10-06: Office Building, Rite Aid, Olive Garden, Shopping centers, Apartments

1. Office Building in Northfield, IL: 13,182 SF high-quality construction office building completed in 1996.  Easy access to I-94 & in very affluent Chicago metro (AHI $214K/yr in 1 mile!).  100% leased to 4 tenants.  NOI $168K/yr. $2.02M. 8.35% cap. 
2. Rite Aid in Reading, MA: 13,611 SF drug store built in 1997 on 1.5 acres lot in affluent Boston suburbs (AHI $99K/yr).  20 yrs absolute NNN lease with 18 yrs remaining.  NOI $301K/yr. with 10% rent bump in 2018.  $3.469M. 8.7% cap. 
3. Olive Garden in Taunton, MA: 7497 SF beautiful Olive Garden Italian restaurant built in 2005 on over 1 ac outparcel to a TJ MAXX, Home Depot, Smokey Barnes, and Target in Boston/Providence suburbs.  15 yrs NNN corp ground lease (land is for sale, tenant owns the building) with 9 yrs remaining.  Store with strong over $3M in sales.  NOI $136K/yr.  $1.951M. 7% cap. 
4. Shopping/Office Center in Salt Lake City, UT: 42,670 SF 21-unit retail & office center on 2.92 acres lot in growing area.  Extensively remodeled in 2008 with stucco and stone façade at a cost of $1.5M.  44% leased.  Current NOI $269M.  $2.75M.  9.8% actual cap.  Strong upside potential when fully lease.  This property MUST be purchase with 2.87 acres vacant lot adjacent to the property for additional $1.25M.  Total $4M. 
5. Strip Center in Schertz, TX: 12,000 SF strip center built in 2006 on 1.58 acres outparcel to a Wal-Mart in fast growing and high income San Antonio suburbs. Next to I-35 exit.  100% NNN leased to 5 tenants.  NOI $192K/yr.  $2.6M. 7.41% cap. 
6. Office Building in Belleview, WA: 52,376 SF single-tenant office building on 2.69 acres lot in prestigious & affluent (AHI 111K/yr) area in heart of Seattle.  100% NNN leased to LexisNexis with 6 yrs remaining.  NOI $1.25M. $16.25M. 7.7% cap. 
7. Shopping Center in Fort Worth, TX: 181,151 SF shopping center on 12.86 acres lot with several national/regional tenants: Joanne Fabrics, Chili’s, Guitar Center, Tuesday Morning, and Men’s Warehouse.  NOI $808K/yr. $9M. 9% cap. 
8. Bank Owned Apartments in Houston, TX: 250-unit apartments in 13 2&3 story buildings built in 2000 on 23 acres lot in one of Houston’s premier school district.  94% occupied.  NOI N/A.  Price: just make offer. 
9. Retail Center in Albuquerque, NM: 22,616 SF 11-unit retail center on 2.64 acres lot.  Shadow anchored by Big Lots!  96% leased.  NOI $310K/yr. $3.45M. 9% cap.

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