Possible NNN strip mall deal. Would appreciate input

[Patrick H.]

A long time family friend is selling off his real estate holdings in order to simplify his life and be more retired. He is in his early 70s, doesnt need the money, and just wants fewer things taking up his time.  I dont have all of the property details yet in terms of financials, rent rolls, etc but here is what I know so far:

One of his properties is a retail strip mall that he has owned for 20 years which totals 18,000 sq ft. sitting on 4.1 acres with a mix of long-term and relatively newer tenants (3 years or less). The building is in very good condition. All leases are NNN. Rents in the area are $12-15/ft. Occupancy is currently about 70% (one tenant, a photo/camera store, closed up shop because of the switch to digital photography). There is also enough space to add probably another 10,000 sq ft plus parking.

Location is on a busy road and nearest cross street is the main road through town, where there is a Target, Panera, grocery store, Applebees, and similar. That intersection is about 1000 ft away and the space in between also has businesses. 

The owner knows that I would like to get into real estate and is willing to work with me.  He owns it outright and would hold the mortgage with no money down required. He also owns 5.2 acres of undeveloped land around the corner that is behind the grocery store and at the end of a single family home development. He would throw in the 5 acres if I were to buy the mall (land in that area is ~$50k/acre). We havent talked price, mortgage terms, etc but I would estimate that the price will be in the $1.2-1.5 million range. 

I know I need to get the leases to see the remaining terms, what is actually covered under NNN, renewals and price bumps, etc, along with rental history, financials, and so on.

What are your intial thoughts on this possible deal? What else should be asking for to evaluate this?

Thanks so much!