California + Inland Empire + New York & Tri-State + Net Lease | May 12, 2023

SRS Real Estate Partners’ National Net Lease Group completed the ground lease sale of a Quick Quack Car Wash location in Corona, California

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.

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SRS National Net Lease Group

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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