COMMERCIAL REAL ESTATE TRANSACTION
July 8, 2020 — Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $5.7M sale of a free-standing All Star Car Wash and Castrol Oil and Lube Center located at 465 N. McKinley Street in Corona, California. The property is situated on an outparcel to the 270,000 sf Corona Hills Marketplace which is anchored by a Walmart Supercenter, Vons, PetSmart, Wells Fargo Bank and AutoZone.
Progressive Real Estate Partners’ Victor Buendia, Business and Investment Real Estate Sales Specialist represented both the buyer and the seller in the transaction. The seller was a Japan-based private investor and the buyer an Orange-county private investor that also operates a successful professional mobile auto detailing business.
Built in 1992, the well-established All Star Car Wash features a full service hand wash with 100’ tunnel, a 3-bay Castrol Oil and Lube Express, smog center, outdoor patio and spacious lobby. The purchase included both the business and real estate. The buyer plans to upgrade the property including new paint, renovating the patio area and adding additional food options.
Located just north of the 91 freeway, the business is near the intersection of McKinley Street and Griffin Way with excellent street frontage on a major retail corridor with a combined average daily traffic count of over 45,960 cars. Furthermore, the property is in a heavily populated area with approximately 110,000 people and an average household income of $91,481 in a 3-mile radius. The center is also directly across from two other major retail regional shopping centers which are home to Costco, Home Depot, Ross, TJ Maxx, JoAnn Fabrics, Big 5 Sporting Goods and others.
According to Victor Buendia, “Full service car washes in prime locations continue to be in demand and especially in densely populated affluent trade areas. Not only are they an internet-resistant use, they typically generate strong cash flow and have proven to be resilient even during economic downturns”. He added, “This sale was challenging due to the onset of the pandemic which required the business to temporarily close and limited the financing options but due to the strong investment opportunity we were able to successfully negotiate an all cash transaction with the buyer and close the deal in a timely fashion”.