Top 10 Properties 03-01-10

NOI: Net Oper Income
AHI: Avg. Household Income

1. Office Building in Mesquite, TX: 13,382 SF office building 1 acres lot jjust off I-635 exit and near Town East Mall in Dallas metro. 100% leased. NOI $252K/yr. $2.8M. 9% cap.
2. Shopping center in El Paso, TX: 36,966 SF single-tenant retail center. 22 yrs absolute corp NNN lease with about 10 yrs remaining by Big 8 Foods Store, a regional tenant with 87 locations. NOI $258K/yr. $3M. 8.61% cap.
3. Strip Mall in Colleyville, TX: 6800 SF retail center on ¾ acre lot with excellent visibility in a wealthy suburban Dallas (AHI $146H/yr within 1 mile). 100% leased. NOI $126K/yr. $1.4M. 9% cap.
4. Retail center in Newark, CA: 9800 SF retail center built in 2007 on .94 acres corner lot in a high income (AHI $101K/yr) San Fran Bay Area. 90% leased by 6 tenants with 1 small vacant unit. NOI $254K/yr. $3.5M. 7.28% cap.
5. Shopping Center in Salt Lake City, UT: 49,575 SF shopping center built in 2005 on 5 acres lot in the fast growing area in Salt Lake City. 100% NNN leased by 7 national tenants: Michaels, Petsmart, Weight Watchers, Starbucks, Quiznos, Fantastic Sams, and Sprint. Adjacent to Kohl’s. NOI $754K/yr. $9.433M. 8% cap. Buyer to assume $6.6M loan at low 5,21% fixed rate till 7/2015.
6. Walgreens in Schertz, TX: 14,820 SF drug store built in 2008 on 2 acres parcel in a fast growing and young middle class community in San Antonio suburb. 25 yrs NNN lease. NOI $327K/yr. $4.366M. 7.5% cap.
7. Apartments in Houston, TX: 117-unit well-maintained class-B apartments complex built in 1984 on 4.4 acres lot. 88% occupied. NOI $494K/yr. price reduced to $4.5M. 9.3% cap.
8. Rite Aid in Apple Valley, CA: 17,340 SF 3-yrs old drug store on 1.61 acres lot in a fast growing city (79% from 2000-2009). As a part of a 600,000 SF Jess Ranch Marketplace anchored by Target, Winco Foods, Best Buy, PetSmart, Cinemark, Bed Bath & Beyond, 24 Hour Fitness, Red Robin, Bank of America, Big 5, and Famous Footwear. 20 yrs NNN lease. NOI $483K/yr. 10% rent increase in 2018 and in all 5-yr options. $5.69M. 8.5% cap.
9. Shopping center in Los Angeles, CA: 20,072 SF shopping center built in 2004 on 1.94 acres corner lot in a stable densely-populated (600K residents within 5 miles ring) middle class (AHI $90K/yr) area with high barrier for entry. 100% NNN leased by 5 national tenants: Walgreens, Starbucks, Quizno's, Jamba Juice and Coldstone Creamery. NOI $686K/yr. $9.25M. 7.41% cap. Buyer to assume $5.7M non-recourse loan at low 5.127% fixed rate till 2015.
10. Shopping Center in Peoria, AZ: 23,075 SF retail center as a part of a power center anchored by Kohl’s, Michaels, Target, Ross, Petco, Office Max, Auto Zone. 90% NNN lease. Proforma NOI $705K/yr. $8.25M. 8.5% cap.
    
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