Garden Grove, CA - Oggi's
$7,765,000
12362 West Chapman Avenue, Garden Grove, CA 92840
4.25
Cap Rate
330,000
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple (land & building ownership) in an absolute NNN leased, freestanding, Oggi’s Pizza & Brewing investment property located in Garden Grove, CA. The tenant will execute a brand new 20-year lease with 4 (5-year) option periods to extend at the close of escrow (sale leaseback). The lease features 10% rental increases every 5 years throughout the initial term and at the beginning of each option period, growing NOI and hedging against inflation. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for an out of state investor.
The Oggi’s Pizza & Brewing property is ideally located at the signalized, hard corner intersection of Chapman Ave and S Harbor Blvd with a combined 60,000 vehicles passing by daily. Harbor Blvd is the main thoroughfare for visitors traveling to Disneyland. The subject property is just 1.2 miles south of Disneyland Park and Disney California adventure, the two most popular theme parks in the country. The 85-acre park draws an average of 50,000 people a day and 18.2 million a year. In the heart of the park is the Disneyland resort which alone contributes $5.7 billion annually to the Southern California economy, supporting 28,000 regional jobs. Additionally, the asset is just minutes from the Anaheim Convention Center, a major tourist destination that just underwent a 200,000 SF, $190 million expansion.
The Oggi’s Pizza & Brewing is surrounded by numerous hotels for Disneyland visitors including the Sheraton (285 rooms), Wyndham (384 rooms), Marriott Suites (371 rooms), Homewood Suites (215 rooms), Hyatt Regency (657 rooms), Residence Inn (244 rooms), Hilton Garden Inn (169 rooms), and more, providing a direct consumer base to draw from. In addition, the asset is positioned directly across from a Target anchored center. The property is also less than two miles west of the Outlets at Orange with major tenants including the Nike Factory Store, Levi’s Outlet, Nordstrom Rack and more, further increasing consumer draw to the trade area. The 5-mile trade is supported by a population of over 866,400 residents with an average household income of $78,364.
Location
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