A 6.2k sf restaurant property net-leased to Outback Steakhouse in Garden Grove sold for $6.625 mil, or $1,068/sf. The property, built in 2001, is located at 12001 Harbor Blvd, north of the 22 Fwy at Chapman Ave, just three blocks from Disneyland. Outback had just renewed its lease for an additional 20 years through 2039, with options to extend.
The property, sold by Valore Ventures, is one of four fee simple interests along Harbor Blvd purchased by Valore for $13.1 mil in January 2019. The four-building portfolio included a Red Robin, Joe’s Crab Shack and Oggi’s Pizza & Brewery, all built between 2001 and 2008 in conjunction with the larger surrounding development that includes three high-rise hotels.
Situated a mile from Disneyland and Disney California Adventure, and minutes from the Anaheim Convention Center, the area has enjoyed a multi-year boom that has seen tourism rise to record levels and, with it, consumer spending, which last year topped out at $13 bil, according to the Orange County Visitors Association.
Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group were involved in brokering the transaction. According to Kenny DeAngelis, Valore Ventures owner/principal, the properties were better investments on their own and not as part of portfolio.