12-03: Midtown Imaging, Joe Crab Shack, Sears Grand, Office Building

1. Shopping Center in Ocoee, FL: 126,163 SF well maintained shopping center on nearly 15 ac lot anchored by Old Time Pottery, an expanding discount home décor with 30 locations in Orlando suburbs. Close to Health Central Hospital. 100% NNN leased. NOI $920K/yr. $11.5M. 8% cap.
2. Retail Center in Orlando, FL: 12,200 SF retail center on 1.43 ac lot. Across from Family Dollar Center and Mid Florida Tech, a public adult vocation school. 100% NNN leased. NOI $172K/yr. $1.8M. 9.60% cap.
3. Midtown Imaging in Lake Worth, FL: 14,585 SF Class-B medical office building on 2 ac lot along main artery. Close to JFK Medical Center. With easy access to I-95. 100% NNN lease with 4-yrs left to Good Samaritan Medical Center. NOI $276K/yr. $4.3M. 6.44% cap.
4. Joe's Crab Shack in Morrow, GA: 7500 SF seafood family restaurant built in 1997 on 1½ ac outparcel to AMC Movie Theater and along main retail artery. Close to Southlake Mall and I-75. 100% absolute NNN ground lease (land is for sale) with 3-yrs left to a strong operator with 136 units. NOI $123K/yr with 10% rent bumps in option periods. $1.76M. 7% cap.
5. Sears Grand in Las Vegas, NV: 162,000 SF big box retail building completed in 2004 on over 12 acres of land part of Grand Canyon Parkway , with Target, Kohl’s and JC Penney. 100% absolute NNN ground lease (land is for sale) with over 10-yrs left. NOI $600K/yr. $8.1M. 7.40% cap.
6. Strip Center in Palos Height, IL: 5548 SF newly renovated strip center on .68 ac outparcel to Jewel-Osco grocery in affluent (AHI $103K/yr) Chicago suburbs. 100% NNN leased to Lou Malnati’s Pizzeria, Jersey Mike’s Subs, Great Clips and Forever Yogurt. NOI $126K/yr. $1.8M. 7.02% cap.
7. Office Building in Troy, MI: 19,809 SF Class-B multitenant office building in growing and upper middle class Detroit suburbs. Off ramp I-75. 94% leased. NOI $127K/yr. $1.29M. 9.92% cap. 

            (c) Transmercial 2014