Best picks of 09-08-08

1. Goodyear Tire Store in Sugar Land, TX: 7568 SF single-tenant Goodyear constructed in 2003 on 1.46 acres lot in fast growing (57% since 2000) and affluent (AHI $112K/yr) Houston suburb. 100% NNN leased till 2018. NOI $151K/yr with 10% rent bump every 5 yrs. $2.05M. 7.41% cap.
2. Shopping center in Lewisville, TX: 32,177 SF multi-tenant shopping center on a corner lot. 83% NNN leased. NOI $310K/yr. $3.8M. 8.17% cap.
   - Growing Dallas metro, close to I-35E
   - Upside potential: $50K/yr more income when 100% leased. Only $118/SF!
3. Smokey Bones Bar & Grill in Orlando, FL: 7680 SF restaurant on 1.67 acres corner lot. 20 yrs absolute NNN lease. NOI $244K/yr. with 1.75% annual rent bump. $3.147M. 7.75% cap.
   - Great location: at the entrance of Waterford Lakes Town Center Mall.
   - Strong corp guaranty by company with 70 locations.
4. Retail center in Tempe, AZ: 35,490 SF retail center on 3.17 acres parcel as part of a larger shopping center. 100% NNN leased by 2 national tenants: Dollar Tree and Smart & Final. NOI $266K/yr. $4.1M. Buyer to assume $2.65M loan at low 6% interest.
   - Below market rent of $.62/SF: upside potential.
   - Potential for further development
   - Below replacement cost of $115/SF
5. Borders Books & Music in Brandon, FL: beautiful 22,420 SF 5 yrs old single-tenant book store on 2.2 acres lot near 970,000 SF Westfield Brandon Mall. 100% NNN leased till 2023. NOI $404K/yr with 7.5% rent increase every 5 yrs. $5.775. 7% cap.
   - Great location: fast growing (38% since 2000) Tampa metro
   - Great existing fixed rate loan at 6.04% interest for another 16 yrs.
6. Retail center in La Quinta, CA: 8200 SF brand new 4-unit strip center on 1 acre outparcel to a shopping center anchored by Home Depot and Smart & Final. 3 units leased with 1 unit avail. Proforma NOI $285K/yr. $4.05M. 7% cap.
   - Fast growing (56% since 2000) and wealthy (AHI 110K/yr) city
   - Great location: surrounded by Walmart, Costco, Sam’s Club, Target.
7. Office Building in Naperville, IL: 23,579 SF class A 2-story modern office building on 2.33 acres parcel in a wealthy Chicago suburb with AHI over $111K/yr. 88% occupied. NOI $329K/yr. $4.1M. 8.02% cap.
8. Hotel in Phoenix, AZ: 87 unit Mainstay Suites built in 1997 on 1.86 acres across the street from Metro Center Mall. NOI $748K/yr. $6.8M. 11% cap.
   Winner of Choice Preferred Platinum award in 2007
   Pool/Spa, Exercise room, business center, breakfast dinning room.
   
   
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