03-11: Shopping Centers, Carl's Jr, Medical office buildings, Jiffy Lube, Kohl's

1. Shopping center in Pembroke Pine, FL: 68,170 SF shopping center renovated in 2002 on a corner lot across from Pembroke Lake Mall in good income North Miami.  100% NNN leased to 3 high quality tenants: Aldi Market, Office Deport and Buybuy Baby (owned by Bed Bath & Beyond). NOI $695K/yr. $10M. 6.95% cap. 
2. Carl’s Jr in Las Vegas, NV: 2925 SF new fast food restaurant across from Centennial Hill Medical Center and Kohl’s anchored shopping center.  Fast growing (374% since 2000) and high income (AHI $86K/yr) North Las Vegas.  20 yrs NNN lease to a 39+ unit operator with exclusive right for entire city.  NOI $165K/yr with 10% rent bump every 5 yrs.  $2.444M. 6.75% cap. 
3. REO’ed Marketplace in Lilburn, GA: 144,939 SF mature marketplace on 22 acres lot in high income Atlanta suburbs.  Anchored by Framer Market grocery.  68% occupied.  Currently NOI $289K/yr.  $4.95M. 5.84% cap.  Strong upside potential when fully leased. Just $35/SF! 
4. Medical Office Building in Arlington Height, IL: 18,154 SF MOB on 1.38 acres lot in high income (AHI $96K/yr in 1 mile).  100% leased to 3 medical tenants.  NOI $439K/yr. $4.1M. 10.72% cap. 
5. Retail Center in Arlington, TX: 22,590 SF mature retail center on 1.87 acres lot near I-30.  90% NNN leased to 10 tenants with 2 small vacant unit.  NOI $148K/yr. $1.25M. 11.9% cap. 
6. Jiffy Lube in Danbury, CT: 1952 SF established Jiffy Lube on ¼ ac lot in fast growing upper middle class area (AHI $96K/yr).  Next to Home Depot, Border’s Books and I-84.  New 20 yrs absolute NNN lease the largest Jiffy Lube franchisee with 415 locations.  NIOI $104K/yr.  With 10% rent bump every 5 yrs.  $1.228M. 8.5% cap. 
7. Kohl’s Department Store in Centerville, UT: 89,911 SF Kohl’s department store built in 2008 on 7.2 acres lot near I-15 in Salt Lake city metro.  Shadow anchored by Super Target, Home Depot, Big 5 Sporting Goods and Pier 1 Imports.  Long term NNN corp lease (BBB+ S&P rating).  NOI n/a. $18.25M. 
8. Strip Center in Port Saint Lucie, FL: 8140 SF strip center built in 2007 in a fast growing city.  100% leased by 6 tenants.  NOI $157K/yr. $1.75M. 9% cap. 
9. Medical Office Building in Elmhurst, IL:  19,633 SF 2-story MOB in upper middle class Chicago suburb.  93% NNN leased.  NOI $277K/yr. $2.9M. 9.58% cap. 
10. Shopping Center in Knoxville, TN: 53,000 SF shopping center on 6 acres lot.  Shadowed anchored by Kroger Supermarket.  92% leased.  NOI $439K/yr. $4.625M. 9.5% cap.

(c) Transmercial 2011.