Rancho Cucamonga, CA – January 3, 2022 – Progressive Real Estate Partners, the Inland Empire’s leading retail real estate brokerage firm, announced today the $9,340,000 sale of a Shell Gas Station, Circle K Convenience Store and Car Wash at 3873 Pyrite St in Jurupa Valley, California. The purchase included both the business and the real estate. Located directly off the heavily-traveled I-60 freeway with average traffic counts of 164,000 cars per day, the property is ideally situated at the intersection of Granite Hill Drive and Pyrite Street.
This sale reflects a record setting price for a gas station property sold to a private party in the Inland Empire in the last decade (per CoStar) demonstrating the excellent freeway location, quality multi-faceted operation and strong market fundamentals.
Progressive Real Estate Partners’ Victor Buendia, Business and Commercial Real Estate Sales Specialist and Greg Bedell, VP of Investment Sales represented the seller, a Riverside County private investor. Mahlon Tobias from Tobias Commercial represented the buyer, a Riverside County private investor that also operates multiple ARCO gas stations throughout California.
Built in 1999 and fully remodeled in 2013, the 2.6 acre property features a high volume Shell station with both a Standard and Big Rig Canopy with a combined total of 28 fueling positions, Express Car Wash, a 4,000 square foot Circle K convenience store with type 20 beer & wine license and a 2,580 square foot drive-thru restaurant building that is occupied by Alberto’s Mexican Food and Sub Hub Sandwiches. The site also includes 1.6 acres of adjacent additional land that could be used for related services such as additional pumps, electric vehicle charging stations or a fast-food drive thru.
According to Victor Buendia, “The demand for freeway visible high volume gas stations with full service convenience stores in SoCal’s Inland Empire continues to be very strong. In this case the property also offered the buyer the added value of receiving rental income from the restaurant building as well as the opportunity to expand the operation on the adjacent land.”
Greg Bedell stated, “Within days of going to market we generated significant interest and identified a well-qualified buyer at a record price which met the seller’s goals. Although these transactions are often complex and lengthy due to the number of parties involved we worked diligently to facilitate the necessary agreements with Shell and Circle K as well as SBA financing requirements and successfully closed within 120 days which is comparatively quick for this type of transaction.”
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.