03-08: Audi Car Dealer, Burger King, Banks, Fitness 19, Goodwill, BWW, 7-11, Walgreens

1. Audi Car Dealer in Santa Ana, CA: 31,900 SF Audi Car showroom and parts & service center on 2.62 ac lot in the heart of Auto Mall with easy access to Hwy 55, I-5, and I-405.  Renovated in 2011.  Densely populated area with high barriers to entry.  15 yrs NNN lease to Penske Automotive Group (NYSE: PAG, S&P B+) till 2025. NOI $609K/yr.  $7.86M. 7.75% cap.  Est. replace cost is $13.69M. No flyer for this property. 
2. Burger King in Winter Haven, FL: 2618 SF Burger King built in 2008 on 1 ac outparcel to a shopping center near Wal-Mart.  10 yrs absolute NNN corp ground lease with 6+ yrs left (land is for sale, BK owns the building).  Growing middle-class city 30 minutes from Orlando. NOI $85K/yr with 10% rent bumps every 5 yrs.  $1.307M. 6.5% cap. 
3. Southern Commerce Bank in Clearwater, FL: 3401 SF on 1.1 ac corner lot in growing middle class area in Tampa metro.  Building renovated in 2007.  10 yrs absolute NNN lease to Southern commerce Bank with 5+ yrs left.  NOI $124K/yr with 2% annual rent bumps (3% during options). $1.383M. 9% cap.  
4. Fitness 19 in Temecula, CA: 11,284 SF fitness center built in 2008 on 1.22 ac lot adjacent to Vail Ranch Plaza: 107,000 SF center anchored by Sports Authority, Sprouts and PetSmart. Other surrounding retailers: The Home Depot, Best Buy, Wal-Mart, Kohl’s, Marshalls and Ross. 100% NNN leased  to Fitness 19 with 6 yrs left. NOI $243K/yr. $2.455M. 9.94% cap. 
5. Goodwill in Temecula, CA: 11,284 SF beautiful single-tenant 2-yrs old retail center on 1.31 acres lot on a major retail corridor in affluent (AHI $103K in 1 mile) Southern CA area. 10 yrs corp lease to Goodwill Industries . NOI $177K/yr. with generous 3% annual rent bumps. $2.245M. 7.89% cap. 
6. Buffalo Wild Wings in Las Cruces, NM: 6000 SF single-tenant restaurant built in 2009 on 4.4 ac lot across from 602,000 SF Regional Mall and next to I-25. Operated by the largest BWW franchisee. 100% NNN lease till 2024. NOI $211K/yr with 10% rent increases every 5-yrs. $2.64M. 8% cap. 
7. Dollar Tree in Marrero, LA: brand-new 11,200 SF retail building on 1+ ac lot with excellent visibility along Hwy-90 in New Orleans suburbs. Area with high barrier to entry. 100% NNN corp lease till 2022. NOI $143K/yr. $1.857M. 7.75% cap. 
8. Sun National Bank in Pennington, NJ: 6758 SF Sun National Bank on .56 ac lot at a hard corner location. In affluent (AHI $167K/yr) Philadelphia metro. 100% absolute NNN corp lease till Dec 2016 to a State bank with 70 locations in NJ. NOI $89K/yr. Only $1.05M. 8.5% cap. 
9. 7-Eleven in San Leandro, CA: brand-new 4370 SF retail building on .48 ac corner lot across from Bay Fair Mall anchored by Target, Macy’s and Kohl’s.  10-yrs NNN lease. NOI $103K/yr with 8% rent increases every 5-yrs. $1.842M. 5.60% cap. 
10. Walgreen’s in Mundelein, IL: 13,905 SF Walgreen’s on 1.50 acres lot at hard corner location North of Chicago. Excellent demographics: AHI $103K/yr in 3 mile. 100% NNN lease with 7-yrs left.  NOI $230K/yr. $3.2M. 7.20% cap.

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