The Promenade At Garden Grove Photo Gallery

The surrounding area features a population of 30,263 within 1 mile and 291,963 within 5 miles, with household incomes averaging $115,697 locally and $104,559 regionally, supporting strong purchasing power for value and everyday retail. Accessibility is enhanced by proximity to the 22 Freeway and high traffic volumes of 37,000 vehicles per day on Brookhurst Street and 27,000 on Chapman Avenue, facilitating easy entry for local and regional shoppers. However, peak-hour congestion on major arterials can pose minor access challenges during evenings and weekends, potentially affecting impulse visits.

The tenant mix emphasizes anchors like Walmart and Regal Cinemas, which drive 70% of footfall, alongside value retailers such as ALDI, Ross, and Marshalls, fostering synergy in groceries, apparel, and entertainment categories. Current occupancy is around 92%, with three spaces available totaling 15,000 square feet, reflecting low regional vacancy rates of 4.5%. Strengths include stable anchor tenures reducing turnover risks, but weaknesses arise from saturation in discount retail, where weaker performers in soft goods may face pressure from e-commerce competition.

Orange County retail market reports indicate average asking rents of $3.50-$4.50 per square foot NNN for similar power centers, with 2.9% annual growth amid low vacancy. The Promenade benefits from neighborhood dominance but contends with competition from larger regional malls like MainPlace and online platforms eroding 10-15% of discretionary sales. Lease terms typically span 5-10 years with options, offering percentage rent clauses tied to sales thresholds around $400 per square foot. Risks include potential infrastructure upgrades due to the center's 1980s origins, impacting operational costs, while opportunities lie in underserved categories like quick-service dining to boost dwell time.