Commercial Real Estate Transactions
Progressive Real Estate Partners Brokers Sale of All Star Car Wash in Corona, CA for $5.7M

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”.
Commercial Real Estate
Progressive Real Estate Partners Arranges $6.5M Sale of Land for New Home Development in Upland, CA

COMMERCIAL REAL ESTATE TRANSACTION ALERT
Progressive Real Estate Partners, the leading SoCal Inland Empire retail real estate brokerage firm, announced the sale of 4.84 acres of land at 1400 E. Arrow Highway in Upland, CA for $6.5M in an all-cash transaction.
The Landmark Company, which is a SoCal based real estate investment and development company, purchased the land and has partnered with Century Communities to build the Rose Glen residential development.
The neighborhood will feature 64 two-story single family detached homes with two-car attached garages for an overall density of 13.2 dwelling units per acre. The homes are approximately 1,540 square-feet and will feature a Spanish Colonial and Santa Barbara architectural style. Additional neighborhood features will include open space to accommodate play areas, picnic tables, fitness stations and barbeque areas. Grading is projected to start in July with the first Rose Glen homes being available in the 2nd quarter of 2024.
Progressive Real Estate Partners’ Senior VP Paul Galmarini and Investment Land & Sales specialist Chris Lindholm represented both the Inland Empire based private-party seller and The Landmark Company in the transaction.
Century Communities, Inc. is a publicly traded (NYSE: CCS) top 10 national homebuilder, offering new homes under the Century Communities and Century Complete brands. The Colorado-based company operates in 18 states and over 45 markets including several developments in Southern California’s Inland Empire.
According to Galmarini, “Although the land was zoned light industrial the City of Upland had identified the area as being well suited for residential based on the adjacent uses and proximity to schools and other amenities. With the current housing shortage and California mandates to build more homes, cities across the Inland Empire are being very pro-active to identify new residential opportunities. The rezoning and entitlement process took approximately two years and during that time we worked closely with Landmark to obtain the necessary approvals.”
Lindholm added, “Rose Glen will be an excellent addition to the Upland community and offer prospective homebuyers a great opportunity to acquire a new home with modern interior features and convenient amenities. The property is also just a short distance from Downtown Upland which is undergoing a revitalization and features a variety of shops and restaurants with several new eateries opening this year. Additionally, the Downtown Upland Metrolink train station provides residents easy travel options between San Bernardino and Los Angeles.”
Commercial Real Estate
CBRE Arranges $27.7 Million Sale of Meadows Village Center, a 67,336 SF Center Anchored by Regional Grocer Barons Market, Wells Fargo, Palomar Health, and others in Temecula, Calif.

Multiple Bids Validates Continued Investor Demand for High-Performing, Grocery-Anchored Retail
CBRE announced the sale of Meadows Village Center, a 67,336-square-foot neighborhood grocery-anchored center featuring Barons Market and CVS Pharmacy (not a part of the sale) in Temecula, California, to Newport Beach, California-based investor, RA Centers, for $27.7 million.
Jimmy Slusher, Philip Voorhees, and James Tyrrell of CBRE’s National Retail Partners – West (NRP-West) represented the seller, funds managed by affiliates of Fortress Investment Group LLC, in the transaction. The buyer, RA Centers, completed a 1031 exchange from a property previously sold by NRP-West in Rancho Cucamonga, California.
Meadows Village Center is located at 31963 Rancho California Road on 7.98 acres in Temecula. The property is 96% leased, with a merchandising mix of 19 local, national, and regional retailers, including Barons Market, CVS Pharmacy (NAP), Starbucks, Wells Fargo, Palomar Health, Subway, Crumbl Cookies, UPS Store, and Pacific Dental.
“Meadows Village Center’s traditional grocery and pharmacy offering, suburban neighborhood location, recent renovations including upgraded signage, landscaping, common areas, and more, proved to support increasing tenant performance at the property,” noted Slusher.
“CBRE generated significant offer activity from private 1031 exchange buyers and professional investors, largely fueled by the established Temecula location, Barons Market’s recent lease renewal and the seller’s investment in the property,” continues Slusher. “This sale validates that investor demand for high-performing, grocery-anchored retail continues to drive competitive bid scenarios.”
Originally developed in 2006, Meadows Village Center serves residents of Temecula’s most affluent communities, along with visitors to the region en route to wine country properties accessible along Rancho California Road (22,550 CPD), connecting Meadows Village and Interestate-15 to the west.
Slusher, Voorhees, and Tyrrell, based in CBRE’s Newport Beach office, handle National Retail Partners retail investment assignments in the western states, including California, Oregon, Washington, Nevada, Arizona, and Hawaii, representing the most accomplished retail investors in the U.S.
The team’s ability to collaborate across CBRE’s multi-discipline platform enhances its role as strategic advisors to western U.S. clients in the disposition and acquisition of retail properties, and also ensures the delivery of superior results in today’s investment market. Long recognized as industry-leading investment experts, the NRP-West team continues to specialize in portfolio sales, anchored centers, strip centers, single-tenant assets, specialty retail projects, REO and Receivership assets, and parcelized disposition strategy opportunities.
Commercial Real Estate
SRS Real Estate Partners’ National Net Lease Group Completes $4.46 Million Ground Lease Sale of a Quick Quack-Occupied Property in Corona, CA

The 4.4 percent cap rate marks the lowest in the nation for all car wash-occupied properties sold so far in 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.
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