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2/27/19
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A free-standing ARCO Gas Station and AM/PM Convenience Store in Hesperia sold for $4.6 mil. The property, located at 16815 Main St, is situated on almost one-acre of land with ample room to add additional fuel tanks and amenities in the future to address the growing market demand.
Built in the late 1980s, the well-established station has eight fueling dispensers and a 2.5k sf
AM/PM 24-hour convenience store where customers can purchase a variety of items including snacks, to-go coffee, drinks and alcohol (full liquor license). The purchase included BOTH the business and the land. Ideally located on Main Street, which is a major east/west thoroughfare with average daily traffic counts of 30,500+, the station is also across from Midtown Shopping Center and surrounded by several national retailers including Stater Bros., US Bank, Jiffy Lube, Verizon Wireless, Starbucks and Subway.
Victor Buendia with Progressive Real Estate Partners represented both the buyer and the seller in the transaction. The seller was an Orange County-based private investor and the buyer a Nevada-based private investor that previously operated multiple Chevron and ARCO stations throughout California.
According to Buendia, “Gas stations continue to be in strong demand and especially in high growth areas like Hesperia and the High Desert region of SoCal’s Inland Empire. Not only are they the ultimate internet-resistant use, gas stations typically generate strong cash flow and have proven to be resilient even during economic downturns”. He added, “These transactions are often very complex due to environmental issues and other related factors. In this case there were several maintenance and SBA financing items that had to be resolved and we worked diligently with the buyer and seller to address those issues to achieve their mutual business and real estate goals.”
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