06-14: surgery center, Walgreens, O'Reilly, Jiffy Lube, BWW, Retail centers

1. Surgery Center in Scottsdale, AZ: 21,674 SF surgery center built in 2000 and improved in 2010 on 2.14 ac lot in affluent (AHI $101K/yr in 1 mile) Phoenix suburbs.  Near 433-bed Scottsdale Healthcare Shea medical center and Kindred hospital.  Easy access to Loop 101.  100% NNN ground lease till 2015 to Surgery Center of Scottsdale (land is for sale with expensive surgery center reverts to landowner should tenant unlikely not renew lease).  NOI $148K/yr. $2.35M. 6.31% cap.  Note: when lease expires in 2015, tenant has to exercise a 15-yr renewal. 
2. Shopping Center in Peachtree, GA: 18,472 SF 10-unit shopping center built in 2001 on 2.22 ac lot in an affluent city (AHI $114K/yr) in Atlanta suburbs. 84% NNN leased.  Current NOI $257K/yr.  $3.1M.  8.3% cap.  Upside potential when fully leased. 
3. Retail Center in Fort Worth, TX: 18,873 SF mature center on 1.15 ac lot in high income area with easy access to I-30.  100% leased.  NOI $230K/yr. $2.71M. 8.5% cap. 
4. Retail Center in Grosse Pointe Woods, MI: 6072 SF single-tenant retail center in high income Detroit suburbs near Lake St Clair.  100% NNN leased to Better Health market, a regional tenant with 13 locations.  NOI $120K/yr with 10% rent bumps every 5 yr option.  $1.175M. 10.21% cap. 
5. Shopping Center in Panama City, FL: 38,552 SF shopping center on 5.4 ac lot in a coastal city.  93% leased.  Current NOI $380K/yr. $4.327M. 8.78% cap.  
6. Walgreens in McAllen, TX: 13,029 SF drug store built in 1993 on 1.57 ac lot.  Walgreen just renewed 5 yr option.  NOI $170K/yr. $2.129M. 8% cap. 
7. O’Reilly Auto Parts in Dublin, CA: 8050 SF auto parts store on .7 ac lot in well-off San Francisco metro.  Easy access to I-580 & I-680.  20 yrs absolute NNN lease with 5 yrs left.  NOI $151K/yr.  $2.241M. 6.75% cap. 
8. Jiffy Lube in Orlando, FL: 2572 SF 3-bay Jiffy Lube built in 1996 on 1/3 ac lot.  20 yrs NNN lease to an operator with 8 locations.  NOI $53K/yr with 2% annual rent bumps.  $738K.  7.25% cap. 
9. Buffalo Wild Wing in Cedar Park, TX: 6000 SF BWW restaurant built in 2008 in high income Austin suburbs.  15 yrs NNN lease with 10 yrs left.  NOI $244K/yr with 10% rent bumps every 5 yrs.  $3.253M. 7.5% cap.  
10. Strip Mall in Lansing, MI: 9400 SF 10 yrs old strip mall on 1 ac lot.  Anchored by Aaron’s.  100% leased.  NOI $101K/yr. $1.071M. 9.5% cap.

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