Investment Overview

Marcus & Millichap is pleased to present for sale this Ground Lease
BJs 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 areas dominant regional
mall. This core retail trade area is home to a number of National
and Regional retailers including, Target, Lowes, Ross, Michaels,
PetSmart, AT&T, Dunkin Donuts, Tropical Smoothie Caf, Chilis, Bed
Bath & Beyond, Home Depot, Aldis, 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 177,928 with forecasted population growth of 5%+ 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.
BJs 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, BJs 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.