Peter's Landing
Coastal Orange County Mixed Use Grocery Anchored - Value Add Opportunity
Marketing description
A generational investment opportunity, Peter’s Landing is a grocery-anchored mixed-use urban development that encompasses approximately 97,504 square feet of retail and office space. Featuring a complimentary mix of essential needs and experience-based retail tenancy on the ground-level and a multi-tenant office component on the second-level, Peter’s Landing provides consumers a unique and experiential shopping and dining experience within an oceanfront setting and offers office tenants an amenity-rich environment within a vibrant coastal location. The property features national and regional tenants Mother’s Market & Kitchen, Starbucks, Golden Road Brewery (Anheuser-Busch), Sola Salons, and Edward Jones.
Peter’s Landing offers the rare ability to acquire an extensively remodeled asset with the ability to create value through lease-up of approximately 14,490 square feet of vacant GLA (15% of total GLA) that is comprised of 6,320 SF of ground floor retail GLA and 8,170 SF of second floor office GLA.
Investment highlights
Turnkey Value-Add Opportunity
Rare ability to acquire an extensively remodeled asset with a value-add opportunity. Peter’s Landing provides an investor the ability to create value through lease-up of approximately 14,490 SF of vacant GLA; approximately 15% of the total square footage. In addition, the collateral includes a one-acre parcel that can potentially be developed into a freestanding pad/drive-thru building.
Recent Remodel and Capital Improvements
An extensive remodel was completed on Peter’s Landing in 2020, with approximately $14MM in capital improvements.
Strong Performing Mother’s Market Grocer
Founded in 1978, Mother’s Market & Kitchen is one of Southern California’s most popular organic grocery stores. With 11 locations, Mother’s specializes in offering the freshest organic produce at unbeatable prices, healthy and delicious prepared foods, and a diverse and value-driven selection of supplements, vegetarian and specialty foods.
Rare Mixed-Use Asset with Diversified Retail/Office Income Stream
Diverse income stream with approximately 62% of the in-place rental revenue derived from retail/service tenancy and approximately 38% of the in-place rental revenue stream derived from office tenancy; mainly comprised of small suite sizes/configurations under 1,500 sq. ft.
Amenity-Rich Office Environment
Peter’s Landing offers second-level office suites with both marina and ocean-facing configurations; providing office tenants coveted views with multiple shopping and dining options available within the subject property. The property is uniquely positioned as the only property of scale that offers these amenities within Sunset Beach and the surrounding area; with limited competition in Downtown Huntington Beach (approx. 6 miles north) and Long Beach (approx. 3.5 miles south).
Amongst Orange County’s Most Affluent Communities
The area surrounding Peter’s Landing has average household incomes of approximately $161,379 and $133,338 within a one and three-mile radius of the property, respectively.
Iconic Central Orange County Location
An established coastal community within Orange County, the city of Huntington Beach is located approximately 40 miles south of Los Angeles and 90 miles north of San Diego in the heart of Orange County. The subject property is also positioned approximately one mile south of Seal Beach and 3.5 miles south of Long Beach; benefitting from an expansive trade area of affluent coastal residents.
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