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5/18/23
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A SoCal private investor spent $4.46 mil on a Corona ground lease property occupied by a 3.6k sf Quick Quack Car Wash. Built in 2022 and situated on just under one-acre, the property is located at 850 N. Main St. The property has a new 20-year corporate-guaranteed triple net lease in place providing zero building maintenance responsibilities for the new ownership.
The sale is part of a $19 mil break-up strategy of Parkridge Plaza, a 12.4k sf asset situated at the intersection of W. Parkridge Ave and N. Main St. The property is near Gateway Town Center, North Main Plaza and Corona Hills Plaza, along with the 15 and 91 freeways. The other three tenants at the property include Raising Cane’s, Roll Em Up Taquitos, and the Habit Burger.
Matthew Mousavi and Patrick Luther with SRS Real Estate Partners’ National Net Lease Group represented the seller, a Southern California-based private developer. The buyer was repped by Kurt Yacko of DAUM Commercial. The closing cap rate was 4.4% which we’re told is the lowest cap rate in the nation for a car wash-occupied property sold so far this year.
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