07-12-10 - Fresenius Medical Center - Best Buy - Goddard School - For sale

NOI: Net Oper Income—income after tax, insurance and maintenance expenses paid.

AHI: Avg. Household Income

NNN: Triple net lease in which tenants pay taxes, insurance and maintenance expenses

1.  Fresenius Medical in El Centro, CA: 13,000 SF 1yr old single-tenant dialysis center on 1.7 acres lot in a growing city.  15 yrs NNN lease with guaranty by Fresenius Medical Holdings Company, a leading national provider of dialysis service.  Tenant has spent over $2.6M in improvements.  NOI $331K/yr with strong 3% annual rent bump.  Price reduced from $4.7M to 44.42M. 7.5% cap. 
2. Short-sale Apartments in Fresno, CA: 56-unit apartments in a growing and higher income area.  Proforma NOI $190K/yr.  $1.975M. 9.65% Proforma cap.  Subject to lender’s approval as existing loan balance with Chase is $2.164M. 
3. Best Buy in Fort Worth, TX: 45,521 SF single-tenant retail center built in 1999 on 4.2 acres lot as part of a 600,000 SF shopping center anchored by Lowe’s and Kohl’s Department store just off I-20 exit in upper middle class area (AHI $85K/yr). Surrounded by Sam' s Club, Target, Costco, Lowes, Kohl's, Petsmart, Office Depot, TJ Maxx and the Hulen regional mall which includes Macy's, Dillard's, and Sears. 100% absolute NNN lease by Best Buy Co, Inc. (NYSE: BBY) with 9+ yrs remaining.  NOI $467K/yr with rent increase in 2014. $5.875M. 8% cap. 
4. Shopping center in Lakewood, CO: 10,200 SF strip mall built in 2006 on 1.93 acres lot at a high traffic intersection in Denver metro.  100% NNN lease by 4 national/regional tenants: FedEx Office, Pizza Hut, Quizno' s and Brothers BBQ.  NOI $224K/yr. $2.99M.  7.5% cap. 
5. First National Bank in Westminster, CO: 5600 SF First national Bank on 1.32 acres outparcel to a Safeway anchored shopping center in a upper middle class (AHI $88K/yr) Denver metro. 20 yrs NNN ground lease (you own the land while tenant owns the building) with 9.5 yrs remaining.  NOI $114K/yr with 15% rent bump every 5 yrs.  $1.473M. 7.25% cap. 
6. Apartments in Phoenix, AZ: 173-unit 8-building apartments on 4 acres lot just South of Phoenix Spectrum Mall.  94% occupied.  NOI $671K/yr. $5.5M. 12.2% cap. 
7. Shopping Center in Webster, TX: 30,280 SF shopping center in middle class Houston metro.  94% NNN lease.  Excellent visibility.  NOI $312K.  $3.466M. 9% cap. 
8. Goddard School in Tyron, GA: 8000 SF state-of-the-art childcare center built in 2007 on over 1 acre lot in fast growing and wealthy (AHI $107K/yr) Atlanta suburbs.  100% NNN leased till 2026.  NOI $185K/yr. with 2% annual rent bump. $1.949M. 9.5% cap.

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