12-08: Advance Auto, Office Building, Walgreens, Shopping Centers, Kids R Kids, Starbucks For Sale

1.      Advance Auto Parts in Snellville, GA: 8000 SF auto parts built in 1995 on .79 acres lot at the intersection of 2 major arteries in middle-class Atlanta suburbs.  100% NNN lease.  Tenant just renew 5 yrs lease with way below market rent of $.66/SF/month.  NOI 62K/yr. with 36% rent bump in the next 5 yrs option.  Just $756K.  8.25% cap.

2.      Office Building in Lexington, KY: 45,210 SF class-A office building on 2.86 acres lot in front of 215-bed St. Joseph East Hospital.  95% leased.  NOI $484K/yr. $5.7M. 8.5% cap.

3.      Walgreens in McKinney, TX: 14,820 SF drug store built in 2008 in booming (312% since 2000) and affluent (AHI $106K/yr) Dallas suburbs.  25 yrs NNN lease.  NOI $457K/yr. $7.046M. 6.5% cap.

4.      Shopping Center in Merced, CA: 27,350 SF 16-unit inline retail center on a major artery in a growing middle class area.  Shadow anchored by Raley’s Supermarket.  82% NNN leased with 4 small vacant units. Current NOI $488K/yr. $5.96M. 8.2% cap.  Potential 10% cap when 100% leased.

5.      Strip Center in Elk Grove, CA: 7800 SF upscale retail center on an outparcel to Bel-Air Supermarket (owned by Nob Hill) in high-growth (99% since 2000), high income (AHI $97K/yr in 1 mile ring) Sacramento suburbs.  100% NNN leased to 6 god tenants.  NOI $234K/yr.  $2.9M. 8% cap.

6.      Shopping Center in Manteca, CA: 19,445 SF retail center as part of a shopping center anchored by Raley’s Supermarket and Kragen Auto Parts in a fast growing city.  95% NNN leased to 12 tenants with 1 small vacant unit.  NOI $377K/yr. $4.2M. 8.75% cap.

7.      Child Care Center in Lexington, KY: 13,550 SF established childcare center built in 1999 on 1.5 acres lot in middle class area.  15 yrs NNN lease to a multi-unit operator of Kids R Kids.  NOI $210K/yr. with 10% rent bump every 5 yrs. Price reduced to 2.335M. 9% cap.

8.      Starbucks in Kokomo, IN: 1800 SF coffee shop built in 2008.  10 yrs NNN- with 8 yrs remaining.  NOI $93K/yr with 10% rent bump every 5 yrs. $1.12M. 8.37% cap.

9.      Advance Auto in Brownsville, TX: 7000 SF single-tenant retail center built in 2004 on 2/3 acres lot.  15 yrs NNN lease with 9 yrs remaining.  $1.041M. 8.25% cap.

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