The 4.4 percent cap rate marks the lowest in the nation for all car wash-occupied properties sold so far in 2023
Newport Beach, CA (May 12, 2023) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $4.46 million ground lease (land ownership) sale of a 3,595-square-foot property occupied by Quick Quack Car Wash. Built in 2022 and situated on just under one-acre, the property is located at 850 N. Main Street in Corona, CA.
SRS NNLG’s Managing Principals Matthew Mousavi and Patrick Luther represented the seller, a Southern California-based private developer. The buyer, a Southern California-based private investor, was represented by Kurt Yacko of DAUM Commercial. The closing cap rate was 4.4% which marks the lowest cap rate in the nation for a car wash-occupied property sold so far this year.
The property has a new 20-year corporate-guaranteed triple net lease in place providing zero building maintenance responsibilities for the new ownership.
“This property is part of a $19 million break-up strategy we are conducting on behalf of the seller,” said Mousavi. “Quick Quack is within Parkridge Plaza which totals more than 12,439 square feet. The other three assets include Raising Cane’s, Roll Em Up Taquitos, and the Habit Burger.”
Parkridge Plaza is situated at the intersection of W. Parkridge Avenue and N. Main Street and is proximate to Gateway Town Center, North Main Plaza and Corona Hills Plaza. It is also near the 15 and 91 freeways.
In 2022, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $2.8 billion in deal volume comprised of 705 transactions in 49 states. SRS currently has in excess of 550 properties actively on the market with a market value surpassing $2.8 billion.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2022, the group completed more than 705 sales across 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.