Garden Grove, CA - Joe's Crab Shack
$3,560,000
12011 Harbor Boulevard, Garden Grove, CA 92840
4
Cap Rate
142,383
NOI
Details:
Description:
SRS National Net Lease Group is pleased to offer the opportunity to acquire the leased fee interest (land ownership) in an absolute NNN ground leased, corporate guaranteed, Joe’s Crab Shack, investment property located in Garden Grove, CA (Orange County MSA). The tenant has approximately 3 years remaining on their long term ground lease with 4 (5-year) options to extend. The lease is corporate guaranteed by Landry’s Inc. and is absolute NNN with zero landlord responsibilities. Joe’s Crab Shack is currently paying ~68% below market rents for Orange County QSR’s and Casual Dining.
The Joe’s Crab Shack 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 Joe’s Crab Shack 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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