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SRS Real Estate Partners’ National Net Lease Group Completes $4.46 Million Ground Lease Sale of a Quick Quack-Occupied Property in Corona, CA

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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.

Commercial Real Estate

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

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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.”

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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.

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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.

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Commercial Real Estate Transactions

Wood Investments Companies Purchases Former Kmart Property to Develop 80,800 SF Grocery-Anchored Shopping Center in Big Bear Lake

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Wood Investments Companies, Inc., a fully-integrated commercial real estate investment company specializing in retail, announced today the acquisition of a former Kmart building on 7.49 acres in Big Bear Lake, California, Southern California’s popular mountain resort community and destination. Big Bear Lake is home to over three million annual visitors who come to enjoy fishing, snowboarding, skiing, hiking and mountain biking. Wood Investments plans to develop an 80,800-square-foot grocery-anchored shopping center.
Wood Investments has been looking for an investment property in Big Bear for close to four years with specific tenants in mind,” said Patrick Wood, CEO and president of Wood Investments Companies. “As soon as the former Kmart property became available, we took the opportunity. We are excited to be part of such a great community with such a great history and a great future and look forward to creating a shopping experience that visitors and the entire community can enjoy.”

The new development, Big Bear Lake Shopping Center, is located at 42126 Big Bear Blvd. at the southwest corner of Big Bear Blvd. and Fox Farm Road in San Bernardino County. Wood Investments purchased the property for $6.5 million in late December 2022, with plans to subdivide the former Kmart building into three individual anchor suites. The building will house a new Grocery Outlet (17,193 square feet), a soft goods retailer, which has signed a lease for 23,228 square feet, and a third tenant, which is currently in lease negotiations for approximately 25,000 square feet. Wood Investments expects to commence construction in the fourth quarter of 2023 and open in March 2024.

The former Kmart building was built in 1992 and has sat vacant since early 2021.
Big Bear Lake is located in the heart of Southern California in the San Bernardino National Forest, 100 miles northeast of Los Angeles and an easy drive from Phoenix and Las Vegas. Altitudes range from 6,750 to 9,000 feet and the valley enjoys 300+ days of sunshine each year.

The area is home to bald eagles, bears, mountain lions, bobcats, coyotes, deer and more, plus about 29 species of protected rare plants, some indigenous to the area. Big Bear Lake is a manmade, fresh-water lake seven miles long and a half-mile wide; maximum depth reaches 72 feet and the shoreline spans over 22 miles. Big Bear is home to one of the nation’s few solar observatories and alpine zoos for injured wildlife.

Big Bear specializes in outdoor recreation, like fishing, water sports, hiking, biking, horseback riding, and winter sports. A nine-hole golf course, seven public campgrounds, restaurants, entertainment and shopping offer an experience for everyone to enjoy. The Big Bear City Airport is open 24/7 and is equipped for night landings.
“Big Bear is a year-round destination with a high barrier of entry, which has been underserved,” noted Wood. “We look forward to the completion of the new Big Bear Lake Shopping Center in March 2024.”

Charley Simpson of Colliers International represented Wood Investments Companies in the sale transaction. Nick Wirick, Chris Beauchamp and Miranda Montgomery with Lee & Associates in Riverside are handling the leasing of Big Bear Lake Shopping Center.

According to Wood, Wood Investments Companies continues to look for well-located value-add development opportunities in the Western U.S. where the company can incorporate its design and tenant influence to create new grocery-anchored neighborhood shopping centers.

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