04-15: MOB, Office Buildings, Retail Centers, Shopping Centers

1. Neighborhood Center in Manteca, CA: 54,643 SF attractive shopping center built in 2007 on 5.47 ac lot in Stockton suburbs. Anchored by PetSmart. 84% NNN leased to eleven tenants. Actual NOI $569K/yr. $8.676M. 6.56% actual cap. Upside potential.
2. Office/MOB in Livonia, MI: 7100 SF Class-A office & medical building completed in 2001 on .60 ac lot in high income (AHI $86K/yr in 1 mile) Detroit suburbs. Close to St. Mary Mercy Livonia Hospital. 72% leased to multiple tenants. Actual NOI $103K/yr. $1.15M. 9% actual cap.
3. Retail Plaza in Littleton, CO: 53,587 SF well maintained shopping center on 4.41 ac lot in high income (AHI $93K/yr) Denver suburbs. Across from Southwest Plaza Mall, with Dillard’s, Macy’s, Sears and JCPenney. 91% NNN leased.  NOI $397K/yr. $4.96M. 8% cap.
4. Strip Center in Palos Heights, IL: 5548 SF strip center on .69 ac outparcel to Jewel-Osco supermarket in high income Chicago suburbs. 100% NNN leased to Lou Malnati' s Pizzeria, Great Clips, Jersey Mike' s Subs and Forever Yogurt. NOI $121K/yr. $1.737M. 7% cap.
5. Retail Center in Spring, TX: 26,670 SF retail center built in 2005 on over 2 ac lot along main artery in high income Houston suburbs with an AHI of $98K/yr in a 3 mile ring. 95% NNN leased with only 1 vacancy. Pro forma NOI $441K/yr. $4.995M. 8.80% cap.
6. Retail Center in Rancho Cordova, CA: 26,571 shopping center on nearly 2 ac lot in growing Sacramento suburbs. With easy access to Hwy-50. 100% leased to six tenants. NOI $227K/yr. $2.2M. 10.30% cap.
7. MOB in Independence, MO: 19,239 SF Class-A  medical office building constructed in 2004 on 2.48 ac lot in Kansas City suburbs. Across from Costco and Lowe’s. Close to Centerpoint Ambulatory Surgery Center, Independence Mall and I-70/470. 100% leased to two medical tenants. NOI $430K/yr. $5.408M. 7.95% cap.
8. MOB in Bethlehem, PA: 22,742 SF well maintained multitenant medical office building on 2.56 ac lot in Philadelphia suburbs. Close to Good Shepherd Specialty Hospital. 100% NNN leased to 3 tenants: Fresenius (S&P BBB-), DaVita (S&P BB) and Valley Kidney Specialist. All under new10-yrs NNN lease. NOI $357K/yr with annual rent increases. $5.338M. 6.70% cap.
9. Office Building in Tinley Park, IL: 23,101 SF Class-A office building completed in 2007 on 1.22 ac lot in fast growing (172% pop growth since 2000) and affluent (AHI $115K/yr) Chicago suburbs. Visible and next to I-80. 96% leased to multiple tenants. Pro forma NOI $358K/yr. $4.39M. 8.30% pro forma cap.
10. Retail Center in Rex, GA: 14,000 SF retail center built in 2008 on 3.49 ac lot in growing Atlanta suburbs. All units face Hwy-42. 71% leased. Actual NOI $89K/yr. $1.095M. 8.18% cap.

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