Investment Offering
Tustin, CA - Tustin's French Quarter
17243-17395 17th Street | Tustin, CA 92780
$19,750,000
Price8.13%
Cap Rate$1,605,887
NOI89,863
± SF Offering GLA5.98
± AC Land AreaDescription
SRS Investment Properties Group is pleased to offer the opportunity to acquire the leasehold interest (ground lessee - building ownership) in Tustin’s French Quarter, a 98% occupied, 89,863 SF, Marshalls/HomeGoods and Dollar Tree anchored shopping center investment property located in Tustin, CA (Orange County). The center features a strong lineup of e-commerce resistant food, service, and health-based tenants. Marshalls/HomeGoods and Dollar Tree occupy 47% of the leasable square footage of the center, constituting 29% of the annual rent. Marshalls/HomeGoods recently signed a five year extension through January 2029. Moreover, three tenants (N10 Dance, Bad Ass Coffee, and Cancun Juice) recently signed brand new 10-year leases with scheduled rental increases and options to extend. Several of the current tenants have an extensive historical occupancy, having operated at the site for over 10 years, a testament to the strength of the location.
Location
Tustin’s French Quarter is strategically located at the signalized, hard corner intersection of 17th Street and Carroll Way/Yorba Street with a combined 48,000 vehicles passing by daily. The site benefits from nearby direct on/off ramp access into the Costa Mesa Freeway (State Highway 55) with 282,000 VPD. State Highway 55 is one
of the major north-south highways through Orange County, making this an ideal, centralized location with easy commutes for both employees and customers. The asset is ideally located within the dense 17th Street retail corridor and is less than a mile away from several shopping centers including The Centre at Seventeenth (204,000 SF), The MetroPlace Shopping Center (178,000 SF) and more. Other nearby national/credit tenants include: Albertson’s, PetSmart, Ross, Staples, Hobby Lobby, Esporta and others. Strong tenant synergy increases consumer draw to the immediate trade area and promotes crossover store exposure for the site. The 5-mile trade area is supported by over 577,299 residents and 316,598 daytime employees, with an affluent annual average household income of $133,198.
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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