06-04: Serrano's Mexican Restaurant, Denny's, Famous Dave's, MOB, Dairy Queen

1. Serrano’s Restaurant in Mesa, AZ: 5145 SF recently renovated free-standing Mexican Restaurant on .56 ac outparcel to Bashas’ Grocery Center. Along main corridor and in high income (AHI $100K/yr) Phoenix suburbs. Tenant has been at this location for 22 yrs.  15-yrs absolute NNN corp lease to a local tenants with 6 locations. NOI $100K/yr with 1.75% annual rent increases. $1.428M. 7% cap.
2. Shopping Center in Parkland, FL: 75,440 SF high quality construction shopping center built in 2006 on 13 ac lot at a signalized intersection in Fort Lauderdale suburbs. At a major artery. Key tenant include: MxStage Kidney Care, Anytime Fitness, Allstate Insurance, Great Clips, Chadwick Hair Company and Spa S’Criage. 77% leased. Pro forma NOI $1.042M/yr. $12.5M. 8.33% pro forma cap.
3. Denny’s is Orlando, FL: 4675 SF recently renovated established Denny’s Restaurant on over 1 ac lot. Close to Orlando International Airport. 20-yrs absolute NNN lease with over 13-yrs left to strong operator with 24-units. NOI $70K/yr with 10% rent increases every 5-yrs. $1.347M. 5.25% cap.
4. Retail Building in Reynoldsburg, OH: 9840 SF well maintained retail building in growing and upper middle class Columbus suburbs. 100% NNN leased. NOI $76K/yr. $900K. 8.50% cap.
5. Retail Center in Pineville, NC: 13,274 SF attractive retail center on 2½ ac lot in Charlotte suburbs. Close to Carolinas Medical Center Pineville, Carolina Place Mall and I-485.  100% leased. NOI $112K/yr. $1.3M. 8.60% cap.
6. Famous Dave’s in Apple Valley, MN: 6586 SF well maintained franchised Famous Dave’s Restaurant in high income Minneapolis metro. Adjacent to Walmart Supercenter, Target, Best Buy and Burlington Coat Factory. 100% absolute NNN corp lease with 5-yrs left. NOI $202K/yr with 4.04% rent increases every  2-yrs. $2.897M. 7% cap.
7. Retail Building in Shawnee, KS: 8400 SF attractive retail center completed in 1990 on .46 ac lot in Kansas City suburbs. 74% leased with only 1 vacancy. Actual NOI $63K/yr. $875K. 7.30% actual cap. Upside potential.
8. MOB in Houston, TX: 47,389 SF Class-B medical office building on nearly 3 ac lot. Adjacent to Texas Medical Center and near I-610. 100% leased to six tenants. NOI $660K/yr. $7.1M. 9.30% cap.
9. Dairy Queen in Memphis, TN: 3655 SF drive-thru fast food restaurant completed in 2006 on .77 ac lot. Close to an off/on ramp of Hwy-385. 20-yrs absolute NNN lease to a strong operator. NOI $89K/yr. $1.35M. 6.63% cap.
10. Shopping Center in Tulsa, OK: 123,774 SF attractive neighborhood center on 11.52 ac lot .  Adjacent to Woodland Hills Mall and close to Hwy-64. 100% leased with excellent tenant mix. NOI $910K/yr. $13.59M. 6.70% cap. 

            (c) Transmercial 2014