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2/11/20
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We’ve learned of an interesting retail listing in Orange County that’s just come on the market. The property is the ground lease for a 178.7k sf, single-tenant property occupied by Home Depot Superstore in Anaheim. The property covers just over 18 acres of land at 1095 Pullman St, north of the 91 Fwy and west of Yorba Linda Blvd. The store includes a 46.8k sf garden center and 923 parking spaces.
With an asking price set at $60.68 mil and a cap rate of 4%, the offering features Home Depot’s largest store on the West Coast and its second largest nationally. It is being marketed by Michael Walseth with SRS Real Estate Partners’ National Net Lease Group.
Built in 1995 and renovated in 2012 when Home Depot opened its doors, the absolute triple-net leased property is corporate-guaranteed by Home Depot U.S.A. Inc. There are six years remaining on its lease with options to extend. The site is strategically located along the 91 freeway which sees 279,000 vehicles per day. It is just off Yorba Linda Boulevard, a major thoroughfare connecting several Orange County suburbs.
The property is located within the Savi Ranch retail corridor and is positioned near the Anaheim Hills Festival Shopping Center which is anchored by Target, Edwards Cinemas and Hobby Lobby. Other nearby national/credit tenants include Costco, Sprouts Farmers Market, Best Buy, T.J. Maxx, and Michael’s, among others. Additionally, within a five-mile radius, there is a population of more than 146,000 residents and 49,000 employees.
“This is quite possibly the nation’s highest profile, single-tenant offering currently on the market,” said Walseth. “With an irreplaceable, affluent Orange County location; no landlord responsibilities; corporate-guaranteed credit lease; and substantial building and site size; it features all the fundamentals institutional-grade investors are seeking in a STNL asset.”
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