Newport Beach, CA (June 10, 2019) – SRS Real Estate Partners’ National Net Lease Group has completed the $3.375 million ground lease sale of a single-tenant property fully occupied by Joe’s Crab Shack. Located at 12011 Harbor Boulevard in Garden Grove, CA, the asset is situated along restaurant row just 1.2 miles from Disneyland.
SRS’ National Net Lease Group Managing Principals Patrick Luther and Matthew Mousavi represented the seller and well as the buyer – both of which are Southern California-based private investors. The buyer paid all cash and was not in a 1031 exchange. The closing cap rate was 4.22 percent
Joe’s Crab Shack has been at the property for over 10 years and has approximately two years remaining on its absolute triple-net lease with options to extend.
“This opportunity offered exceptional real estate in the heart of a thriving tourist destination,” said Mousavi. “Additionally the 4.22 percent cap rate set a record for the area for restaurants with less than two years remaining on the lease.”
“This sale is part of an approximately $20 million break-up strategy,” said Luther. “Our SRS team is currently marketing other parcels here, including an Oggi’s and an Outback, both on absolute net leases.”
The property is located at a signalized intersection of Chapman Avenue and S. Harbor Boulevard which sees a combined 60,000 vehicles per day. Harbor Blvd. is the main thoroughfare for visitors traveling to Disneyland. The property is also one block away from Great Wolf Lodge and is also surrounded by numerous hotels including the Sheraton, Wyndham, Marriott Suites and Homewood Suites, among others. It is directly across from a Target-anchored retail center and is two miles from Outlets at Orange.
SRS’ National Net Lease Group successfully completed more than 300 sales in 2018, across 35 states nationwide, and has over $1 billion in assets currently listed for sale.
About SRS Real Estate Partners
SRS Real Estate Partners is the largest real estate company in North America exclusively dedicated to retail services. Headquartered in Dallas with more than 25 offices worldwide, SRS’ strong reach and international presence provide the company with unparalleled knowledge both globally and domestically. As a result, clients of SRS have a competitive edge through a full range of offerings including brokerage services, corporate services, development services, and investment services. Since its inception in 1986, SRS has built a strong foundation in the retail real estate world and grown into one of the industry’s most influential and respected leaders. Our success is measured in the achievement of our clients’ objectives, satisfaction and trust. For more information, please visit srsre.com.
SRS’ National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2018, the group completed more than 300 sales across more than 35 states and has over 50 NNLG professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.