California CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Corona Car Wash Trades for Sector’s Lowest Cap Rate Year-to-Date
SRS Real Estate Partners’ National Net Lease Group (NNLG) completed the $4.46-million ground lease 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.
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%, representing the lowest cap rate in the nation for a car wash-occupied property sold so far this year, according to SRS.
The property has a new 20-year corporate-guaranteed triple net lease in place, providing zero building maintenance responsibilities for the new ownership.
- ◦Sale/Acquisition


