CarQuest Auto Parts, a 34.3k sf auto parts store in San Diego, sold for $6.75 mil, or $197/sf. The property, located at 1452 K Street, was purchased by an unnamed San Diego investor after the listing generated multiple offers.
The transaction had a 3.13% cap rate. The deal came in at the highest recorded sales price and the lowest recorded cap rate for any single tenant CarQuest Auto Parts to have ever sold anywhere in the U.S., according to CoStar.
Carquest Auto Parts sits adjacent to Mitra Lofts and the Nook East Village, and within one block of Pinnacle on the Park, LMC’s Shift and Trammel Crow’s Alexan. The property is two blocks from Interstate 5 and in close proximity to many attractions such as Petco Park, Gaslamp Quarter, the San Diego Convention Center and more.
Sam Hanna with SRS’ National Net Lease Group worked with both the buyer and seller on the transaction.
“Downtown San Diego has seen a steady population growth over the last five years, and the property provides the buyer with a unique redevelopment opportunity in San Diego’s growing East Village neighborhood. The property is zoned neighborhood mixed-use center, allowing for a combination of residential and non-residential developments with active commercial uses on the ground floor,” noted Hanna.