail center on 1 ac lot in high income New York suburbs. Only one vacancy. Pro forma NOI $103K/yr. $1.3M. 7.93% pro forma cap.
5. Retail Center in Fresno, CA: 14,040 SF retail center constructed in 2000 on 1.34 ac outlot to Walmart. Tenants include: Kaiser Permanente, Payless Shoe Source, Govind Jewelers, KK Nails, Insurance and Dental Office.  69% NNN leased. Seller to provide 1 yr rent guaranty for the vacant spaces.  NOI $282K/yr. $2.973M. 9.50% cap.
6. 24 Hour Fitness in Tempe, AZ: 46,658 SF well kept fitness center built in 1993 on 7 ac lot in high income Phoenix suburbs. Close to Banner Desert Medical Center, Mesa Community College, and Fiesta Mall. Next to Hwy-101. 100% NNN corp lease with 5-yrs left. NOI $521K/yr. $6.6M. 7.90% cap.
7. Retail Center in Queen Creek, AZ: 10,600 SF retail building completed in 2006 on 1.36 ac lot at a signalized corner location in booming (1,491% pop growth since 2000) and high income (AHI $93K/yr in 3 miles) Phoenix metro. 87% NNN leased. Actual NOI $135K/yr. $1.85M. 7.30% cap.
8. Retail Building in Bakersfield, CA: 7580 SF retail building constructed in 2009 on nearly 1 ac lot at a signalized intersection in growing and upper middle class area. Shadow anchored by In Shape Fitness Center. 82% NNN leased to Western Dental and AT&T.  Pro forma NOI $258K/yr. $3.688M. 7% pro forma cap.
9. MOB in Lady Lake, FL: 4756 SF multitenant medical office building along main corridor across from Villages Regional Hospital. 100% NNN leased. $1.6M. NOI N/A.  Average cap rate 7.5%.
10. Burger King in San Antonio, TX: 3937 SF franchised fast food restaurant built in 1995 on .81 ac outlot to Rolling Oaks Mall with Dillards, Macy’s, JCPenney, and Sears. This is a sale leaseback investment. 20-yrs absolute NNN lease to an experience operator with 20-units. NOI $132K/yr with 7% rent increases every 5-yrs. $2.202M. 6% cap.

            (c) Transmercial 2014