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CAP RATE:
8.25%
TOTAL BUILDING AREA:
±45,675 SF
TOTAL LAND AREA:
±247,726 SF (±5.69 Acres)
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INVESTMENT HIGHLIGHTS
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National Credit Tenancy – Best Buy (NYSE: BBY) reports revenue of $44 billion, across 1,231 stores producing a market capitalization of $31 billion and an S&P Rating of BBB-
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Since the onset of COVID on March 13, Best Buy stock has nearly DOUBLED rising from $61 per share to nearly $120 per share!
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Established Tenancy – Best Buy has thrived at this location for 12 years, with lease term through January 2024 with four 5-year options featuring 8% fixed increases
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Regional Retail Location – Situated in the retail “hub” of Central Orange County, surrounded by 1.2 million SF of retail destinations and effectively shadow anchored by The Village at Orange, featuring numerous national credit tenants, including: Walmart, Ross, HomeGoods, Sprouts, Trader Joe’s, CVS, World Market, PetSmart, 24 Hour Fitness, and others
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Convenient Location and Accessibility, Tremendous Traffic – The property enjoys pylon signage visibility and ease of access from SR-55 (±227,000 cars per day) via Lincoln Avenue (±27,950 cars per day) and North Tustin Street (±33,500 cars per day)
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Place New Financing or Assume Existing Loan – The property is marketed free and clear of existing financing. However, the existing loan can be assumed at these terms: approximately $10,228,000 balance (as of 5/1/21), January 2023 maturity, 30 year amortization, 4.67% fixed rate, and $62,020.34 monthly payment. Traditional non-recourse CMBS loan with "bad boy" carveout provisions
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Future Development Upside – An additional value enhancement opportunity through either the potential development of a pad retail building or high density residential use due to the large parcel, ample parking, and zoning that provides for a multitude of uses further enhancing the long-term value preservation at the property
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Dense, Affluent Demographics – More than 464,500 people in a 5-mile radius with an Average Household Income exceeding $119,100
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INFORMATION
PLEASE CONTACT:
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THIS IS A MARKETING COMMUNICATION
We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty or representation about it. It is submitted subject to the possibility of errors, omissions, change of price, rental or other conditions, prior sale, lease or financing, or withdrawal without notice. We include projections, opinions, assumptions or estimates for example only, and they may not represent current or future performance of the property. You and your tax and legal advisors should conduct your own investigation of the property and transaction.
CBRE and the CBRE logo are service marks of CBRE, Inc. All other marks displayed on this document are the property of their respective owners, and the use of such logos does not imply any affiliation with or endorsement of CBRE.
All of CBRE's COVID-19 related materials have been developed with information from the World Health Organization, the Centers for Disease Control & Prevention (and similar global organizations), public health experts, industrial hygienists, and global subject matter experts across CBRE and our strategic suppliers. Our materials may not be suitable for application to all facilities or situations.
Ultimately, occupiers and landlords must make and implement their own reopening decisions for their individual stakeholders and facilities. CBRE's guidance is intended to help facilitate those discussions and expedite the implementation of those decisions once made by the client. We make no representations or warranties regarding the accuracy or completeness of these materials. CBRE cannot ensure safety and disclaims all liability arising from use of these materials.
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