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7/17/23
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Merit Auto Spa, a full-service car wash center in Corona, sold in a $7.157 mil transaction that included both the business and the real estate. The recently renovated car wash, located at 465 N. McKinley St, is an outparcel to the 270k sf Corona Hills Marketplace, which is anchored by a Walmart Supercenter, Vons, PetSmart, AutoZone, Applebee’s and Red Robin.
Merit Auto Spa features a full-service hand wash with 120’ tunnel, professional detailing and oil change services as well as a café, market and spacious lobby. Originally built in 1989, the seller completed a major renovation of the property in 2021 that included new tunnel equipment, new roof, new HVAC units and solar panel units as well as redesigning and remodeling the interior to improve the customer experience.
Centrally located just north of the 91 Fwy, the business is near the intersection of McKinley St and Griffin Way. The location boasts excellent street frontage on a major retail corridor with a combined average daily traffic count of over 38,000 cars.
Within a 15-minute drive there is a daytime population of 134,000+ and an overall population of 434,000+ with an average household income of $118k. The center is also directly across from two other major regional shopping centers which are home to Costco, Home Depot, Ross, TJ Maxx, JoAnn Fabrics, Big 5 Sporting Goods and others.
Progressive Real Estate Partners’ Victor Buendia represented the Orange County private party seller in the online auction transaction. The auction, facilitated by Ten-X, attracted multiple qualified bids and resulted in a successful non-contingent all-cash sale completing the process in just 98 days. The buyer is a Los Angeles County private investor that also operates successful car wash businesses in Temecula and Long Beach.
“Full service car washes in prime locations continue to be in demand and especially in densely populated affluent trade areas. This property was especially attractive due to the recent major renovation,” noted Buendia. “With the seller relocating out of state, the priority was certainty of close in a timely fashion. In light of the current financing environment the online auction provided the opportunity to streamline the due diligence process and secure an all-cash buyer which resulted in more favorable terms for the seller compared to other prospects that required more time to secure financing”.
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