A San Francisco-based private investor paid $2.8 mil for a 3.4k sf, auto-related, NNN investment in the city of Orange. The deal for the Big-O Tires store came in at a cap rate of 4.46%.
Originally built in 1969 on .29 acres, the property is located just east of the prime intersection of East Katella Ave and North Tustin St. The lease had approximately 5.5 years remaining at the close of escrow.
The seller, a Los Angeles-based private investor, was represented by Matthew Mousavi and Michael Walseth with SRS Real Estate Partners’ National Net Lease Group. The buyer was represented by Eric Chin of Coldwell Banker Residential Brokerage.
According to Walseth, “This auto-related asset was well received by the market due to the tenant’s long operating history and strong location within the very densely populated trade area of Tuskatella. The site out positions most tire stores in the trade area with strong visibility to East Katella and quick and convenient access to the 55.”