11-09: Shopping Centers, LA Fitness, CVS Pharmacy, Driver's Auto Repair

1. Shopping Center in Roswell, GA: 67,318 SF shopping center renovated in 2004 at main retail corridor and across from Hobby Lobby anchored center in growing and well-off (AHI $81K/yr within 3-miles) Atlanta metro. The center includes two outparcels ground leased to Auto Zone and Stone River Legendary Steaks. 100% NNN leased. NOI $783K/yr. $9.55M. 8.2% cap.  
2. LA Fitness in Irving, TX: 45,000 SF fitness center constructed in 2006  on 4.95 acres of land close to North Lake College, Las Colinas Medical Center and next to Fwy-114 in middle-class Dallas outskirts. Long absolute NNN corp lease. NOI $915K/yr with 10% rent increases every 5-yrs. $12.375M. 7.4% cap. 
3. Lender-owned Shopping Center in Moorpark, CA: 21,561 SF attractive shopping center built in 2005 at a signalized corner. In affluent (AHI $125K/yr) city in Southern California. 65% leased. NOI $333K/yr. $4.2M. 7.93% cap. Upside Potential.  
4. Office Building in Millburn, NJ: 14,000 SF multi-tenant office building on .75 ac lot across from train station in prosperous ($186K/yr) New York suburbs. 93% leased. NOI $161K/yr. $2.3M. 7% cap. 
5. CVS Drug store (S&P BBB+) in Shelby Township, MI: 13,013 SF newly constructed pharmacy on 1.93 ac lot at a signalized corner location. In affluent (AHI $124K/yr) North of Detroit. 13+ years remaining on NNN lease. NOI $329K/yr. $4.55M. 7.25% cap. 
6. Strip Center in Fontana, CA: 8024 SF 2-yrs old strip center close to Kaiser Permanente Fontana and I-10 in densely populated Los Angeles suburbs. 100% NNN leased to Kaiser Federal Bank, Andrea Shoes, Medical Office, and Little Caesar Pizza. NOI $276K/yr. $3.68M. 7.5% cap. 
7. Shopping Center in Hilliard, OH: 19,825 SF brand-new shopping center on 3.75 ac lot at high traffic location in fast growing and middle-class Columbus suburbs. 100% NNN leased to credit tenants. NOI $510K/yr. $6.181M. 8.25% cap.  
8. Driver’s Auto Repair in Katy, TX: brand new 5,905 SF full service automotive repair center in fast growing (253.66%) and affluent (AHI $144K/yr) Houston metro. 20-yrs NNN lease to an operator with 7 locations. NOI $177K/yr with 1.5% annual rent increases. $2.218M. 8% cap.

© Transmercial 2011.