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Corona Car Wash Trades for $7M in Online Auction
Progressive Real Estate Partners arranged the $7,157,500 sale of the Merit Auto Spa full-service car wash center located at 465 N. McKinley St. in Corona. The purchase included both the business and real estate. The recently renovated car wash is an outparcel to the 270,000-square-foot Corona Hills Marketplace, which is anchored by a Walmart Supercenter, Vons, PetSmart, AutoZone, Applebee’s and Red Robin.
Victor Buendia, SVP of business and commercial real estate sales at Progressive Real Estate, represented the Orange County-based private party seller, who is relocating out of state and opted to sell the property through an online auction. The auction, facilitated by Ten-X, attracted multiple qualified bids and resulted in a successful non-contingent all-cash sale completing the process in just 98 days.
The buyer is a Los Angeles County private investor who also operates successful car wash businesses in Temecula and Long Beach.
- ◦Sale/Acquisition
