Restaurant FOR LEASE | Highly Desirable Area and Location | Located in Brea, Orange County CA
Absolutely Fantastic Location and Area
Note: The landlord is currently reviewing several potential tenant’s applications to lease this restaurant. No new lease has been signed yet. You must act quick if you have an interest. Time is of the essence. Let us know ASAP so we can draft a “non-binding” letter of intent to begin discussions with the landlord.
BREA, CALIFORNIA LOCATION: This restaurant is located in one of the most desirable areas of North Orange County on the Imperial Highway in Brea, CA. This restaurant has great neighbors who are very popular restaurants like Yard House, Taps Fish House and Brewery, TGI Fridays, Two 40 South Restaurant and Wine Bar, BJ’s Pizza, California Pizza Kitchen, Lucille’s BBQ, Buca di Beppo and The Cheesecake Factory. This area of Imperial Highway is arguably one of the busiest in Brea with a total traffic count approximately 66,000 cars per day.
This restaurant has approximately 4,590 sf of interior restaurant space. A new lease will be created for the new tenant for the space. The asking rent is $2.28 per sf (@ $10,500 per month), + NNN, 10 year term minimum, with options to extend the lease possible. Base rent less than $2.28 per sf is reasonably negotiable for a tenant with strong industry experience and a sizable amount of cash reserves towards operating capital for the first 3 to 6 months of operations. There will be a 6% percentage rent clause in the lease. Other lease terms and conditions will be negotiated prior to lease execution. Current NNN expenses are approximately $0.56 / sf / month.
EXISTING BUSINESS: This restaurant is currently open and operating under an existing lease, which expires October 31, 2013. The landlord can execute a new lease on the land and building for the new tenant effective November 1, 2013. The current business name or brand, cannot be used by anyone after that date. The new lease will allow any food service type of business that is acceptable to both Lessor and Lessee. If you desire to operate this restaurant with a Type 41 (Beer and Wine) liquor license you will be responsible for the purchase and transfer from the existing tenant. There is a possibility of operating this restaurant with a Type 47 (Hard Spirits and Beer/Wine) liquor license with city approval. Many other restaurants in the immediate area operate with a full liquor menu.
It is anticipated that all of the FF&E (Furniture Fixtures & Equipment), except logo items and trade dress, will remain within the restaurant at the termination of the current Lessee’s existing lease. There is no “key money” required to execute a new lease, and take over the existing restaurant. However, there may be some costs associated with the acquisition of the FF&E.
DEMOGRAPHICS: This is an upscale trade area, with the average annual household income within a 3 mile radius exceeding $99,000.
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