BJ’s Restaurant & Brewhouse 18+ Years NNN Ground Lease

8285 Red Bug Lake Rd, Oviedo, FL 32765, USA
$5,431,578

Description

Marcus & Millichap is pleased to present for sale this Ground Lease BJ’s Restaurant Brewhouse located at 8285 Red Bug Lake Road in Oviedo, Florida.
Nestled in Oviedo Park Crossing, a 321,249 Sq.Ft Power Center, the subject property benefits from a substantial amount of traffic. It is also located near Oviedo Mall, the area’s dominant regional
mall. This core retail trade area is home to a number of National and Regional retailers including, Target, Lowe’s, Ross, Michael’s, PetSmart, AT&T, Dunkin Donuts, Tropical Smoothie Café, Chili’s, Bed Bath & Beyond, Home Depot, Aldi’s, Jared of the Galleria Jewelry and many others. Strategically situated near the busy intersection of Red Bug Lake Road and Oviedo Mall Blvd, the property benefits from combined traffic counts exceeding 46,300 vehicles per day.
The immediate trade area has an approximate population exceeding 178,000 with forecasted population growth of more than five percent in the next four years. Median household income
is $82,402 across the city, and the rate of home ownership is 77.8 percent compared to the national average of 63.6 percent. In 2019, property values increased about 8.5 percent.
BJ’s executed a 20 year absolute NNN lease in 2014. The tenant showed a commitment to the site when they exercised their 1st option period early. There are over 18 years of initial term left in
their Corporate Guaranteed lease.
Founded in 1978, BJ’s owns and operates more than 200 restaurants in 29 states. Awarded more gold medals over the last five years than any other restaurant-brewer with 11 award-winning
signature beers and cider on tap, plus 10 rotating seasonal beers throughout the year. All restaurants offer dine-in, take-out, delivery and large party catering.

  • Long Term 18+ Year Absolute-Net Ground Lease
  • Zero Landlord Responsibility
  • Corporate Guaranteed Lease (NASDAQ: BJRI) – BJ’s Restaurants, Inc. owns and operates 209 restaurants in 29 states
  • Visibility to Traffic Counts Exceeding 46,000 Vehicles / Day
  • Part of Oviedo Park Crossing – a 329,249 Sq.Ft. Power Center
  • Freeway Adjacent – Near State 417 with Daily Vehicle Counts over 67,000
  • High Growth Demographics & Trade Area Growth
  • Dominant Trade Area
  • Oviedo is part of the Orlando Kissimmee Sanford MSA with a population of 178,000+
  • Located minutes from the University of Central Florida Campus
  • Extended Hours or Operation | Open until Midnight on Weeknights and Later on Weekends
  • Dine-In, Take Out, Curbside Pick Up, Delivery, and Online Orders available
  • Florida has no state income tax

Property Documents

  • City: Oviedo
  • State/county: Florida
  • Zip/Postal Code: 32765
  • Country: United States

Detail

  • Price: $5,431,578
  • Year Built: 2014

Additional details

  • CAP RATE: 4.75%
  • NOI: $258,000

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