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October 27, 2021
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Single-Tenant OC Valvoline Oil Change Property Trades for Over $3,400/sf


A 902 sf, single-tenant, freestanding retail property occupied by a Valvoline oil change store in Costa Mesa has sold for $3.109 mil. The transaction works out of $3,454/sf in a deal we’re told marks the highest recorded price nationally paid for an Oil Services NNN property, according to COSTAR.

The asset traded to the current occupant, Henley Enterprises (dba “Valvoline”), a Massachusetts-based owner-user who was in a 1031 exchange. The property is on 0.22 acres at 400 East 17th St, at the intersection with Tustin Ave, just east of Newport Blvd and Hwy 55. The immediate trade area features numerous national and local retailers including Ralphs, Von’s, CVS, Starbucks, KFC, JACK in the Box, CHASE and Verizon among others. Valvoline (initially dba EZ Lube) has been operating here since 2000.

Michael Walseth with Kidder Mathews Walseth Net Leased Group represented the seller in this deal. Henley Enterprises repped itself in the transaction. Walseth points out that the standalone property offers strong operational history, a parking field, efficient drive-through building design and, ultimately, ideal functionality for oil change service.

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