06-06: MOB, REO'ed center, Taco bell, Walgreens, Apartments

1.       MOB in Richland Hills, TX: 13,760 SF medical office building on 1.3 ac lot with Grapevine Hwy frontage and close to I-820 in Dallas metro.  Remodeled in 2006 and anchored by 6199 SF DaVita Dialysis.  95% leased to 5 tenants with just 650 SF unit vacant.  NOI $154K/yr.  Price reduced from $1.7M to $1.6M.  9.66% cap.  Seller motivated.

2.     REO’ed Shopping Center in Brownsville, TX: 98,346 SF shopping center built in 2004 on 12.5 acres lot.  Anchored by 4 national tenants: Ashley Furniture, Bed Bath & Beyond, Party City, and Shoes Carnival.  92% leased to 8 tenants.  NOI $824K/yr.  Lender was owed $17M.  Expected to sell at about $9M or 9% cap. 

3.     Retail Building in Voorhees, NJ: 6664 SF retail building on 1.97 ac lot in a prime commercial corridor in a high income Philadelphia suburbs. Tenant has been at this location for 12 yrs. Tenant recently extended their 1^st 5 yr option. 100% NNN lease to FedEx Office.  NOI $129K/yr. $1.624M. 8% cap.

4.     Taco Bell in Elk Grove, CA: 2735 SF build-to-suit Taco Bell built in 2009 on .90 ac lot across WinCo Food anchored center. Next to Hwy-99 on ramp and in upper middle-class Sacramento metro. 100% absolute NNN lease with 17+ yrs left. NOI $110K/yr. with 10% rent increases every 5 yrs. $1.76M. 6.25% cap.

5.     Walgreen’s in Baytown, TX: 13.905 SF pharmacy built in 1999 on 1.50 ac lot off of Fwy-201 in Houston suburbs. Close to Baytown Medical Center, Jacinto Medical Group, Baytown Urgent Care and San Jacinto Methodist Hospital. 20 yrs NNN- lease with 8 yrs left. NOI $259K/yr. $3.463M. 7.50% cap.

6.     Apartments in Phoenix, AZ: 301-units 2-story well-maintained apartment complex on 16.56 acres of land close to schools, parks and public transit. 95% leased. NOI $854K/yr. $8.127M. 10.52% cap.

7.     MOB in Mountain View, CA: 5977 SF Class-B two-story medical office building adjacent to El Camino Hospital in affluent (AHI $168K/yr. in 1 mile) Silicon Valley. 100% leased. $2.795M. Cap/NOI not provided.

8.     Walgreen’s in Las Vegas, NV: 15,120 SF singe-tenant retail building constructed in 2001 on 2+ ac outparcel to Wal-Mart Neighborhood Market and  next to a 91,500 SF Albertson’s anchored center. 100% NNN- corp lease with 8+ yrs left. NOI $322K/yr. $4.35M. 7.40% cap.

9.     Shopping Center in Katy, TX: 44,621 SF mature shopping center at busy retail thoroughfare close to I-10 in Houston suburbs. Excellent demographics: AHI $114K/yr. in 3 mile radius. 95% NNN leased. NOI $385K/yr. $4M. 9.64% cap.

10.  MOB in Dacula, GA: 10,817 SF 5-yrs old medical building on 2.98 ac lot in fast growing and affluent Atlanta metro. Close to local hospitals and I-85. 77% leased to multiple tenants. $1.75M. Cap/NOI not provided.

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