08-19: Shopping centers, Best Buy, Burger King, Arbys, Starbucks

1. Shopping Center in Norfolk, VA: 50,886 SF shopping center on 5.15 ac lot.  Anchored by Fresh Pride Supermarket (regional tenant with 14 locations in MD and VA) and Family Dollar store.  100% leased to 10 tenants.  NOI $350K/yr.  $3.5M. 10% cap. 
2. Shopping Center in La Habra, CA: 66,577 SF shopping center remodeled in 2005 with attractive contemporary style.  On a major artery in high income and densely populated city in Orange county.  Anchored by a grocery store.  NOI N/A.  $12.5M.  Just $187/SF. 
3. Shopping Center in Granite Bay, CA: 39,748 SF highend 24-unit shopping center built in 2006 on 5 acres lot on a heavily-travelled artery  in an affluent community (AHI $153K/yr in 1 mile) in Sacramento suburbs.  67% NNN leased.  Current NOI $384K/yr. ($705K pro forma).  No asking price but estimated $6M. Upside potential when 100% leased. 
4. Best Buy in Pueblo, CO: 20,044 SF Best Buy built in 2008 on 3 acres lot in fast growth, high income area & net to I-25.  Surrounded by Target, Sam's Club, Wal Mart, Kohl's and Ross. Long term NNN corp lease.  NOI $274K/yr with rent bumps.  $4.076M. 6.73% cap. 
5. Burger King in Yuma, AZ: 4872 SF Burger King built in 1993 on 1.41 acres lot on hwy 95 and 1 block from I-8. New 20 yrs NNN lease to a 25-yr experienced franchisee.  NOI $100K/yr with 10% rent bump every 5 yrs. $1.333M. 7.5% cap. 
6. Arbys in Concord, NC: 3199 SF Arby’s on .92 ac corner lot near I-85 in Charlotte suburbs.  New 20 yrs NNN lease to a seasoned operator with 25+ yrs experience.  NOI $84K/yr with 5% rent bump every 5 yrs.  $1.12M. 7.5% cap. 
7. Starbucks in Peoria, IL: 1928 SF Starbucks coffee built in 2005 on an outparcel to a shopping center anchored by Bed Bath & Beyond and Schnucks supermarket (chain with 90 locations).  10 yrs NNN- lease with 4.5 yrs remaining.  NOI $106K/yr. $1.3M. 8.16% cap. 
8. Shopping Plaza in Flower Mound, TX: 31,939 SF 17-unit shopping center built in 1998 on 4.77 acres lot in affluent (AHI $116K/yr in 1 mile) Dallas suburbs.  97% NNN leased with1 small vacant unit.  NOI $534K/yr. $5.939M. 9% cap.

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