937 Avenida Pico
San Clemente, CA 92673 ·
24,356 SF · Retail For Sale
NNN Corp. Michaels Arts & Crafts | Below Mkt Rent
|Building Size||24,356 SF||Tenancy||Single|
|Property Type||Retail||Year Built||2002|
|Lot Size||2.36 AC|
|Property Use Type||Net Lease Investment with 3 years left on lease|
|Listing ID: 18080538||Date Created: 03/18/2013||Last Updated: 07/29/2013|
The subject property is a single tenant, net leased, Michaels located within the coastal Orange County community of San Clemente, California. The subject property is situated within the largest (417,000 SF) shopping center in the city, Plaza Pacifica, anchored by Wal-Mart, Lowe's Home Improvement, and Albertson's. Michaels is in its first of three, 5-Year Options, with 10% rent increases in each option. The lease is guaranteed by Michael's, a private company with $1.82 Billion in Assets and $4.21 Billion in Revenue (2012). Michael's is paying substantially lower rent than nearby retailers in similar sized spaces.
The property is location along East Avenida Pico (47,000 vehicles per day) and approximately 1 mile from Interstate 5 (200,000 vehicles per day), within a strong demographic area, including over 100,000 consumers and 40,000 day time employees within a 5-Mile radius and an average household income of approximately $160,000 within a 1-mile radius of the subject property.
- Corporate Guaranteed Lease/ Strong National Tenant/ $1.82 Billion in Assets
- Strong Demographics/ $160,000 AVHHI in 1- Mile and over 100,000 People in 5- Miles
- Triple Net Lease/ Tenant Responsible for Taxes, Insurance, CAM, HVAC and Interior of Building
- Located Along Main Thoroughfare/ 47,000 Vehicles Per Day
- Rare Coastal Orange County Offering/ Zero Nearby Box Vacancy
- Below Market Rent/ Adjacent Junior Anchors are Paying 20-25% More In Rent
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