Corona Car Wash Sells for Lowest Cap Rate of the Year

SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today the successful completion of a $4.46-million ground lease sale for a 3,595-square-foot property occupied by Quick Quack Car Wash. Built in 2022 and situated on just under one acre, the Corona site is located at 850 N. Main Street. SRS NNLG’s managing principals Matthew Mousavi and Patrick Luther represented the seller – a Southern California based private developer – while Kurt Yacko of DAUM Commercial acted as representative for the buyer, another Southern California based private investor. The closing cap rate was 4.4%, making it this year’s lowest cap rate nationwide for car wash properties sold so far according to SRS data points..
The new 20-year corporate guaranteed triple net lease provides zero building maintenance responsibilities to ownership going forward with no exceptions or exclusions noted in any way shape or form..