Rancho Cucamonga, CA – February 6, 2023 – Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $11,900,000 all-cash sale of a Chevron Station, Convenience Store and Car Wash at 996 Mountain Avenue in Norco, California. The property sold at full asking price and the purchase included both the business and the real estate. Located within 1/8 mile of the heavily-traveled I-15 freeway, the property is situated near the signalized intersection of Hamner and Mountain Avenues with visibility to over 38,000 cars per day.
Progressive Real Estate Partners’ Victor Buendia, Senior VP of Business and Commercial Real Estate Sales represented the seller, a Los Angeles private investor. Grace Su from Meiguo Realty represented the buyer, a Los Angeles based private investor that also operates other gas station properties.
Built in 2000 and fully remodeled in 2020, the impeccably maintained property features a Chevron station with 18 fueling positions and a self-service express car wash with 150’ tunnel. In addition, there is a 22,000 square foot building that is home to an ExtraMile convenience store with type 20 beer/wine license and two rental units that are leased to a national Valvoline franchisee and a window tinting company providing monthly rental income for the buyer. At 2.8 acres the large parcel provides room for growth to add additional services such as an EV charging station or fast food restaurant.
The property is located in an affluent Norco neighborhood and enjoys strong demographics including a daytime population of 74,000+ as well as an overall population of 166,679 with an average household income of $107,768 within a 10-minute drive. Neighboring retailers include Winco Foods, Target, Staples, O’Reilly Auto Parts, Starbucks, Baskin Robbins and others.
According to Buendia, “Within weeks of going to market we generated significant interest and identified an experienced well-qualified cash buyer and we were able to close the transaction at full asking price within 120 days which is a comparably short time-frame for these types of transactions.” He added, “There continues to be strong demand for well-located high volume gas stations with full-service convenience stores in SoCal’s Inland Empire. In this case the property also offered the buyer the added value of receiving income from the rental units as well as the opportunity to expand given the size of the parcel.”
About Progressive Real Estate Partners
Progressive Real Estate Partners (PREP) is a boutique commercial brokerage firm headquartered in Rancho Cucamonga, California. Founded in 2008, the firm specializes in the leasing and sale of retail properties in Southern California’s Inland Empire. The firm is also the exclusive Inland Empire representative of the Retail Brokers Network (RBN). Since the firm’s inception Progressive has completed over 1,200 lease and sales transactions valued at more than $1.8B in over 35 cities throughout the region. Progressive uses the latest marketing and brokerage techniques to help retailers and property owners achieve their real estate goals.