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April 20, 2019
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RETAIL NEWS
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L.A. Investor Buys Ground Lease on OC Red Robin

2/04/19

The ground lease to a single-tenant restaurant property occupied by Red Robin in Garden Grove was purchased for $3.45 mil by a Los Angeles-based, private investor in an all-cash deal. The property is located at 12007 Harbor Blvd, just 1.2 miles from Disneyland.

The 7.3k sf property is on a corporate-guaranteed, NNN-lease with Red Robin Gourmet Burgers Inc. It is situated across the street from a Target-anchored retail center is and near the Outlets at Orange with tenants that include Nike Factory Store, Levi’s Outlet, and Nordstrom Rack, among others.

Matthew Mousavi and Patrick Luther with SRS’ National Net Lease Group represented the seller, a Los Angeles-based partnership. SRS’ Michael Walseth repped the buyer in the deal. SRS’ National Net Lease Group is also marketing three additional single-tenant pads within this retail center valued at approximately $17 mil, via a break-up strategy.

“This Red Robin offered the buyer zero landlord responsibilities and a very high profile Orange County location near the Disneyland Resort and the Anaheim Convention Center, dozens of hotels, and is just one block from The Great Wolf Lodge,” said Mousavi. “Single tenant assets in high barriers to entry markets such as this one are scarce. We were able to put this deal together without having to go to market, and achieved low 4 percent cap rate pricing for this parcel which featured a short-term lease and substantial upside potential.”




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