This offering is for the lease of a free-standing restaurant building in the heart of Silverado, a community that is becoming one of Orange County's most dynamic locations. The restaurant building is 3,041 square feet in size with the potential to add approximately 800,-1,000 square feet of outdoor patio seating. The restaurant is designed as a full-service, eat-in restaurant and bar with an occupancy of 144. However, with its strategic location, there is additional potential for sales of take-out meals, catering and hosting of special events. The restaurant has 240' of frontage on Silverado Canyon Road, the main access road to most of the residences is the community. Parking is in excess of 10 per 1,000 square feet and there is considerable on-street parking next to the building. There is monument and building signage. Includes a total of three parcels.
The restaurant is closed and undergoing extensive renovation at this time, including upgrading of mechanical, electrical and plumbing, interiors, and modification of the restrooms to achieve ADA compliance. The renovation is expected to be completed in Summer, 2020.
Silverado is an historic former mining town which is located just north of Irvine in the foothills of the Santa Ana Mountains. It is on the edge of the suburban core of central Orange County. Its western boundary adjoins the 241 Toll Road. Its eastern bounary is at the northern terminus of El Toro Road. Homes in Silverado are valued up to $2,000,000. Many residents are employed in the central Orange County cities of Irvine, Lake Forest, Tustin and Orange, which are a fifteen-minute commute from Silverado. Thre are at least 255,000 people who live within fifteen minutes by vehicle from Silverado. These residents have a median household income of $97,855 per year, which is higher than the MHI in some of the zip coces of Newport Beach and Laguna Beach.
Beside a stable residential base, Silverado is quickly becoming one of Orange County's newest tourist/visitor draws. Silverado Canyon Road terminates at Maple Springs, one of the County's main points of access to the Cleveland National Forest. As a result there are a significant number of hikers, bicyclists, motorcylists and off-road vehicle operators traveling on the road. There have been several popular destinations for visitors to Silverado, such as Giracci Vineyards, a winery and special events center, Rancho Las Lomas, a special events center and Oak Park and Lakeview, major privately-operated concert and special events venues. In the last year, Orange County Polo Club has relocated its facilities from Coto de Caza to Silverado and is in full operation with its events open to the public. St. Michael's Abbey is currently developing a $120 million monastery and church with church services scheduled to be open to the public in early 2021. Both the Polo Club and Abbey are located approximately one-half mile west of the subject.
In the event that a lease is finalized prior to the completion of the renovation of the subject, the Lessee will be invited to participate in the selection of the finishes and decoration of the building.
