06-13: Red Lobster, Rite Aid, Johnny's Carino's, REO'ed Center

1. Retail Center in Houston, TX: 12,000 SF attractive retail center built in 2008 on 1.34 ac lot at a signalized intersection in fast growing area. Close to 339-bed Houston Northwest Medical Center and I-45. 100% NNN leased to eight tenants. NOI $215K/yr. $2.6M. 8.30% cap.
2. Strip Center in Madison, MS: 5818 SF strip center built in 1997 on 2 ac outparcel to Lowe’s & in an affluent neighborhood with and AHI of $115K/yr within 3 mile radius. Across from Walmart Supercenter and near I-55. 100% NNN leased to Cups An Espresso Café, FedEx Office and Neblett’s Framing. NOI $116K/yr. $1.529M. 7.59% cap.
3. Rite Aid in Palm Desert, CA: 17,272 SF drug store built in 2006 on 1.78 ac lot in high income (AHI  $93K/yr in 3 mile) Riverside County. Across from Eisenhower Health Center.  20 yrs NNN corp lease with 13+ yrs left.  NOI $525K/yr. $7.245M. 7.25% cap.
4. Red Lobster in Montclair, CA: 6233 SF Red Lobster restaurant outparcel to Montclair Plaza, a 1,2000,000 SF Regional Mall in San Bernardino County. Irreplaceable location.  Near I-10. 25 yrs absolute NNN corp lease with 2 yrs left. NOI $162K/yr. $3.2M. 5.06% cap.
5. Macayo’s Mexican Restaurant in Tucson, AZ: 8065 SF well kept restaurant in high income area (AHI of $86K/yr in 1 mile) along major retail corridor. 100% NNN lease with 7 yrs left to a regional  chain with 14 locations. NOI $184K/yr. $2.195M. 8.42% cap.
6. Retail Center in Everett, WA: 10,683 SF retail center built in 2005 on .66 ac lot in fast growing Seattle suburbs. Next to Everett Mall and near I-5. 93% NNN leased with 1 avail unit. Current NOI $241K/yr. $2.9M. 7.68% cap.  Upside potential when 100% leased.
7. REO’ed shopping Center in Oceanside, CA: 36,295 SF bank-owned shopping center built in 2009 on 3.81 ac lot in growing and high income coastal town North of San Diego. 90% leased. NOI $770K/yr. $11M. 7% cap.
8. Condominiums in Irving, TX: 54-unit condominium complex on 3+ ac lot in fast growing Fort Worth/Dallas metro. Close to shopping centers, parks and Highways. 98% occupied. NOI $255K/yr. $3M. 8.50% cap.
9. Johnny Carino’s in Lake Charles, LA: 6532 SF Italian Restaurant built in 2003 on 1.57 ac lot at major retail artery. Next to Lowe’s, across from Walmart Supercenter and close to I-210. 17 yrs absolute NNN corp lease with 7+ yrs left. NOI $173K/yr with 1% annual rent bumps. $2.105M. 8.25% cap.
10. Retail Center in Johns Creek, GA: 22,900 SF retail center built in 2003 in growing and affluent (AHI $140K/yr in 3 mile) Atlanta suburbs. Across from Kroger grocery center. 100% leased. NOI $247K/yr. $3M. 8.25% cap.

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