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3/25/24
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An Irvine-based private investor acquired a single-tenant property occupied Pilot Flying J Travel Center in Jurupa Valley, CA in a recent $14 mil transaction. The deal had a closing cap rate of 4.90%, which we’re told is an all-time low for a Pilot ground lease located outside of Texas.
Built in 2019, Pilot Flying J operates a 15.5k sf travel center and fuel lanes on a sizeable 11.50-acre parcel at 11053 Riverside Drive. The property is located off State Route 60 in Riverside County, with 185,000 cars per day, and Interstate 15 with 155,000 cars per day, the main thoroughfare connecting the Inland Empire to surrounding cities.
Pilot Flying J has a large freeway-visible 50-foot pylon sign and sits at two hard corners (each exceeding 40,000 cars per day) at 11053 Riverside Drive in Jurupa Valley (formerly Mira Loma), which offers excellent ingress and egress with multiple entrances and exits for trucks and standard vehicles.
The property benefits from multiple income streams, including 12 fueling lanes, a drive-thru Wendy’s, Cinnabon, PJ Fresh Marketplace convenience store, a Western Union, 107 truck parking spots plus 48 reserved parking spots, two ATMs, CAT-certified scales and nine on-site showers. The Pilot Flying J Travel Center is the only large format, full-service truck stop in the trade area and is a popular stop for truckers, commuters and travelers along Interstate 15 and SR 60, Blodgett noted.
Austin Blodgett and Jonathan Schiffer with RealSource Group represented the buyer and the seller, Greens Group, based in Irvine.
“We calculated that the land alone could potentially fetch upwards of $30 mil based on recent comps,” Schiffer commented. “As the property is tied to a lease with Pilot for the next 35 years (assuming all options are exercised), this long-term, covered land play offered investors a steady cash flow with future potential for up-side.”
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