04-12: Shopping centers, Medical Office building, Fazoli's, Dollar Tree

1.  Shopping Center in Katy, TX: 33,000 SF shopping center built in 1995 on 2.9 acres lot in fast growing (93%) high income (AHI $80K/yr) Houston suburbs.  Easy access to I-10 and near the entrance to 200-store Katy Mills outlet mall.  Tenants include MRI center and Dialysis center.  75% leased.  NOI $450K/yr. $4.5M. 10% cap (note: not clear if current or pro forma). 
2.  Medical Office Building in Colorado Springs, CO: 8,000 SF class-A medical office building completed in 2002 on 1.26 acres lot in high growth (51%)  and high income (AHI $80K/yr) area.  Seller, Pediatric Associates will sign a 10 yrs NNN lease at close of escrow.  NOI $126K/yr.  $1.4M. 9% cap. 
3. Strip Mall in Cranston, RI: 6000 SF strip center built in 2005 on .7 ac lot in growing upper middle class of Providence.  100% leased to 5 tenants.  NOI $84K/yr. with 3% annual rent bump on 5 leases. $1.028M. 8.25% cap. 
4. Office Building in Weston, FL: 61,264 SF 2-building class-A headquarters of Ultimate Software, a public company (NASDAG: ULTI) with $227M in revenue in 2010. 4.6 acres lot in growing & affluent (AHI $147K/yr in 1 mile) Fort Lauderdale metro.  100% NNN lease.  In place NOI $1.544M. $19M. 8% cap. 
5. Neighborhood center in Desert Hot Springs, CA: 40,540 SF retail center on 5.38 acres corner lot as part of a neighborhood center anchored by Vons Supermarket, McDonald, Big O Tires, Wells Fargo (these 5 not included).  90% leased to 12 tenants with 1 4000 unit avail.  Current NOI $363K/yr. $4.625M. 7.83% cap.  Upside potential when 100% leased. 
6. Fazoli’s restaurant in Waco, TX: 3632 SF Frazoli’s Italian restaurant (chain with 230 locations) built in 2000 on .79 acre corner outparcel to Home Depot. Across from Burlington and Toys R Us.  15 yrs NNN lease to a  operator with 4 locations.  NOI  $134K/yr with 7% rent bump every 5 yrs.  $1.54M. 8.75% cap. 
7. Dollar Tree in Arvin, CA: 9000 SF single-tenant Dollar Tree store built in 2009 on 1.11 acres lot in a growing Central Valley town.  10 yrs NNN- till 2019.  NOI $92K/yr. $1.1M. 8.39% cap. Recession resistant tenant. 
8. Condo Apartments in Stockton, CA: 40-unit condo apartments built in 2004 on 3 acres lot.  All units have washer/dryer/refrigerator.  39 unit occupied.  NOI $213K/yr. $2.595M. 8.21% cap. 
9. Strip Center in Corona, CA: 7109 SF multi-tenant strip center on .4 ac corner outparcel to Vons supermarkets anchored shopping center.  100% leased. NOI $187K/yr. $2.6M. 7.2% cap. 
10. Retail Center in Keansburg, NJ: 16,000 SF retail center on 1.6 acres in a high income coastal town.  Seller will master lease vacant space.  Pro forma NOI $155K/yr. $1.375M. 11.32% cap.

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