Investment Offering
Corona, CA - Habit Burger
870 N. Main Street | Corona, CA 92880
$4,553,000
Price4%
Cap Rate$182,106
NOI2,650
± SF Offering GLADescription
SRS National Net Lease Group is pleased to offer the opportunity to acquire the fee simple interest (land & building ownership) in a net leased, drive-thru equipped, newly-constructed Habit Burger investment property located in Corona, California within Parkridge Plaza, a highly anticipated class A new retail destination for Corona and the surrounding trade area. The tenant recently signed a brand new, rare 20-year initial term lease with 2 (5-year) options to extend, demonstrating their commitment to the site, and making this one of the only 20-yr Habit Burger investment properties in the country. The lease features 10% rental increases every 5 years throughout the initial term, and 15% increases at the beginning of each option period, growing NOI and hedging against inflation. The lease is NNN, making it an ideal, no-management investment opportunity for a passive investor. The Habit Burger Grill, which was recently acquired by Yum! Brands, Inc. (NYSE: YUM), is a popular burger chain with over 320 restaurants across the country as well as 13 international locations.
Location
The Habit Burger is strategically located near the signalized, hard-corner intersection of W. Parkridge Avenue and N. Main Street, averaging a combined 41,700 vehicles passing by daily. Furthermore, the asset is positioned near the on/off ramps to two major freeways, Interstate 15 (157,000 VPD), and State Highway 91 (233,000 VPD). In addition, the site benefits from excellent visibility via significant street frontage and multiple large monument signs. The property is ideally situated in the heart of a dense retail corridor, with numerous nearby shopping centers including Gateway Town Center (264,000+ SF), North Main Plaza (225,000+ SF), and Corona Hills Plaza (530,000+ SF). Nearby national/credit tenants include Target, Costco, Walmart Supercenter, Smart & Final, Stater Bros, Vons, T.J. Maxx, Ross Dress for Less, The Home Depot, and many more. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure to the site. The Habit Burger is located in close proximity to several luxury apartment complexes, including Artisan at Main Street Metro (400+ units), One11 (178 units), and Metro at Main (298 units), providing a direct residential consumer base from which to draw. The 5-mile trade area is supported by over 266,000 residents and 90,000 employees, with an affluent average household income of $125,799.
Documents & Links
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 Offering Memorandum |  |  |
Contact
Matthew Mousavi
Sr Managing Principal & Co-Head of National Net Lease
949.698.1116949.698.1116[email protected]CA #: 01732226
Patrick Luther, CCIM
Sr Managing Principal & Co-Head of National Net Lease
949.698.1115949.698.1115[email protected]CA #: 01912215