Investment Offering
Mission Viejo, CA - Jack in the Box
28651 Marguerite Parkway | Mission Viejo, CA 92692
$4,263,000
Price4%
Cap Rate$170,506
NOI2,759
± SF Offering GLADescription
SRS National Net Lease Group is pleased to present the rare opportunity to acquire the fee simple interest (land & building) in a personally guaranteed, drive-thru equipped, absolute NNN leased, Jack in the Box investment property located in Mission Viejo, California (Orange County). The tenant, R.W. Forsum Enterprises, an experienced multi-unit Jack in the Box franchisee, recently extended their lease for an additional 15 years and has 1
(5-Year) option period to extend. The lease features 10% rental increases every 5 years throughout the initial term, and fair market rent at the beginning of the option period. The lease is backed by a personal guaranty and is absolute NNN with landlord responsibilities limited to roof, structure, and utilities (all reimbursable). Jack in the Box has occupied the building for over 35 years, a testament to the strength of the location.
Location
Jack in the Box will be remodeled (interior and exterior) in 2018, with capital expenditures estimated to be $250,000 (paid for by the tenant). The subject site is located near the signalized, hard corner intersection of Marguerite Parkway and Avery Parkway with a combined 61,600 vehicles passing by daily. The site is also located just off the I-5 (248,000 VPD) with direct on/off ramp access, and excellent freeway frontage. The asset is positioned in a dense retail corridor just 1 mile from The Shops at Mission Viejo (1,149,000 SF of retail space) with anchor tenants including Nordstrom, Macy’s, Apple, and more. Other national/credit tenants include Burlington, DSW, The Home Depot, Costco, Starbucks, and more. The asset is less than 1 mile away from Saddleback College, a community college with over 20,000 students enrolled. In addition, the site is just 1 mile from Mission Hospital, a state-of-the-art, 552 bed hospital that is a verified adult and pediatric Level II Trauma Center. The 5-mile trade area is supported by a dense population of over 288,000 residents with an affluent average household income of $141,000.
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