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6/22/16
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An Ontario, CA-based private investor paid $2 mil for a 17.3k sf ($115/sf), Meineke-anchored multi-tenant auto park in Rancho Cucamonga. The property, located at 9199 Arrow Route, sold at a cap rate of 5.65% which we’re told is a historical low for an auto park in the trade area.
Built in 2005, the well-established auto park is ideally situated on Arrow Route, which is a major east-west thoroughfare with close access to three major freeways. In addition to Meineke Car Care Center, the 87% leased property is also home to AA Smog Center and Elite One Auto Collision Center.
The building features modern construction, ample parking with easy ingress/egress and highly visible monument signage. The location also boasts strong demographics with over 340,000 people with an average household income of more than $83,000 in a five-mile radius.
Frank Vora, CCIM, of Progressive Real Estate Partners represented the seller, a private investor based in Florida. The buyer was repped by Barret Woods of Lee & Associates in Ontario.
“The auto park’s newer construction, established tenant mix and excellent location provided the buyer a stable retail investment within a thriving marketplace,” according to Vora, Senior Vice President at Progressive Real Estate Partners. “Investor demand remains strong for well-located multi-tenant properties in the Inland Empire. Furthermore, the sale highlights the cap rate compression we’re continuing to see for high quality retail assets due to tight supply,” he added.
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