Foothill Ranch, CA - Caspian Restaurant

Description:

SRS National Net Lease Group is pleased to offer the opportunity to acquire the leasehold interest (building ownership) in an absolute NNN, freestanding, Caspian Restaurant investment property located in Foothill Ranch, California (Los Angeles-Long Beach-Anaheim MSA). The tenant, Charan Holdings LLC, recently signed a brand new 11-year lease with 2 (5-year) and 1 (4-year, 5 month) options to extend, demonstrating their long-term commitment to the site. The lease features 15% rental increases every 5 years throughout the initial term and at the beginning of each option period, steadily growing NOI and hedging against inflation. The underlying ground lease currently has more than 24 years remaining, contiguous with the building lease options. The lease is absolute NNN with zero landlord responsibilities making it an ideal, management free investment opportunity for a passive investor. This offering represents a rare opportunity to acquire a single tenant retail asset within a highly sought-after, dense, infill trade area with high barriers for new development. Established in 1982, Caspian Bar & Grill is a Persian and Mediterranean themed full service restaurant which has been successfully operating for over 40 years. The restaurant has received tremendous praise over the years and was previously crowned “The Best Persian Restaurant in Orange County” by the Orange County Register. The tenant has provided a personal guaranty for the lease.

Caspian is strategically located at the signalized, hard corner intersection of Bake Parkway and Portola Parkway, averaging a combined 50,000 vehicles per day. Portola Parkway (35,700 VPD) is the primary retail thoroughfare supporting the city of Foothill Ranch. Caspian is Ideally positioned as an outparcel at Foothill Ranch Towne Center, a 1 million-square-foot regional retail center with over 40 stores and notable tenants including Walmart Supercenter, Target, Regal Cinemas, Hobby Lobby,
In-N-Out, Chick-fil-A, Raising Canes, and more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The site benefits from nearby direct on/off ramp access to State Highway 241 (45,000 VPD), providing ease and convenience for customers and employees alike. Moreover, the site is within walking distance from The Meadows, a brand-new Toll Brother’s master planned community that will span 122-acres and offer more than 500 new residences, providing a direct, lasting residential consumer base from which to draw. The 5-mile subject trade area is supported by more than 200,000 residents and 119,000 daytime employees. Residents within a 1-mile radius boast an extremely affluent household income of over $170,000.

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